Caribbean small states | 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
Caribbean small states
Records
63
Source
Caribbean small states | Total natural resources rents (% of GDP)
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 6.53759863
1971 6.12842445
1972 6.7784052
1973 7.79729233
1974 19.64193702
1975 16.01336463
1976 16.28895659
1977 14.36443381
1978 15.51468999
1979 25.72813938
1980 18.88408825
1981 16.31152098
1982 8.36896691
1983 8.73859269
1984 10.18255888
1985 9.78223605
1986 6.02913749
1987 6.58041794
1988 5.11364462
1989 7.14501205
1990 8.47859617
1991 6.34775041
1992 6.1635354
1993 5.38215344
1994 5.32712089
1995 4.99247232
1996 5.4635492
1997 4.15434024
1998 2.46524735
1999 3.2586128
2000 4.41319576
2001 3.47772508
2002 3.69996409
2003 3.87874426
2004 4.4508306
2005 6.65599487
2006 7.86404355
2007 7.52432105
2008 7.98387354
2009 6.97953912
2010 7.34653559
2011 11.20330435
2012 10.37611862
2013 9.84235943
2014 7.90027245
2015 3.79190229
2016 3.37395888
2017 4.03014235
2018 4.85625027
2019 4.27254606
2020 3.31289508
2021 6.60466439
2022

Caribbean small states | 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
Caribbean small states
Records
63
Source