St. Vincent and the Grenadines | Forest rents (% of GDP)

Forest rents are roundwood harvest times the product of regional prices and a regional rental rate. 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
Saint Vincent and the Grenadines
Records
63
Source
St. Vincent and the Grenadines | Forest rents (% of GDP)
year value
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 0.14828902
1971 0.11428875
1972 0.08843778
1973 0.1439055
1974 0.14581312
1975 0.2061393
1976 0.17070255
1977 0.19574569
1978 0.1556007
1979 0.14597953
1980 0.14485932
1981 0.10589839
1982 0.20583399
1983 0.06291207
1984 0.03392552
1985 0.01945251
1986 0.01727074
1987 0.01570546
1988 0.01342512
1989 0.01233404
1990 0.03818851
1991 0.04256417
1992 0.0362265
1993 0.02710482
1994 0.0310089
1995 0.03682557
1996 0.02559869
1997 0.03439121
1998 0.02730788
1999 0.02204306
2000 0.01973089
2001 0.0180467
2002 0.01518013
2003 0.01534783
2004 0.01459431
2005 0.01340635
2006 0.01716992
2007 0.01578717
2008 0.01615144
2009 0.01489513
2010 0.03336566
2011 0.02846545
2012 0.02696433
2013 0.03411544
2014 0.04239461
2015 0.03126307
2016 0.0407859
2017 0.03298289
2018 0.02093048
2019 0.01829998
2020 0.02564644
2021 0.01932917
2022

St. Vincent and the Grenadines | Forest rents (% of GDP)

Forest rents are roundwood harvest times the product of regional prices and a regional rental rate. 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
Saint Vincent and the Grenadines
Records
63
Source