Trinidad and Tobago | Total natural resources rents (% of GDP)

Total natural resources rents are the sum of oil rents, natural gas rents, coal rents (hard and soft), mineral rents, and forest rents. 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 | Total natural resources rents (% of GDP)
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 2.66520628
1971 3.68919627
1972 3.94244402
1973 6.77921495
1974 27.06010766
1975 25.32905243
1976 26.19745473
1977 18.64362159
1978 18.20384179
1979 34.61729633
1980 31.70951912
1981 26.51602402
1982 10.14441848
1983 13.45105836
1984 14.80532709
1985 15.63728704
1986 10.23768065
1987 14.45524902
1988 11.67835994
1989 17.79896596
1990 20.58792351
1991 11.50736685
1992 10.82059594
1993 12.35469065
1994 11.41748979
1995 12.36940019
1996 13.99945437
1997 12.43048559
1998 6.55905261
1999 10.48937356
2000 14.08186264
2001 10.17298373
2002 11.89828605
2003 10.65491028
2004 10.83230994
2005 16.06703866
2006 18.38984785
2007 15.96067792
2008 15.27103399
2009 16.14750623
2010 13.50192813
2011 21.19020578
2012 19.04544905
2013 18.94178804
2014 15.59878282
2015 7.5354555
2016 4.12214241
2017 5.7613773
2018 11.23203743
2019 11.0689883
2020 5.88215477
2021 7.85936856
2022

Trinidad and Tobago | Total natural resources rents (% of GDP)

Total natural resources rents are the sum of oil rents, natural gas rents, coal rents (hard and soft), mineral rents, and forest rents. 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