Belgium | 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
Kingdom of Belgium
Records
63
Source
Belgium | Total natural resources rents (% of GDP)
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 0.16672081
1971 0.15517569
1972 0.12528084
1973 0.11205027
1974 0.14426816
1975 0.24523509
1976 0.26435861
1977 0.21720749
1978 0.16284037
1979 0.13643584
1980 0.13764824
1981 0.20220167
1982 0.25754655
1983 0.19860298
1984 0.16717695
1985 0.15911198
1986 0.09170545
1987 0.0537848
1988 0.03795313
1989 0.04496487
1990 0.04554753
1991 0.02939201
1992 0.02347868
1993 0.02536883
1994 0.02330756
1995 0.02113698
1996 0.02261572
1997 0.02038278
1998 0.02340671
1999 0.02282353
2000 0.02461587
2001 0.02099704
2002 0.02363964
2003 0.02169279
2004 0.01586366
2005 0.01572844
2006 0.01928209
2007 0.01907309
2008 0.01836263
2009 0.01731683
2010 0.04697172
2011 0.06584561
2012 0.06337261
2013 0.05912213
2014 0.06810656
2015 0.0352518
2016 0.03037801
2017 0.0371502
2018 0.04844878
2019 0.04224278
2020 0.02848764
2021 0.04489143
2022

Belgium | 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
Kingdom of Belgium
Records
63
Source