Fiji | 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
Republic of Fiji
Records
63
Source
Fiji | Total natural resources rents (% of GDP)
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
0.34138142 1970
0.34752948 1971
0.4112239 1972
0.98618786 1973
1.28621205 1974
1.04638868 1975
0.60325707 1976
0.6942386 1977
0.64009372 1978
1.12147575 1979
1.73712925 1980
1.24917068 1981
1.5682151 1982
1.5556239 1983
1.25584277 1984
1.34618422 1985
1.83131326 1986
2.73069883 1987
2.86188508 1988
2.78973074 1989
2.31732785 1990
1.25066722 1991
1.01941887 1992
1.54084597 1993
1.54786138 1994
1.49975967 1995
1.42317511 1996
1.18720827 1997
1.2754571 1998
0.8450759 1999
1.07777201 2000
1.07343984 2001
0.98950705 2002
1.0338764 2003
0.87757995 2004
0.9477508 2005
0.97466411 2006
0.71509615 2007
0.88045424 2008
1.17588303 2009
2.20907224 2010
1.96316772 2011
2.02960687 2012
1.35539287 2013
1.17576955 2014
1.04082506 2015
1.01936465 2016
1.26650249 2017
1.19164258 2018
1.15438142 2019
1.45148578 2020
2.25290361 2021
2022

Fiji | 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
Republic of Fiji
Records
63
Source