IBRD only | 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
IBRD only
Records
63
Source
IBRD only | Oil rents (% of GDP)
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1.09407621 1970
1.25831166 1971
1.49203107 1972
2.18147683 1973
8.72479421 1974
7.62143575 1975
8.36050215 1976
7.89127448 1977
7.71739334 1978
11.87519652 1979
12.7351961 1980
9.16331217 1981
6.79808243 1982
7.32010883 1983
7.3347989 1984
7.00926383 1985
3.25968483 1986
4.79541592 1987
3.92933412 1988
5.26258083 1989
6.30308602 1990
2.93243914 1991
2.87300118 1992
2.94137319 1993
2.50944271 1994
2.51892921 1995
3.04609929 1996
2.59744933 1997
1.44320196 1998
2.61543676 1999
4.58953271 2000
3.46093726 2001
3.54707443 2002
3.67760718 2003
4.49352699 2004
5.79335226 2005
5.88812246 2006
5.16846327 2007
6.16777719 2008
3.36266147 2009
3.75634222 2010
4.73142086 2011
4.42238522 2012
3.81992709 2013
3.34828843 2014
1.51106344 2015
1.23543841 2016
1.63917068 2017
2.28327774 2018
1.83936621 2019
0.9116022 2020
1.83300128 2021
2022

IBRD only | 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
IBRD only
Records
63
Source