Turkiye | 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 Turkiye
Records
63
Source
Turkiye | Oil rents (% of GDP)
year value
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 0.01566884
1971 0.05512768
1972 0.06447781
1973 0.0966253
1974 0.40181302
1975 0.2808149
1976 0.22007481
1977 0.21249293
1978 0.19606904
1979 0.36241629
1980 0.48853155
1981 0.38641792
1982 0.26270691
1983 0.33784885
1984 0.33716866
1985 0.30338661
1986 0.12381668
1987 0.19302948
1988 0.13559125
1989 0.20676922
1990 0.2606915
1991 0.15227888
1992 0.14916878
1993 0.11471824
1994 0.13435361
1995 0.11056459
1996 0.14499897
1997 0.1068195
1998 0.02147221
1999 0.06299832
2000 0.11953144
2001 0.10967229
2002 0.09240587
2003 0.08078359
2004 0.08088046
2005 0.09824634
2006 0.09767569
2007 0.08691157
2008 0.12200059
2009 0.08645788
2010 0.08553445
2011 0.12398413
2012 0.11161776
2013 0.09742188
2014 0.09449845
2015 0.0446861
2016 0.03492376
2017 0.05375732
2018 0.10811188
2019 0.1025183
2020 0.06124009
2021 0.13797082
2022

Turkiye | 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 Turkiye
Records
63
Source