Costa Rica | Mineral rents (% of GDP)

Mineral rents are the difference between the value of production for a stock of minerals at world prices and their total costs of production. Minerals included in the calculation are tin, gold, lead, zinc, iron, copper, nickel, silver, bauxite, and phosphate. 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 Costa Rica
Records
63
Source
Costa Rica | Mineral rents (% of GDP)
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 0
1971 0
1972 0
1973 0
1974 0
1975 0
1976 0
1977 0
1978 0
1979 0.01782233
1980 0.11845197
1981 0.12912779
1982 0.09751505
1983 0.14138556
1984 0.08828794
1985 0.0214602
1986 0.03181005
1987 0.01191418
1988 0.00901331
1989 0.00325103
1990 0.00205812
1991 0.01239608
1992 0
1993 0
1994 0
1995 0.01988512
1996 0.02037669
1997 0.0105743
1998 0.00540689
1999 0.00170715
2000 0.00064631
2001 0.00049776
2002 0.0009518
2003 0.00200983
2004 0.00490037
2005 0.0149615
2006 0.05839364
2007 0.0883425
2008 0.00701556
2009 0.00794854
2010 0.01734662
2011 0.03325385
2012 0.02428638
2013 0.00342714
2014 0.00229688
2015 0.00141785
2016 0.00213416
2017 0.00200025
2018 0
2019 0
2020 0
2021 0
2022

Costa Rica | Mineral rents (% of GDP)

Mineral rents are the difference between the value of production for a stock of minerals at world prices and their total costs of production. Minerals included in the calculation are tin, gold, lead, zinc, iron, copper, nickel, silver, bauxite, and phosphate. 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 Costa Rica
Records
63
Source