Cote d'Ivoire | Oil rents (% of GDP)

Oil rents are the difference between the value of crude oil production at regional prices and 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
Cote d'Ivoire
Records
63
Source
Cote d'Ivoire | Oil rents (% of GDP)
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971 0
1972 0
1973 0
1974 0
1975 0
1976 0
1977 0
1978 0
1979 0
1980 0.11162472
1981 0.40623902
1982 0.34469354
1983 1.0832562
1984 1.23720997
1985 1.32980272
1986 0.32648342
1987 0.53570269
1988 0.28458462
1989 0.10498026
1990 0.11182908
1991 0.04112603
1992 0.21395748
1993 0.23124991
1994 0.26328389
1995 0.23081587
1996 0.38035977
1997 0.31986276
1998 0.10160415
1999 0.16296483
2000 0.30801312
2001 0.18445091
2002 0.44987179
2003 0.54753616
2004 0.86835824
2005 2.12719163
2006 3.70627348
2007 2.9298475
2008 3.23685198
2009 1.55323609
2010 1.97607517
2011 2.38568767
2012 2.01610714
2013 1.32089225
2014 0.6917895
2015 0.36660285
2016 0.38437073
2017 0.81141281
2018 0.93049705
2019 0.857465
2020 0.37121718
2021 0.7001729
2022

Cote d'Ivoire | Oil rents (% of GDP)

Oil rents are the difference between the value of crude oil production at regional prices and 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
Cote d'Ivoire
Records
63
Source