Germany | 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
Federal Republic of Germany
Records
63
Source
Germany | Oil rents (% of GDP)
year value
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 0.00311935
1971 0.00827985
1972 0.00987085
1973 0.01259326
1974 0.06363114
1975 0.04958746
1976 0.0488229
1977 0.04399972
1978 0.03397527
1979 0.06542849
1980 0.07424756
1981 0.06827359
1982 0.04223347
1983 0.05339348
1984 0.05706342
1985 0.05873437
1986 0.0159854
1987 0.01916945
1988 0.01431303
1989 0.02211322
1990 0.0228244
1991 0.00981744
1992 0.00896911
1993 0.00831357
1994 0.00668467
1995 0.00633934
1996 0.0090419
1997 0.00778008
1998 0.00249771
1999 0.00713207
2000 0.02015623
2001 0.01532892
2002 0.01605622
2003 0.01650374
2004 0.01854177
2005 0.02726843
2006 0.0291732
2007 0.02801336
2008 0.03405477
2009 0.01845149
2010 0.0190328
2011 0.0301022
2012 0.03032205
2013 0.02700226
2014 0.02236453
2015 0.01095855
2016 0.00795428
2017 0.01083269
2018 0.01507748
2019 0.01279229
2020 0.00673003
2021 0.0140349
2022

Germany | 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
Federal Republic of Germany
Records
63
Source