Equatorial Guinea | Forest rents (% of GDP)

Forest rents are roundwood harvest times the product of regional prices and a regional rental rate. 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
Equatorial Guinea
Records
63
Source
Equatorial Guinea | Forest rents (% of GDP)
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 14.60660442
1971 3.11442977
1972 3.62757805
1973 4.58883142
1974 4.59504841
1975 5.33592552
1976 4.42498606
1977 6.53831713
1978
1979
1980 18.07240697
1981 26.97896813
1982 33.36483208
1983 25.86429461
1984 19.60677885
1985 17.06834348
1986 19.51396386
1987 19.94011488
1988 16.40421133
1989 20.48227478
1990 20.96668377
1991 16.71479193
1992 15.38182258
1993 16.05524605
1994 28.99376489
1995 31.96332775
1996 21.86836339
1997 14.82336833
1998 11.25473779
1999 10.58177492
2000 5.62492433
2001 3.58222039
2002 3.12235547
2003 2.10036466
2004 0.88389036
2005 0.74910981
2006 0.71183567
2007 0.5528309
2008 0.53881497
2009 0.58268276
2010 0.36876042
2011 0.33577216
2012 0.39471091
2013 0.43997313
2014 0.51541764
2015 0.9569059
2016 1.42208835
2017 1.89655614
2018 2.04521752
2019 1.94910432
2020 2.21570342
2021 1.92985226
2022

Equatorial Guinea | Forest rents (% of GDP)

Forest rents are roundwood harvest times the product of regional prices and a regional rental rate. 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
Equatorial Guinea
Records
63
Source