Middle income | 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 income
Records
63
Source
Middle income | Oil rents (% of GDP)
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 0.88203797
1971 0.96684213
1972 1.23608901
1973 1.83462296
1974 7.95557415
1975 6.80978945
1976 7.64580802
1977 7.63738138
1978 7.27924678
1979 11.4682693
1980 11.77638143
1981 7.6628552
1982 5.74679853
1983 6.46182219
1984 6.62502302
1985 6.46087523
1986 2.96426875
1987 4.44797546
1988 3.73606617
1989 5.11741405
1990 6.18427202
1991 2.91673839
1992 2.88833501
1993 3.13265011
1994 2.65863928
1995 2.77092149
1996 3.30737389
1997 2.8386955
1998 1.57618062
1999 2.54984372
2000 4.5381997
2001 3.41547157
2002 3.47497149
2003 3.63105587
2004 4.46512916
2005 5.79221153
2006 5.87512135
2007 5.20779771
2008 6.21554139
2009 3.38335475
2010 3.815626
2011 4.751604
2012 4.43056322
2013 3.79648046
2014 3.31251452
2015 1.53714453
2016 1.25406912
2017 1.69404888
2018 2.37140524
2019 1.92266956
2020 0.95120319
2021 1.90383545
2022

Middle income | 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 income
Records
63
Source