Cabo Verde | Coal rents (% of GDP)

Coal rents are the difference between the value of both hard and soft coal production at world prices and their 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
Cabo Verde
Records
63
Source
Cabo Verde | Coal rents (% of GDP)
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987 60.33450947
1988 59.51612326
1989 69.80386326
1990 58.83405715
1991 55.73309163
1992 45.14112822
1993 26.80937706
1994 28.20759207
1995 29.30739056
1996 28.82413258
1997 27.92619733
1998 21.85562924
1999 13.91653547
2000 17.05065627
2001 23.77743031
2002 18.66601175
2003 13.64652158
2004 25.08153254
2005 31.61043345
2006 30.40312394
2007 21.54721664
2008 48.72248968
2009 21.20950542
2010 32.81752455
2011 39.65780222
2012 24.46508923
2013 15.98417723
2014 11.36666769
2015 8.69712511
2016 9.38675265
2017 11.60822695
2018 13.93983946
2019 12.76332656
2020 11.07042758
2021 17.17999748
2022

Cabo Verde | Coal rents (% of GDP)

Coal rents are the difference between the value of both hard and soft coal production at world prices and their 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
Cabo Verde
Records
63
Source