Late-demographic dividend | 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
Late-demographic dividend
Records
63
Source
Late-demographic dividend | Total natural resources rents (% of GDP)
year value
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 3.04644282
1971 2.95917519
1972 3.36722763
1973 4.75151899
1974 10.93928902
1975 12.6379918
1976 14.26880641
1977 13.61321989
1978 13.5105103
1979 18.1463944
1980 20.67181687
1981 17.54420529
1982 14.4222716
1983 13.07349383
1984 11.95272305
1985 10.95852102
1986 6.92948968
1987 7.80100496
1988 6.48238571
1989 7.7508
1990 8.98420952
1991 5.54487041
1992 5.89088204
1993 5.32831002
1994 4.33881728
1995 4.33262701
1996 4.47803124
1997 3.89747023
1998 2.39372687
1999 3.61084471
2000 6.02762403
2001 5.43779715
2002 4.94653089
2003 5.33763155
2004 7.02479711
2005 8.07472794
2006 8.83565786
2007 8.61083399
2008 11.0217245
2009 6.01055192
2010 7.72953346
2011 9.5716281
2012 7.34491299
2013 6.24327761
2014 5.30949606
2015 2.97401813
2016 2.55017502
2017 3.14990583
2018 3.90763795
2019 3.29534612
2020 2.20189726
2021 4.28016021
2022

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