Heavily indebted poor countries (HIPC) | 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
Heavily indebted poor countries (HIPC)
Records
63
Source
Heavily indebted poor countries (HIPC) | Total natural resources rents (% of GDP)
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 6.73227207
1971 4.96608288
1972 4.9665968
1973 7.78200063
1974 8.49884864
1975 6.04376645
1976 5.73744403
1977 6.98717824
1978 5.94038674
1979 7.25201517
1980 7.71544573
1981 6.72942643
1982 8.13853173
1983 6.87227097
1984 7.15773819
1985 6.33119702
1986 6.12672951
1987 6.29033084
1988 6.8904488
1989 7.80494771
1990 7.98798367
1991 5.54967642
1992 8.22919969
1993 7.12808023
1994 9.47967111
1995 11.27058842
1996 10.64028556
1997 9.63847998
1998 8.73118918
1999 6.53354429
2000 7.82345701
2001 7.2638897
2002 7.76706925
2003 9.67609105
2004 9.26519087
2005 10.59884062
2006 11.35948873
2007 12.08144113
2008 12.93064726
2009 9.86371126
2010 10.76858985
2011 13.26844192
2012 11.53045947
2013 10.3364117
2014 9.43597857
2015 7.90202138
2016 7.91854859
2017 8.19043124
2018 7.81843898
2019 6.71446035
2020 6.58132404
2021 11.12363892
2022

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