Africa Western and Central | Forest rents (% of GDP)

Forest rents are roundwood harvest times the product of regional prices and a regional rental rate. Development relevance: Accounting for the contribution of natural resources to economic output is important in building an analytical framework for sustainable development. In some countries earnings from natural resources, especially from fossil fuels and minerals, account for a sizable share of GDP, and much of these earnings come in the form of economic rents - revenues above the cost of extracting the resources. Natural resources give rise to economic rents because they are not produced. For produced goods and services competitive forces expand supply until economic profits are driven to zero, but natural resources in fixed supply often command returns well in excess of their cost of production. Rents from nonrenewable resources - fossil fuels and minerals - as well as rents from overharvesting of forests indicate the liquidation of a country's capital stock. When countries use such rents to support current consumption rather than to invest in new capital to replace what is being used up, they are, in effect, borrowing against their future. Statistical concept and methodology: The estimates of natural resources rents are calculated as the difference between the price of a commodity and the average cost of producing it. This is done by estimating the price of units of specific commodities and subtracting estimates of average unit costs of extraction or harvesting costs. These unit rents are then multiplied by the physical quantities countries extract or harvest to determine the rents for each commodity as a share of gross domestic product (GDP).
Publisher
The World Bank
Origin
Africa Western and Central
Records
63
Source
Africa Western and Central | Forest rents (% of GDP)
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 2.78693684
1971 2.88709912
1972 2.9002199
1973 3.79448765
1974 2.94237985
1975 3.18556997
1976 2.60064857
1977 3.81872609
1978 3.78391759
1979 3.22343303
1980 3.07915384
1981 1.3981297
1982 2.00176578
1983 1.97509321
1984 2.18489763
1985 1.73334697
1986 2.8890166
1987 2.79631049
1988 3.00656555
1989 3.36083176
1990 3.74678352
1991 3.59274225
1992 3.73289248
1993 4.41664624
1994 5.33606454
1995 5.83244156
1996 4.89629627
1997 4.41422726
1998 4.45361371
1999 3.31089724
2000 3.37408309
2001 3.07597767
2002 3.09020492
2003 3.96517054
2004 2.66513111
2005 2.39958863
2006 2.00669175
2007 2.37253178
2008 2.43488565
2009 2.61719143
2010 2.05926548
2011 2.06680132
2012 2.20597022
2013 2.06035205
2014 2.09806222
2015 2.48512388
2016 2.91651097
2017 3.01904523
2018 2.07578235
2019 1.81450417
2020 2.03001527
2021 2.03518979
2022

Africa Western and Central | Forest rents (% of GDP)

Forest rents are roundwood harvest times the product of regional prices and a regional rental rate. Development relevance: Accounting for the contribution of natural resources to economic output is important in building an analytical framework for sustainable development. In some countries earnings from natural resources, especially from fossil fuels and minerals, account for a sizable share of GDP, and much of these earnings come in the form of economic rents - revenues above the cost of extracting the resources. Natural resources give rise to economic rents because they are not produced. For produced goods and services competitive forces expand supply until economic profits are driven to zero, but natural resources in fixed supply often command returns well in excess of their cost of production. Rents from nonrenewable resources - fossil fuels and minerals - as well as rents from overharvesting of forests indicate the liquidation of a country's capital stock. When countries use such rents to support current consumption rather than to invest in new capital to replace what is being used up, they are, in effect, borrowing against their future. Statistical concept and methodology: The estimates of natural resources rents are calculated as the difference between the price of a commodity and the average cost of producing it. This is done by estimating the price of units of specific commodities and subtracting estimates of average unit costs of extraction or harvesting costs. These unit rents are then multiplied by the physical quantities countries extract or harvest to determine the rents for each commodity as a share of gross domestic product (GDP).
Publisher
The World Bank
Origin
Africa Western and Central
Records
63
Source