Latin America & the Caribbean (IDA & IBRD countries) | 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
Latin America & the Caribbean (IDA & IBRD countries)
Records
63
Source
Latin America & the Caribbean (IDA & IBRD countries) | Total natural resources rents (% of GDP)
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 3.10901212
1971 2.84484033
1972 2.73375133
1973 3.9440259
1974 10.14973227
1975 7.78770421
1976 7.86084262
1977 6.70417546
1978 6.35363728
1979 13.11110577
1980 12.89226344
1981 9.41068217
1982 7.68739051
1983 8.94851072
1984 8.60129404
1985 8.05987395
1986 4.25918472
1987 6.35635876
1988 5.51159324
1989 5.37513871
1990 5.86209869
1991 3.47365869
1992 3.31988093
1993 2.68763619
1994 2.4048159
1995 2.81479773
1996 3.12344765
1997 2.67328105
1998 1.64475417
1999 2.68131725
2000 4.00669965
2001 3.22572762
2002 3.78474438
2003 4.12281021
2004 5.05341889
2005 6.42332323
2006 7.35402481
2007 6.9156998
2008 7.52491102
2009 4.19172134
2010 5.35014428
2011 6.9659753
2012 6.20097661
2013 5.60639927
2014 4.78481578
2015 2.37653104
2016 2.27263201
2017 2.71862946
2018 3.47619399
2019 2.72186031
2020 2.56218923
2021 6.29361596
2022

Latin America & the Caribbean (IDA & IBRD countries) | 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
Latin America & the Caribbean (IDA & IBRD countries)
Records
63
Source