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