Korea, Rep. | Forest rents (% of GDP)

Forest rents are roundwood harvest times the product of regional prices and a regional rental rate. 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
Republic of Korea
Records
63
Source
Korea, Rep. | Forest rents (% of GDP)
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 0.12639473
1971 0.12302618
1972 0.11765264
1973 0.22305389
1974 0.14960608
1975 0.13778953
1976 0.11989962
1977 0.10992794
1978 0.08095827
1979 0.08482622
1980 0.10095923
1981 0.07247315
1982 0.07637961
1983 0.05718138
1984 0.03822858
1985 0.04446403
1986 0.04582571
1987 0.03927968
1988 0.0262528
1989 0.02249103
1990 0.01921919
1991 0.01825141
1992 0.0174751
1993 0.01620127
1994 0.01482409
1995 0.01678223
1996 0.01458197
1997 0.01284626
1998 0.0190245
1999 0.01193533
2000 0.00993842
2001 0.01076935
2002 0.01051155
2003 0.01214044
2004 0.01143268
2005 0.0099254
2006 0.01028271
2007 0.01308613
2008 0.01976739
2009 0.02318473
2010 0.01573046
2011 0.01482649
2012 0.01548264
2013 0.01631444
2014 0.01715903
2015 0.0147317
2016 0.01390314
2017 0.01793906
2018 0.01643805
2019 0.01540885
2020 0.01490303
2021 0.014719
2022

Korea, Rep. | Forest rents (% of GDP)

Forest rents are roundwood harvest times the product of regional prices and a regional rental rate. 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
Republic of Korea
Records
63
Source