Fiji | 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
Republic of Fiji
Records
63
Source
Fiji | Forest rents (% of GDP)
year value
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 0.34138142
1971 0.34752948
1972 0.4112239
1973 0.64596014
1974 0.51153835
1975 0.50572312
1976 0.44892286
1977 0.48567337
1978 0.4474661
1979 0.67160548
1980 0.8095535
1981 0.51909951
1982 0.75091608
1983 0.61117174
1984 0.40829934
1985 0.4800526
1986 0.46754865
1987 0.748774
1988 0.7823851
1989 0.76653728
1990 0.62702394
1991 0.53165744
1992 0.46907228
1993 0.9584294
1994 0.86080625
1995 0.9145258
1996 0.89831206
1997 0.75184844
1998 0.85469882
1999 0.44911515
2000 0.60369137
2001 0.62922347
2002 0.47292629
2003 0.57013689
2004 0.35607196
2005 0.45389183
2006 0.47283871
2007 0.49539993
2008 0.62116706
2009 0.67807512
2010 1.10484995
2011 0.91416059
2012 0.88879731
2013 0.84021895
2014 0.79916371
2015 0.72785871
2016 0.66245321
2017 0.91485688
2018 0.86749557
2019 0.8417515
2020 0.97190297
2021 1.12676637
2022

Fiji | 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
Republic of Fiji
Records
63
Source