Japan | 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
State of Japan
Records
63
Source
Japan | Oil rents (% of GDP)
year value
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 0.00199143
1971 0.00202282
1972 0.00512588
1973 0.01194863
1974 0.07595376
1975 0.07386199
1976 0.07193022
1977 0.06437285
1978 0.04476049
1979 0.10339272
1980 0.01000525
1981 0.00520697
1982 0.00481146
1983 0.00513133
1984 0.00499719
1985 0.00591468
1986 0.00203764
1987 0.0022961
1988 0.00141984
1989 0.00188387
1990 0.00279922
1991 0.00170665
1992 0.00193122
1993 0.0016828
1994 0.00124849
1995 0.00126945
1996 0.00168091
1997 0.00134733
1998 0.00071469
1999 0.00108954
2000 0.00204601
2001 0.00113512
2002 0.0011256
2003 0.00115087
2004 0.001124
2005 0.00190799
2006 0.0021472
2007 0.00248906
2008 0.00254188
2009 0.00121215
2010 0.00158079
2011 0.00234602
2012 0.00248639
2013 0.00279889
2014 0.00369773
2015 0.00197604
2016 0.00120567
2017 0.00188219
2018 0.00254123
2019 0.00193345
2020 0.00071079
2021 0.00223132
2022

Japan | 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
State of Japan
Records
63
Source