Low income | 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
Low income
Records
63
Source
Low income | Total natural resources rents (% of GDP)
year value
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 2.98230754
1971 2.48867446
1972 2.53978322
1973 3.56248051
1974 3.69848706
1975 3.73552811
1976 2.93832516
1977 4.75608091
1978 4.1209016
1979 3.58048416
1980 8.40971295
1981 7.68752719
1982 9.21577504
1983 7.02766475
1984 7.41135487
1985 6.02097458
1986 5.82358987
1987 5.82330658
1988 7.53385307
1989 8.17411663
1990 10.65579374
1991 7.10018848
1992 10.47945318
1993 10.44710689
1994 15.64833319
1995 14.17647116
1996 11.88025053
1997 10.21099363
1998 8.85735955
1999 8.02854964
2000 9.86750643
2001 8.83327323
2002 9.13683589
2003 11.05849129
2004 10.31033253
2005 11.28330961
2006 11.13347101
2007 11.03135927
2008 13.5470424
2009 9.04093705
2010 9.85606394
2011 17.85460888
2012 13.04019801
2013 12.21947591
2014 11.23023845
2015 8.79430449
2016 8.82866853
2017 8.62396395
2018 8.56894775
2019 7.59228693
2020 8.07945374
2021 13.25774971
2022

Low income | 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
Low income
Records
63
Source