Ireland | 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 Ireland
Records
63
Source
Ireland | Total natural resources rents (% of GDP)
year value
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 0.42779051
1971 0.27097946
1972 0.27637552
1973 0.74288674
1974 0.94068053
1975 0.18524893
1976 0.1547784
1977 0.16955524
1978 0.16978863
1979 0.44875757
1980 0.36618583
1981 0.26651516
1982 0.21518729
1983 0.29217445
1984 0.32013774
1985 0.30411266
1986 0.17696901
1987 0.11060415
1988 0.64195372
1989 0.76222273
1990 0.28735813
1991 0.13200396
1992 0.11127385
1993 0.11108725
1994 0.11267032
1995 0.14053736
1996 0.12623707
1997 0.13774575
1998 0.03734927
1999 0.03159783
2000 0.07633407
2001 0.0566582
2002 0.04758091
2003 0.03563635
2004 0.05491316
2005 0.06360461
2006 0.30912432
2007 0.28506671
2008 0.03963592
2009 0.04483528
2010 0.10858785
2011 0.0962428
2012 0.05855722
2013 0.03708912
2014 0.03539587
2015 0.01877071
2016 0.06522487
2017 0.11283307
2018 0.1260757
2019 0.06717038
2020 0.03676269
2021 0.10098823
2022

Ireland | 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 Ireland
Records
63
Source