Iraq | 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
Republic of Iraq
Records
63
Source
Iraq | Total natural resources rents (% of GDP)
year value
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 16.0340684
1971 19.79205808
1972 20.66860458
1973 29.15097421
1974 62.51279237
1975 59.57200275
1976 53.40839071
1977 50.07976604
1978 46.72089937
1979
1980 55.28234705
1981 27.16141123
1982 20.04532639
1983 20.62498779
1984 21.11147622
1985 23.66663311
1986 14.24874271
1987 20.07848723
1988 19.71685693
1989 28.36576844
1990 9.49934858
1991
1992
1993
1994 67.44300076
1995 23.08122086
1996 36.47816633
1997 32.14416834
1998 37.12581148
1999 37.0179204
2000 48.85878304
2001 49.56530176
2002 46.97210573
2003 53.29809161
2004 64.77575323
2005 65.3184968
2006 63.72695265
2007 53.21669111
2008 55.68572884
2009 39.5126626
2010 43.56828994
2011 51.19454041
2012 49.85101765
2013 45.57936658
2014 46.85439615
2015 37.50371721
2016 33.21892172
2017 39.20055423
2018 46.14778691
2019 40.6099024
2020 27.41701319
2021 43.44585769
2022

Iraq | 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
Republic of Iraq
Records
63
Source