Cuba | 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
Republic of Cuba
Records
63
Source
Cuba | Oil rents (% of GDP)
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 0.0047713
1971 0.01400455
1972 0.01869774
1973 0.03378872
1974 0.19784598
1975 0.19330981
1976 0.19678785
1977 0.16058627
1978 0.14041479
1979 0.33619087
1980 0.23011806
1981 0.30182904
1982 0.21706794
1983 0.33535984
1984 0.38056587
1985 0.4283797
1986 0.18442015
1987 0.2869244
1988 0.16436342
1989 0.25299135
1990 0.31891247
1991 0.20121216
1992 0.28146436
1993 0.31337634
1994 0.374699
1995 0.36998782
1996 0.6753902
1997 0.62649395
1998 0.30037905
1999 0.54394789
2000 1.0339216
2001 0.77989473
2002 0.83177975
2003 0.99367554
2004 1.18579942
2005 1.37378607
2006 1.48799318
2007 1.57046386
2008 2.0258567
2009 0.98736661
2010 1.34124171
2011 1.84020872
2012 1.66617403
2013 1.44283922
2014 1.25544343
2015 0.43994999
2016 0.32541983
2017 0.45770495
2018 0.73149535
2019 0.54371341
2020 0.22249989
2021
2022

Cuba | 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
Republic of Cuba
Records
63
Source