Late-demographic dividend | 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
Late-demographic dividend
Records
63
Source
Late-demographic dividend | Oil rents (% of GDP)
year value
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 1.12597432
1971 1.22496402
1972 1.47319228
1973 1.88552306
1974 7.38931144
1975 8.32469921
1976 9.69887543
1977 8.84317228
1978 8.84499396
1979 13.27495687
1980 15.08968268
1981 11.41428495
1982 7.6265391
1983 8.34659695
1984 8.60033117
1985 7.62308651
1986 4.0975594
1987 5.38522192
1988 4.38890583
1989 5.30914956
1990 6.45325079
1991 3.26885779
1992 3.44682244
1993 3.24170301
1994 2.54251892
1995 2.316939
1996 2.82034256
1997 2.38481451
1998 1.25181671
1999 2.45517969
2000 4.52805128
2001 3.36406016
2002 3.35401329
2003 3.69297114
2004 4.40617397
2005 5.58705374
2006 5.65085102
2007 4.88939642
2008 5.72042747
2009 3.22994792
2010 3.64088693
2011 4.75419303
2012 4.40646679
2013 3.89159626
2014 3.44468829
2015 1.64019987
2016 1.30379542
2017 1.64930414
2018 2.26662975
2019 1.91613719
2020 0.99229298
2021 1.72261542
2022

Late-demographic dividend | 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
Late-demographic dividend
Records
63
Source