Sub-Saharan Africa (IDA & IBRD countries) | 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
Sub-Saharan Africa (IDA & IBRD countries)
Records
63
Source
Sub-Saharan Africa (IDA & IBRD countries) | Oil rents (% of GDP)
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971 0.11432068
1972 0.41153353
1973 0.63873592
1974 7.85425029
1975 5.61120702
1976 5.82150519
1977 6.66853956
1978 5.00933977
1979 12.99773618
1980 7.88703888
1981 2.39666843
1982 0.97541359
1983 2.37495404
1984 3.45491966
1985 4.46711163
1986 1.48279013
1987 2.76022509
1988 2.22386486
1989 4.57901998
1990 5.3723795
1991 3.32540342
1992 4.08742733
1993 6.05531845
1994 5.34043797
1995 6.10213753
1996 7.24514667
1997 6.6105921
1998 3.42858298
1999 3.02623396
2000 6.9735743
2001 5.13791561
2002 4.90620178
2003 4.31670729
2004 5.55928423
2005 8.45266906
2006 8.68715674
2007 8.94217927
2008 11.80966818
2009 5.81495493
2010 7.81367442
2011 9.79005417
2012 8.2380244
2013 6.79494032
2014 5.16106446
2015 2.05221876
2016 1.81971644
2017 3.06418336
2018 4.39075542
2019 3.80377006
2020 1.94875213
2021 3.45388228
2022
Sub-Saharan Africa (IDA & IBRD countries) | 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
Sub-Saharan Africa (IDA & IBRD countries)
Records
63
Source