Caribbean small states | Forest rents (% of GDP)

Forest rents are roundwood harvest times the product of regional prices and a regional rental rate. 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
Caribbean small states
Records
63
Source
Caribbean small states | Forest rents (% of GDP)
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 0.72917373
1971 0.65723042
1972 0.64384413
1973 0.90536546
1974 0.67775535
1975 0.72247991
1976 0.60258123
1977 0.66302276
1978 0.68494974
1979 0.85324848
1980 0.74493422
1981 0.60084583
1982 0.84847808
1983 0.44505671
1984 0.28508946
1985 0.28009298
1986 0.35019411
1987 0.38943297
1988 0.36550549
1989 0.38884754
1990 0.4564496
1991 0.48094833
1992 0.50409379
1993 0.50857296
1994 0.5740085
1995 0.73156893
1996 0.61660765
1997 0.53665527
1998 0.36869065
1999 0.31548359
2000 0.22178505
2001 0.22677458
2002 0.21090719
2003 0.22877857
2004 0.22937905
2005 0.22266095
2006 0.30133765
2007 0.30498258
2008 0.28678482
2009 0.33530386
2010 0.52295843
2011 0.45751757
2012 0.42543466
2013 0.49972987
2014 0.488037
2015 0.44447347
2016 0.50556338
2017 0.50731063
2018 0.4790902
2019 0.40456525
2020 0.47325492
2021 0.36189988
2022

Caribbean small states | Forest rents (% of GDP)

Forest rents are roundwood harvest times the product of regional prices and a regional rental rate. 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
Caribbean small states
Records
63
Source