Austria | Total natural resources rents (% of GDP)

Total natural resources rents are the sum of oil rents, natural gas rents, coal rents (hard and soft), mineral rents, and forest rents. 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
Republic of Austria
Records
63
Source
Austria | Total natural resources rents (% of GDP)
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 0.40054634
1971 0.38771416
1972 0.38408916
1973 0.45357211
1974 0.71717465
1975 0.64604528
1976 0.66635615
1977 0.52735442
1978 0.49216362
1979 0.67544048
1980 0.66746396
1981 0.60476031
1982 0.46992166
1983 0.44953558
1984 0.43467044
1985 0.43610079
1986 0.24304026
1987 0.20520432
1988 0.21082041
1989 0.27146467
1990 0.25875069
1991 0.16391637
1992 0.12897583
1993 0.12835563
1994 0.12514219
1995 0.12234706
1996 0.14321645
1997 0.13308593
1998 0.09222158
1999 0.09938427
2000 0.15466649
2001 0.15953203
2002 0.15869032
2003 0.15182293
2004 0.13190126
2005 0.14644938
2006 0.18631136
2007 0.20843715
2008 0.25818187
2009 0.16759974
2010 0.21629138
2011 0.24469049
2012 0.23850822
2013 0.21867537
2014 0.19184654
2015 0.13471108
2016 0.11104244
2017 0.121957
2018 0.14075507
2019 0.11002291
2020 0.0708505
2021 0.11785577
2022

Austria | Total natural resources rents (% of GDP)

Total natural resources rents are the sum of oil rents, natural gas rents, coal rents (hard and soft), mineral rents, and forest rents. 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
Republic of Austria
Records
63
Source