Euro area | 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
Euro area
Records
63
Source
Euro area | Total natural resources rents (% of GDP)
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 0.22410645
1971 0.22081765
1972 0.21452789
1973 0.23902984
1974 0.39886168
1975 0.5248526
1976 0.56198203
1977 0.47503093
1978 0.37699268
1979 0.43521028
1980 0.50680019
1981 0.57768373
1982 0.51753026
1983 0.44045761
1984 0.3898652
1985 0.40053298
1986 0.21529556
1987 0.14541907
1988 0.1520912
1989 0.18281217
1990 0.17888265
1991 0.11401863
1992 0.08813549
1993 0.09913822
1994 0.09133475
1995 0.11328215
1996 0.11696445
1997 0.11371655
1998 0.05936501
1999 0.06141896
2000 0.11854599
2001 0.15412732
2002 0.12498872
2003 0.11202617
2004 0.12055563
2005 0.11736682
2006 0.16217595
2007 0.1648515
2008 0.23800307
2009 0.14765817
2010 0.18125618
2011 0.22097895
2012 0.21182661
2013 0.1896161
2014 0.14809708
2015 0.105965
2016 0.08311002
2017 0.09572603
2018 0.11818199
2019 0.09618753
2020 0.07141973
2021 0.11675543
2022

Euro area | 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
Euro area
Records
63
Source