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