High income | 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
High income
Records
63
Source
High income | Total natural resources rents (% of GDP)
year value
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 0.70277214
1971 0.69699645
1972 0.74497212
1973 0.9687703
1974 2.92345036
1975 2.73412337
1976 2.89797675
1977 2.80281075
1978 2.30129796
1979 4.1349947
1980 4.64599088
1981 3.81237262
1982 2.41700232
1983 2.47520431
1984 2.33228792
1985 2.06014512
1986 0.9310344
1987 1.05386151
1988 0.910522
1989 1.09972824
1990 1.28388956
1991 0.85287047
1992 0.85632768
1993 0.85198164
1994 0.75113207
1995 0.77373702
1996 0.96957398
1997 0.89767747
1998 0.56161125
1999 0.72819491
2000 1.33389301
2001 1.12833553
2002 0.96532836
2003 1.17950722
2004 1.41304823
2005 1.82514938
2006 1.86134201
2007 1.83021532
2008 2.56704368
2009 1.36153673
2010 1.83436292
2011 2.48897355
2012 2.22860713
2013 2.14062989
2014 1.90846303
2015 1.00799782
2016 0.90679666
2017 1.16769371
2018 1.50850231
2019 1.33277392
2020 0.91866312
2021 1.9695615
2022

High income | 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
High income
Records
63
Source