Italy | 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
Italian Republic
Records
63
Source
Italy | Oil rents (% of GDP)
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 0.00103539
1971 0.00288262
1972 0.00332163
1973 0.00457491
1974 0.02441705
1975 0.02293879
1976 0.02660735
1977 0.02358911
1978 0.02245587
1979 0.05085973
1980 0.07106503
1981 0.06428147
1982 0.03307196
1983 0.05662155
1984 0.05480483
1985 0.05885321
1986 0.01557438
1987 0.03370795
1988 0.02810888
1989 0.04153511
1990 0.04441564
1991 0.01905722
1992 0.01962782
1993 0.02434646
1994 0.02197576
1995 0.02432727
1996 0.03279501
1997 0.02962772
1998 0.00860399
1999 0.02383374
2000 0.0491103
2001 0.03228473
2002 0.04079017
2003 0.04008479
2004 0.04637335
2005 0.07474362
2006 0.07774995
2007 0.07706901
2008 0.09355563
2009 0.04803649
2010 0.06324197
2011 0.10102179
2012 0.10831338
2013 0.09981604
2014 0.09678461
2015 0.04620033
2016 0.02388238
2017 0.03867257
2018 0.06602887
2019 0.05580062
2020 0.03985314
2021 0.0770052
2022

Italy | 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
Italian Republic
Records
63
Source