Europe & Central Asia (excluding high income) | 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
Europe & Central Asia (excluding high income)
Records
63
Source
Europe & Central Asia (excluding high income) | Oil rents (% of GDP)
year value
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 0.01566884
1971 0.05512768
1972 0.06447781
1973 0.0966253
1974 0.40181302
1975 0.2808149
1976 0.22007481
1977 0.21249293
1978 0.19606904
1979 0.36241629
1980 0.40150313
1981 0.31889429
1982 0.21439906
1983 0.28215155
1984 0.41278847
1985 0.38522682
1986 0.14743195
1987 0.79971347
1988 3.75621546
1989 6.03020785
1990 7.29514824
1991 3.28358119
1992 3.25698133
1993 2.8866304
1994 2.74203392
1995 2.94234928
1996 4.01656974
1997 3.05144136
1998 1.02183534
1999 3.56078027
2000 7.39161422
2001 5.91653129
2002 5.90520948
2003 6.05347134
2004 6.70326741
2005 8.08106832
2006 7.88752896
2007 7.07102784
2008 8.51468317
2009 6.00977827
2010 5.77939283
2011 7.69585212
2012 6.97208267
2013 6.1886523
2014 6.24546621
2015 3.53391176
2016 2.91016075
2017 4.01361822
2018 6.44044155
2019 5.63796082
2020 3.01007945
2021 6.282904
2022

Europe & Central Asia (excluding high income) | 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
Europe & Central Asia (excluding high income)
Records
63
Source