Italy | 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
Italian Republic
Records
63
Source
Italy | Total natural resources rents (% of GDP)
year value
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 0.08406888
1971 0.07567935
1972 0.08470737
1973 0.09565144
1974 0.16516821
1975 0.15946741
1976 0.17927781
1977 0.15212384
1978 0.13354776
1979 0.19727732
1980 0.22093293
1981 0.18463681
1982 0.10845826
1983 0.14585186
1984 0.14621085
1985 0.14387368
1986 0.08465004
1987 0.06915194
1988 0.07256406
1989 0.0857724
1990 0.07991528
1991 0.04356469
1992 0.03645742
1993 0.06041941
1994 0.05778518
1995 0.07933803
1996 0.08013525
1997 0.08131854
1998 0.02375337
1999 0.03828821
2000 0.09133162
2001 0.10272123
2002 0.08962987
2003 0.08261157
2004 0.07774354
2005 0.10163496
2006 0.12265393
2007 0.11680478
2008 0.15179498
2009 0.0907628
2010 0.10779345
2011 0.15600582
2012 0.16964584
2013 0.1554774
2014 0.13845159
2015 0.08190932
2016 0.04730518
2017 0.06399864
2018 0.09920132
2019 0.08249262
2020 0.05597055
2021 0.11200913
2022

Italy | 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
Italian Republic
Records
63
Source