Trinidad and Tobago | 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
Republic of Trinidad and Tobago
Records
63
Source
Trinidad and Tobago | Forest rents (% of GDP)
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 0.12977788
1971 0.12025832
1972 0.08907471
1973 0.13005352
1974 0.05774011
1975 0.08769416
1976 0.08113617
1977 0.07149556
1978 0.05719244
1979 0.06405816
1980 0.0554912
1981 0.0452385
1982 0.03683935
1983 0.02495019
1984 0.01450506
1985 0.01339274
1986 0.03042674
1987 0.03588773
1988 0.0254916
1989 0.05724076
1990 0.03861842
1991 0.03441311
1992 0.04457358
1993 0.05076222
1994 0.06103358
1995 0.09690627
1996 0.04683412
1997 0.04502669
1998 0.02007711
1999 0.01694086
2000 0.01956668
2001 0.01802977
2002 0.01871188
2003 0.01673187
2004 0.01148807
2005 0.01205107
2006 0.01437509
2007 0.01500561
2008 0.01145594
2009 0.01675685
2010 0.02644913
2011 0.02218434
2012 0.02040959
2013 0.02149486
2014 0.04485919
2015 0.05436784
2016 0.06107814
2017 0.06501339
2018 0.06746317
2019 0.05780772
2020 0.07023496
2021 0.05430144
2022

Trinidad and Tobago | 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
Republic of Trinidad and Tobago
Records
63
Source