Colombia | 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
Republic of Colombia
Records
63
Source
Colombia | Coal rents (% of GDP)
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971 0.04101723
1972 0.03682355
1973 0.03570975
1974 0.13444455
1975 0.4107582
1976 0.41410138
1977 0.34724986
1978 0.29194047
1979 0.22724271
1980 0.22783154
1981 0.34014747
1982 0.37438141
1983 0.25347852
1984 0.23314999
1985 0.35271978
1986 0.22322472
1987 0.05442876
1988 0.11248114
1989 0.28218693
1990 0.31821144
1991 0.27362114
1992 0.15584419
1993 0.0342376
1994 0.01530108
1995 0.09324352
1996 0.03202482
1997 0.01759637
1998 0.01810234
1999 0.00578562
2000 0.00594743
2001 0.09171486
2002 0.01891431
2003 0.01288106
2004 1.06821594
2005 0.59643394
2006 0.66710927
2007 1.00789275
2008 2.5211518
2009 0.69370747
2010 1.27474709
2011 1.77817849
2012 1.03216024
2013 0.73124732
2014 0.59232175
2015 0.57076434
2016 0.70836015
2017 0.85968767
2018 0.87060065
2019 0.66612704
2020 0.38999976
2021 0.7258141
2022

Colombia | 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
Republic of Colombia
Records
63
Source