Guyana | 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
Co-operative Republic of Guyana
Records
63
Source
Guyana | Forest rents (% of GDP)
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 5.66067222
1971 5.0255307
1972 6.11661698
1973 9.37933442
1974 6.96333591
1975 7.46641146
1976 7.10786686
1977 9.39396923
1978 8.69287228
1979 11.55959519
1980 11.37482625
1981 11.02380267
1982 21.95776935
1983 11.2367756
1984 7.27723589
1985 6.79571259
1986 6.8264963
1987 11.72821277
1988 9.43064022
1989 11.68892941
1990 13.93668421
1991 17.53090935
1992 17.10979021
1993 16.19391235
1994 16.6728538
1995 20.82393047
1996 16.21975473
1997 16.17309347
1998 12.22231903
1999 11.6455083
2000 7.99236242
2001 8.49061487
2002 8.27374714
2003 9.50601931
2004 10.21503388
2005 10.70982696
2006 5.84460093
2007 5.71051895
2008 5.40224678
2009 5.07796806
2010 7.91981911
2011 6.75213813
2012 5.90154637
2013 7.01969109
2014 6.69739578
2015 5.39892483
2016 5.51970234
2017 4.94926274
2018 4.33010126
2019 3.45587705
2020 3.86670868
2021 2.22332085
2022

Guyana | 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
Co-operative Republic of Guyana
Records
63
Source