IBRD only | 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
IBRD only
Records
63
Source
IBRD only | Total natural resources rents (% of GDP)
year value
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 2.54584096
1971 2.67554772
1972 2.9842649
1973 4.34438171
1974 11.18940248
1975 10.52507529
1976 11.23877466
1977 11.08340931
1978 10.70883293
1979 15.17527625
1980 16.72819321
1981 12.93067475
1982 10.87882142
1983 10.27476931
1984 9.44757742
1985 9.20985114
1986 5.22091881
1987 6.67835024
1988 6.20542919
1989 7.56217071
1990 8.49063329
1991 4.97359132
1992 4.93081764
1993 4.63454678
1994 4.06402947
1995 4.34673759
1996 4.625373
1997 4.00997484
1998 2.57133555
1999 3.68807082
2000 5.93983546
2001 5.24676807
2002 5.049451
2003 5.22766851
2004 6.84206333
2005 8.12008424
2006 8.82994481
2007 8.62382145
2008 11.00926386
2009 6.01048873
2010 7.49027195
2011 9.15224946
2012 7.23156089
2013 6.14164471
2014 5.19912561
2015 2.85593537
2016 2.54170838
2017 3.19402616
2018 4.01846202
2019 3.3059037
2020 2.24432536
2021 4.60705839
2022

IBRD only | 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
IBRD only
Records
63
Source