Myanmar | 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
Republic of the Union of Myanmar
Records
63
Source
Myanmar | Oil rents (% of GDP)
year value
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 0.11232293
1971 0.14099582
1972 0.44091967
1973 1.39976676
1974 6.95348324
1975 6.97292934
1976 7.82546848
1977 10.50703921
1978 11.8295079
1979 31.92731805
1980 32.83527313
1981 22.99537802
1982 13.96724219
1983 14.90691889
1984 16.64821853
1985 15.83080063
1986 5.05388693
1987 6.7150211
1988 3.89351638
1989 4.25171644
1990 4.86297916
1991 2.87457589
1992 2.88692307
1993 2.0926564
1994 1.31082457
1995 0.78003574
1996 0.71492726
1997 0.68879403
1998 0.48360293
1999 0.62209105
2000 1.32847771
2001 0.9786584
2002 1.34949336
2003 1.36774097
2004 1.74505333
2005 2.91494529
2006 3.19885684
2007 2.31016484
2008 2.15334545
2009 0.71610793
2010 0.97633626
2011 1.00643884
2012 0.77152711
2013 0.66109484
2014 0.52893628
2015 0.1466041
2016 0.10353084
2017 0.15234768
2018 0.15681435
2019 0.1013847
2020 0.02590067
2021 0.06279702
2022

Myanmar | 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
Republic of the Union of Myanmar
Records
63
Source