Mexico | Oil rents (% of GDP)

Oil rents are the difference between the value of crude oil production at regional prices and 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
United Mexican States
Records
63
Source
Mexico | Oil rents (% of GDP)
year value
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 0.20428851
1971 0.29901555
1972 0.3145666
1973 0.47173615
1974 2.57282025
1975 2.49010737
1976 2.9870597
1977 3.3362466
1978 3.62012997
1979 8.7163601
1980 9.61731417
1981 7.42762705
1982 7.50397259
1983 11.72615549
1984 9.84444229
1985 8.6145982
1986 4.97962852
1987 7.73388204
1988 4.64028806
1989 5.79313137
1990 6.84568714
1991 3.28443134
1992 3.04098382
1993 2.11322235
1994 1.94028537
1995 3.18458587
1996 3.72059343
1997 2.84312858
1998 1.4676714
1999 2.13110824
2000 3.33837327
2001 2.39265778
2002 2.56123108
2003 3.17250156
2004 3.91311549
2005 5.19854636
2006 5.53800258
2007 5.08084055
2008 6.04436562
2009 3.43604404
2010 4.08531894
2011 5.72990793
2012 5.40265415
2013 4.59508454
2014 3.90143619
2015 1.54607339
2016 1.23719532
2017 1.55624413
2018 2.2073515
2019 1.58229585
2020 0.86738455
2021 2.06594375
2022

Mexico | Oil rents (% of GDP)

Oil rents are the difference between the value of crude oil production at regional prices and 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
United Mexican States
Records
63
Source