Colombia | 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
Republic of Colombia
Records
63
Source
Colombia | Total natural resources rents (% of GDP)
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 0.97113054
1971 1.23438281
1972 1.2933367
1973 1.76450005
1974 4.75675236
1975 4.63550478
1976 3.98023301
1977 2.7658687
1978 2.4516223
1979 4.31749349
1980 4.87046443
1981 3.9600911
1982 2.80472484
1983 3.42751874
1984 3.59389466
1985 3.95951374
1986 3.10535995
1987 5.14044866
1988 4.02186466
1989 5.89175959
1990 6.90290638
1991 4.19951138
1992 3.65200984
1993 2.98064671
1994 2.41695104
1995 3.12840978
1996 3.72384039
1997 3.06670231
1998 2.05430024
1999 4.32181183
2000 5.79241275
2001 3.89827822
2002 3.95007189
2003 4.5630292
2004 5.92813673
2005 6.26115846
2006 7.29062679
2007 6.69977312
2008 8.78822692
2009 4.85703346
2010 6.70109253
2011 9.86049155
2012 8.29683079
2013 7.38433936
2014 6.5305779
2015 3.70587615
2016 3.09947715
2017 3.72823321
2018 4.94025819
2019 4.30433093
2020 2.55119418
2021 5.32396445
2022
Colombia | 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
Republic of Colombia
Records
63
Source