Cameroon | 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
Republic of Cameroon
Records
63
Source
Cameroon | Oil rents (% of GDP)
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971 0
1972 0
1973 0
1974 0
1975 0
1976 0
1977 0.07818172
1978 0.83681431
1979 4.76693275
1980 6.69649817
1981 5.87804428
1982 2.87852167
1983 6.02763685
1984 7.82271435
1985 9.97862115
1986 2.36486314
1987 4.54942205
1988 3.73209127
1989 7.612628
1990 8.68450878
1991 4.65315901
1992 4.74199278
1993 3.08798938
1994 3.96666683
1995 3.76454686
1996 4.21594793
1997 4.60078884
1998 2.0516754
1999 2.73930882
2000 5.65350106
2001 3.59717199
2002 3.05284108
2003 2.31676395
2004 2.75939446
2005 5.28439433
2006 6.18342969
2007 6.03958892
2008 7.12107584
2009 3.18641938
2010 4.14191422
2011 5.25804311
2012 5.26170345
2013 4.19597685
2014 3.67835629
2015 1.89664344
2016 1.5554694
2017 2.19707563
2018 2.78430134
2019 2.42269398
2020 1.28058779
2021 2.36159953
2022

Cameroon | 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
Republic of Cameroon
Records
63
Source