Jamaica | 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
Jamaica
Records
63
Source
Jamaica | Total natural resources rents (% of GDP)
year value
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 7.895862
1971 7.39233408
1972 6.08934375
1973 6.25016651
1974 12.06367298
1975 7.00723546
1976 7.1087693
1977 8.82971063
1978 11.16714862
1979 11.33344903
1980 10.99291447
1981 10.89359562
1982 8.52215477
1983 6.46891923
1984 11.04074787
1985 8.62650421
1986 6.60837817
1987 4.96442814
1988 4.16261498
1989 5.68662385
1990 6.33539612
1991 8.01120421
1992 8.65571923
1993 4.26281887
1994 4.40747938
1995 2.47731484
1996 2.79642441
1997 2.13122113
1998 1.84788667
1999 1.46015516
2000 1.49212986
2001 1.5223798
2002 1.22819587
2003 1.24749542
2004 1.88693413
2005 2.23829379
2006 3.34935567
2007 3.50487798
2008 3.01994685
2009 1.93833916
2010 1.66861546
2011 2.25616146
2012 1.83117835
2013 1.78135528
2014 1.78235183
2015 1.26600184
2016 1.28914557
2017 1.52838624
2018 1.72957546
2019 0.3642344
2020 0.32243253
2021 0.45765206
2022

Jamaica | 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
Jamaica
Records
63
Source