Latin America & Caribbean (excluding high income) | Coal rents (% of GDP)
Coal rents are the difference between the value of both hard and soft coal production at world prices and their 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
Latin America & Caribbean (excluding high income)
Records
63
Source
Latin America & Caribbean (excluding high income) | Coal rents (% of GDP)
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971 0.01572193
1972 0.01358536
1973 0.01420201
1974 0.03496837
1975 0.08109716
1976 0.08567664
1977 0.09402363
1978 0.0778037
1979 0.05828335
1980 0.04428725
1981 0.05242765
1982 0.07736542
1983 0.05312271
1984 0.04322966
1985 0.05146462
1986 0.03768281
1987 0.01371251
1988 0.01659026
1989 0.02413515
1990 0.02503589
1991 0.02069499
1992 0.01245721
1993 0.00336662
1994 0.00220055
1995 0.00845254
1996 0.00447561
1997 0.00300733
1998 0.00193187
1999 0.00061369
2000 0.00067425
2001 0.00840301
2002 0.00236953
2003 0.00266575
2004 0.07617853
2005 0.04895994
2006 0.05271939
2007 0.07620999
2008 0.19719624
2009 0.06161196
2010 0.10402823
2011 0.1480411
2012 0.09078904
2013 0.06547294
2014 0.05197096
2015 0.04263764
2016 0.05234227
2017 0.0617592
2018 0.06915195
2019 0.05135413
2020 0.03139464
2021 0.06089945
2022
Latin America & Caribbean (excluding high income) | Coal rents (% of GDP)
Coal rents are the difference between the value of both hard and soft coal production at world prices and their 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
Latin America & Caribbean (excluding high income)
Records
63
Source