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