Bahrain | Oil rents (% of GDP)

Oil rents are the difference between the value of crude oil production at regional prices and total costs of production. 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
Kingdom of Bahrain
Records
63
Source
Bahrain | Oil rents (% of GDP)
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980 68.13621254
1981 58.06992227
1982 33.74233688
1983 29.04194909
1984 31.88710605
1985 30.41492827
1986 23.31229589
1987 30.03433079
1988 23.10712121
1989 31.14674173
1990 37.04373747
1991 20.48531207
1992 20.76167698
1993 17.95803079
1994 14.68295291
1995 15.24597026
1996 18.44940244
1997 16.4187314
1998 10.63769586
1999 14.79407998
2000 18.71107805
2001 15.00744715
2002 14.49065385
2003 14.9880274
2004 16.65302134
2005 20.09312174
2006 20.36706147
2007 18.99060482
2008 21.68157688
2009 14.4351177
2010 17.31563295
2011 23.39805595
2012 20.09402347
2013 20.8660137
2014 18.87092669
2015 9.82474437
2016 7.62960433
2017 8.9379526
2018 11.39008112
2019 9.84818868
2020 6.69558923
2021 10.93767564
2022

Bahrain | Oil rents (% of GDP)

Oil rents are the difference between the value of crude oil production at regional prices and total costs of production. 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
Kingdom of Bahrain
Records
63
Source