Guyana | 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
Co-operative Republic of Guyana
Records
63
Source
Guyana | Total natural resources rents (% of GDP)
year value
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 20.70802266
1971 18.49554739
1972 17.29873183
1973 19.60709467
1974 22.36547098
1975 20.63385724
1976 20.89239548
1977 27.70208352
1978 25.64702963
1979 26.40708246
1980 24.5578373
1981 23.06176128
1982 34.16387087
1983 17.98469232
1984 24.26085174
1985 20.68032968
1986 19.97411337
1987 28.23976912
1988 18.5224501
1989 20.71234973
1990 23.13653029
1991 29.85704777
1992 25.51308407
1993 31.66385787
1994 32.92973142
1995 33.59016799
1996 29.78711211
1997 25.98605532
1998 17.72299896
1999 17.78305104
2000 15.5078379
2001 12.91353051
2002 12.78512746
2003 16.94822751
2004 21.1992808
2005 20.91155203
2006 9.70635227
2007 10.80751516
2008 10.36355729
2009 10.71583763
2010 14.59220397
2011 16.53176628
2012 16.53280314
2013 13.94248053
2014 10.79658279
2015 8.56443284
2016 16.08955285
2017 13.1616426
2018 6.60863782
2019 5.96249594
2020 13.89854308
2021 33.68327117
2022

Guyana | 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
Co-operative Republic of Guyana
Records
63
Source