Dominican Republic | 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
Dominican Republic
Records
63
Source
Dominican Republic | Total natural resources rents (% of GDP)
year value
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 0.72856742
1971 0.78220668
1972 1.93534214
1973 2.67666624
1974 2.67558268
1975 2.1673312
1976 2.02607388
1977 1.79331733
1978 0.89260091
1979 2.09348745
1980 3.12052826
1981 1.97339347
1982 0.9250695
1983 1.09028393
1984 0.70555297
1985 1.4460497
1986 0.56683196
1987 1.20252746
1988 5.71664847
1989 4.48380373
1990 2.01017459
1991 1.40795464
1992 0.80256648
1993 0.27024182
1994 0.79331141
1995 1.14002178
1996 0.70339447
1997 0.50324074
1998 0.04811315
1999 0.19052824
2000 0.34102679
2001 0.02278901
2002 0.02764778
2003 0.54163239
2004 1.21413015
2005 0.72103539
2006 1.60623431
2007 2.528048
2008 0.23414705
2009 0.12350391
2010 0.17240018
2011 0.34021082
2012 0.44684071
2013 1.02972097
2014 1.03750955
2015 0.53534786
2016 1.28194793
2017 1.03534454
2018 0.86888946
2019 1.05544444
2020 1.23931109
2021 2.07711319
2022

Dominican Republic | 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
Dominican Republic
Records
63
Source