Turkiye | Mineral rents (% of GDP)

Mineral rents are the difference between the value of production for a stock of minerals at world prices and their total costs of production. Minerals included in the calculation are tin, gold, lead, zinc, iron, copper, nickel, silver, bauxite, and phosphate. 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 Turkiye
Records
63
Source
Turkiye | Mineral rents (% of GDP)
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 0.21478295
1971 0.11860892
1972 0.09480545
1973 0.20514306
1974 0.1635686
1975 0.07041905
1976 0.0939007
1977 0.07944728
1978 0.04994709
1979 0.04977317
1980 0.07091336
1981 0.06954987
1982 0.08002172
1983 0.06437074
1984 0.04923275
1985 0.05664032
1986 0.02491087
1987 0.02259185
1988 0.14559539
1989 0.19183776
1990 0.0864863
1991 0.04170717
1992 0.08288622
1993 0.05972044
1994 0.0592598
1995 0.04473944
1996 0.03214855
1997 0.0274117
1998 0.02766691
1999 0.02531343
2000 0.02387007
2001 0.01617298
2002 0.01302535
2003 0.01033773
2004 0.01747148
2005 0.04026955
2006 0.10918919
2007 0.14731689
2008 0.15103552
2009 0.12160381
2010 0.72504467
2011 0.77789677
2012 0.49495971
2013 0.43305238
2014 0.33064972
2015 0.13485248
2016 0.26236711
2017 0.21453128
2018 0.27976305
2019 0.14728021
2020 0.19878196
2021 0.63423421
2022

Turkiye | Mineral rents (% of GDP)

Mineral rents are the difference between the value of production for a stock of minerals at world prices and their total costs of production. Minerals included in the calculation are tin, gold, lead, zinc, iron, copper, nickel, silver, bauxite, and phosphate. 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 Turkiye
Records
63
Source