Burkina Faso | 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
Burkina Faso
Records
63
Source
Burkina Faso | Total natural resources rents (% of GDP)
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 6.82211868
1971 5.71704905
1972 5.48004506
1973 7.99992628
1974 7.99075804
1975 8.75281727
1976 7.53390289
1977 11.86027329
1978 9.35616803
1979 7.40151103
1980 8.32728354
1981 8.02474858
1982 11.28259561
1983 8.21124482
1984 8.60982357
1985 6.14302586
1986 7.66469161
1987 6.54826042
1988 6.51432088
1989 6.70020843
1990 6.81625244
1991 7.26046396
1992 6.38594326
1993 5.6030711
1994 11.60330593
1995 13.84372632
1996 12.82650508
1997 12.75842185
1998 11.68355516
1999 4.6322232
2000 5.33460867
2001 4.76783297
2002 5.72816155
2003 6.32363458
2004 5.43726006
2005 6.3735265
2006 6.43344765
2007 7.81292413
2008 8.59697071
2009 9.57845328
2010 11.08609214
2011 13.63619334
2012 12.40160284
2013 10.75234065
2014 10.31090556
2015 11.63285023
2016 12.61551724
2017 12.30990896
2018 8.87619594
2019 8.32797318
2020 9.17782688
2021 20.13540144
2022

Burkina Faso | 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
Burkina Faso
Records
63
Source