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