Heavily indebted poor countries (HIPC) | 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
Heavily indebted poor countries (HIPC)
Records
63
Source
Heavily indebted poor countries (HIPC) | Oil rents (% of GDP)
year value
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971 0.04972104
1972 0.0517291
1973 0.10463648
1974 0.87723974
1975 0.63059997
1976 0.64813676
1977 0.53454622
1978 0.62549536
1979 1.88227479
1980 1.60862188
1981 1.18632898
1982 0.61404561
1983 1.30762263
1984 1.63182495
1985 1.98246335
1986 0.5738875
1987 1.11783219
1988 0.79545284
1989 1.40685589
1990 1.61228862
1991 0.75477426
1992 1.16079328
1993 1.0945334
1994 1.00397749
1995 1.01771339
1996 1.20981419
1997 1.16927239
1998 0.56795495
1999 1.05544591
2000 2.51671554
2001 1.88853098
2002 1.88443711
2003 1.82582781
2004 2.97790705
2005 4.40970985
2006 4.88495782
2007 4.64833004
2008 5.44385897
2009 2.60649908
2010 3.66398536
2011 4.91417764
2012 2.98197567
2013 2.48244207
2014 1.87246704
2015 0.71258425
2016 0.61144971
2017 1.07498962
2018 1.84512782
2019 1.6136067
2020 0.89446368
2021 1.75334517
2022

Heavily indebted poor countries (HIPC) | 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
Heavily indebted poor countries (HIPC)
Records
63
Source