Gabon | 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
Gabonese Republic
Records
63
Source
Gabon | Total natural resources rents (% of GDP)
year value
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 11.9846296
1971 9.69646664
1972 14.22546001
1973 13.19571173
1974 43.85770379
1975 32.26042042
1976 22.95716576
1977 29.26378379
1978 30.34482532
1979 56.67669468
1980 34.82564658
1981 19.66213104
1982 9.28789748
1983 18.67781968
1984 21.92807702
1985 25.42194784
1986 9.84909704
1987 18.30201813
1988 13.73546562
1989 26.66259476
1990 33.02869166
1991 21.97921062
1992 25.26422068
1993 32.19849333
1994 30.5940341
1995 31.98285134
1996 32.92083235
1997 33.78906856
1998 20.20163492
1999 26.05139205
2000 47.76986584
2001 32.51679427
2002 31.72719863
2003 26.05702645
2004 27.45678376
2005 37.76734433
2006 37.65597387
2007 37.53351231
2008 41.06808274
2009 27.73625908
2010 35.65488639
2011 39.14599468
2012 40.62933324
2013 32.80698448
2014 24.7540184
2015 12.55343472
2016 11.66219454
2017 17.69978403
2018 21.16026297
2019 19.1754988
2020 13.49882496
2021 18.49334409
2022

Gabon | 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
Gabonese Republic
Records
63
Source