Guatemala | 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
Republic of Guatemala
Records
63
Source
Guatemala | Total natural resources rents (% of GDP)
year value
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 1.17777389
1971 1.02507617
1972 1.09621087
1973 1.46634857
1974 1.34731986
1975 1.62233697
1976 1.08011252
1977 1.47193653
1978 1.42725859
1979 1.70295503
1980 2.03203209
1981 1.45860602
1982 2.70138157
1983 1.25892751
1984 0.76615025
1985 0.46949688
1986 0.57383575
1987 0.64006735
1988 0.55882615
1989 0.60135839
1990 1.83045513
1991 1.65426432
1992 1.5233203
1993 1.33092443
1994 1.34833879
1995 1.59672728
1996 1.38934547
1997 1.58260941
1998 1.20269768
1999 1.42197658
2000 1.65531508
2001 1.51688956
2002 1.49552332
2003 1.55532614
2004 1.45629547
2005 1.55562795
2006 1.93392564
2007 1.95055907
2008 1.93184238
2009 1.63784143
2010 2.64520848
2011 2.86196592
2012 2.18105908
2013 2.18983261
2014 2.9811166
2015 1.78572375
2016 2.01829626
2017 1.50289202
2018 1.19385178
2019 1.14790982
2020 1.35250209
2021 1.92928512
2022

Guatemala | 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
Republic of Guatemala
Records
63
Source