Gabon | 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
Gabonese Republic
Records
63
Source
Gabon | Oil rents (% of GDP)
year value
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 2.8298196
1971 1.02902897
1972 3.40930971
1973 4.29871748
1974 39.00013302
1975 29.60272836
1976 21.33563151
1977 27.20131552
1978 27.61151404
1979 53.94692702
1980 32.54291541
1981 17.96304418
1982 7.49562339
1983 16.69948879
1984 20.10322799
1985 23.58827614
1986 7.65871419
1987 16.04714207
1988 11.60325275
1989 24.50131022
1990 30.61508906
1991 20.01769893
1992 23.04658977
1993 28.58482689
1994 26.29169908
1995 27.44468962
1996 29.16771609
1997 29.770912
1998 15.49972115
1999 22.03082066
2000 43.69334332
2001 28.56213918
2002 27.18957356
2003 21.25034876
2004 25.09884736
2005 34.837421
2006 33.90845658
2007 34.28391227
2008 37.18772926
2009 24.57307727
2010 33.50967343
2011 37.42617536
2012 38.27611631
2013 30.24112893
2014 22.16275327
2015 9.98640234
2016 9.01854161
2017 14.39325777
2018 18.32740768
2019 16.68424254
2020 9.9798242
2021 15.55650915
2022

Gabon | 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
Gabonese Republic
Records
63
Source