Trinidad and Tobago | 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 Trinidad and Tobago
Records
63
Source
Trinidad and Tobago | Oil rents (% of GDP)
year value
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 2.52803854
1971 3.55794618
1972 3.7660597
1973 6.58095083
1974 26.70609261
1975 24.81981608
1976 25.66134864
1977 18.5405366
1978 18.06792894
1979 34.10474874
1980 30.86914411
1981 26.04380535
1982 10.01016223
1983 12.73563357
1984 13.62469658
1985 14.2751243
1986 8.98360402
1987 13.56517227
1988 10.79040216
1989 16.58988392
1990 19.17903408
1991 10.26910568
1992 9.75771844
1993 10.65476527
1994 9.81381627
1995 10.93766073
1996 12.50946879
1997 10.82302892
1998 5.39944832
1999 8.61868443
2000 10.71438166
2001 6.84812052
2002 8.9978806
2003 7.97468959
2004 8.45563862
2005 11.80421992
2006 12.24732463
2007 9.25592428
2008 9.42207714
2009 6.48871344
2010 7.31966085
2011 9.46888642
2012 7.6352924
2013 6.44936933
2014 5.5805427
2015 2.24547083
2016 1.82556957
2017 2.68355174
2018 3.66055639
2019 2.77458123
2020 1.42924605
2021 2.71054174
2022

Trinidad and Tobago | 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 Trinidad and Tobago
Records
63
Source