Gambia, The | Forest rents (% of GDP)

Forest rents are roundwood harvest times the product of regional prices and a regional rental rate. 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 the Gambia
Records
63
Source
Gambia, The | Forest rents (% of GDP)
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 2.30362072
1971 1.88724298
1972 2.0552296
1973 2.7526558
1974 2.38001906
1975 2.76655083
1976 2.55869019
1977 3.83842403
1978 3.27435973
1979 2.49899491
1980 2.73985934
1981 2.66742153
1982 3.99471902
1983 2.80044
1984 3.10730857
1985 1.85444414
1986 3.80952758
1987 3.45855403
1988 3.35239368
1989 3.51157802
1990 4.35432501
1991 2.10988164
1992 2.31210815
1993 2.15388316
1994 2.37221061
1995 3.03697991
1996 2.69758762
1997 2.60913573
1998 2.54688726
1999 2.00134354
2000 2.2558455
2001 2.48956241
2002 3.54757628
2003 6.12286066
2004 2.54979498
2005 2.63182574
2006 2.72961176
2007 3.04093238
2008 3.18489289
2009 3.29749847
2010 3.03032431
2011 4.4674388
2012 5.78123298
2013 5.90666402
2014 5.24091546
2015 5.55888178
2016 6.56105813
2017 6.4932371
2018 2.72252449
2019 2.81390984
2020 3.03439304
2021 2.85673041
2022

Gambia, The | Forest rents (% of GDP)

Forest rents are roundwood harvest times the product of regional prices and a regional rental rate. 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 the Gambia
Records
63
Source