IDA total | 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
IDA total
Records
63
Source
IDA total | Total natural resources rents (% of GDP)
year value
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 3.02705204
1971 2.84621018
1972 3.48523482
1973 5.77450495
1974 13.05307884
1975 9.32265293
1976 9.83177527
1977 11.93934651
1978 9.70906392
1979 18.58365891
1980 12.52036673
1981 5.04749775
1982 4.39783748
1983 5.40740679
1984 6.34952728
1985 6.30035029
1986 4.75106114
1987 5.86089269
1988 6.15360599
1989 8.58162814
1990 10.20755492
1991 7.32502862
1992 8.67075389
1993 10.61618883
1994 11.74781262
1995 12.08253137
1996 11.69108077
1997 10.35444918
1998 7.26367499
1999 5.67847929
2000 8.38598314
2001 7.30958184
2002 7.15420691
2003 8.25098506
2004 8.3641473
2005 9.76501723
2006 9.92360887
2007 9.67165675
2008 11.23922123
2009 7.44979547
2010 8.7732475
2011 11.81173396
2012 9.69551314
2013 8.1153167
2014 6.96037931
2015 4.80781304
2016 4.61271284
2017 5.42254471
2018 5.58895711
2019 4.90154739
2020 4.10794884
2021 6.8346926
2022

IDA total | 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
IDA total
Records
63
Source