Finland | 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 Finland
Records
63
Source
Finland | Total natural resources rents (% of GDP)
year value
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 1.79143662
1971 1.40822783
1972 1.37951761
1973 1.79907749
1974 1.58802036
1975 0.97696826
1976 0.98524476
1977 0.9114453
1978 1.15937635
1979 1.33995968
1980 1.31648932
1981 1.05719352
1982 0.86351752
1983 0.81135614
1984 0.68213957
1985 0.76022934
1986 0.65128313
1987 0.56625856
1988 0.54998913
1989 0.62970668
1990 0.47562034
1991 0.34354526
1992 0.42850875
1993 0.54893708
1994 0.53585494
1995 0.47744201
1996 0.47377444
1997 0.47051085
1998 0.45018799
1999 0.39961868
2000 0.427731
2001 0.37056724
2002 0.42039271
2003 0.37395304
2004 0.3006453
2005 0.29800251
2006 0.37337849
2007 0.41469257
2008 0.38720937
2009 0.33318498
2010 0.50426619
2011 0.53264911
2012 0.57753578
2013 0.49856333
2014 0.48308706
2015 0.4458684
2016 0.41011866
2017 0.45377165
2018 0.56337299
2019 0.36520698
2020 0.28925424
2021 0.44831284
2022

Finland | 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 Finland
Records
63
Source