Middle East & North Africa | 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
Middle East & North Africa
Records
63
Source
Middle East & North Africa | Oil rents (% of GDP)
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 12.53268249
1971 13.85489678
1972 16.40649983
1973 20.46809821
1974 48.05632998
1975 38.59235677
1976 37.78756223
1977 35.27140942
1978 33.46224521
1979 53.04383875
1980 48.33089717
1981 37.11303676
1982 24.59141471
1983 22.39234325
1984 21.89439172
1985 18.80306338
1986 10.49076719
1987 15.43628283
1988 15.21030654
1989 21.92197131
1990 23.46695846
1991 19.23632287
1992 19.40615872
1993 20.21384447
1994 18.9112128
1995 15.46158488
1996 17.40088774
1997 15.43609058
1998 10.28611337
1999 13.98899278
2000 22.24526956
2001 17.5936561
2002 17.16603698
2003 19.43085098
2004 23.2482952
2005 28.48677753
2006 29.23496671
2007 26.70785261
2008 30.30606207
2009 18.6366733
2010 21.7846652
2011 28.47471692
2012 27.80514268
2013 26.43475312
2014 23.87230873
2015 13.84653178
2016 11.68528491
2017 14.79795591
2018 19.62119233
2019 16.62987497
2020 10.14412903
2021 15.05726298
2022
Middle East & North Africa | 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
Middle East & North Africa
Records
63
Source