Early-demographic dividend | 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
Early-demographic dividend
Records
63
Source
Early-demographic dividend | Oil rents (% of GDP)
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 2.03400761
1971 2.32179338
1972 3.07970078
1973 4.46587299
1974 15.14852085
1975 11.82284211
1976 13.21963139
1977 12.85490721
1978 11.49305743
1979 21.62792015
1980 19.8652982
1981 15.5214886
1982 10.5008514
1983 9.90161612
1984 9.54305147
1985 8.39538523
1986 4.28850997
1987 5.96609554
1988 4.86844024
1989 7.16462598
1990 9.65737547
1991 5.32576996
1992 5.15718843
1993 5.20708008
1994 4.85715439
1995 4.9069966
1996 5.72921764
1997 4.84081118
1998 2.89484196
1999 4.15458272
2000 6.83545856
2001 5.35363173
2002 5.50082779
2003 6.09819134
2004 7.22616965
2005 9.22786041
2006 9.51911635
2007 8.48405497
2008 10.43565863
2009 5.68078452
2010 6.40675839
2011 8.57472034
2012 8.29101106
2013 7.40856282
2014 6.38184025
2015 3.02419127
2016 2.46533447
2017 3.10313446
2018 4.30699571
2019 3.40186138
2020 1.92803647
2021 3.33107773
2022
Early-demographic dividend | 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
Early-demographic dividend
Records
63
Source