Turkmenistan | 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
Turkmenistan
Records
63
Source
Turkmenistan | Oil rents (% of GDP)
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987 31.90891217
1988 19.73639279
1989 30.30197113
1990 36.99586488
1991 16.88004558
1992 19.9047155
1993 17.79423394
1994 17.83760895
1995 19.34366397
1996 25.92204878
1997 16.77881205
1998 5.17003701
1999 16.08979028
2000 30.53515219
2001 20.35664897
2002 18.11726512
2003 17.81170651
2004 20.50724589
2005 24.9081038
2006 19.47625243
2007 20.07844333
2008 22.09120399
2009 10.27364997
2010 10.17280234
2011 14.06340511
2012 12.13495696
2013 11.11336997
2014 8.82992886
2015 4.89963193
2016 3.65533513
2017 5.57117153
2018 8.5388249
2019 5.84622689
2020
2021
2022
Turkmenistan | 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
Turkmenistan
Records
63
Source