Jamaica | Mineral rents (% of GDP)

Mineral rents are the difference between the value of production for a stock of minerals at world prices and their total costs of production. Minerals included in the calculation are tin, gold, lead, zinc, iron, copper, nickel, silver, bauxite, and phosphate. 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
Jamaica
Records
63
Source
Jamaica | Mineral rents (% of GDP)
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 7.79917388
1971 7.30999188
1972 6.0259939
1973 6.13764151
1974 11.96197842
1975 6.88407246
1976 6.99654046
1977 8.66621179
1978 10.96688096
1979 11.07801031
1980 10.69132329
1981 10.63827938
1982 8.0619838
1983 6.31655798
1984 10.86523015
1985 8.40753049
1986 6.36875365
1987 4.70175049
1988 3.94180912
1989 5.46635468
1990 6.01425055
1991 7.67485576
1992 8.30450099
1993 4.06199445
1994 4.17242693
1995 2.24031059
1996 2.57387222
1997 1.94171847
1998 1.68518755
1999 1.31616355
2000 1.36817355
2001 1.39684596
2002 1.02073146
2003 0.96632342
2004 1.62871803
2005 1.89923424
2006 2.54906659
2007 2.75727325
2008 1.82211041
2009 1.15247528
2010 1.20174205
2011 1.54488723
2012 1.16196916
2013 1.09261847
2014 1.09503493
2015 1.05145271
2016 0.96429303
2017 1.1233006
2018 1.28551145
2019 0
2020 0
2021 0
2022

Jamaica | Mineral rents (% of GDP)

Mineral rents are the difference between the value of production for a stock of minerals at world prices and their total costs of production. Minerals included in the calculation are tin, gold, lead, zinc, iron, copper, nickel, silver, bauxite, and phosphate. 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
Jamaica
Records
63
Source