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
31.90891217 1987
19.73639279 1988
30.30197113 1989
36.99586488 1990
16.88004558 1991
19.9047155 1992
17.79423394 1993
17.83760895 1994
19.34366397 1995
25.92204878 1996
16.77881205 1997
5.17003701 1998
16.08979028 1999
30.53515219 2000
20.35664897 2001
18.11726512 2002
17.81170651 2003
20.50724589 2004
24.9081038 2005
19.47625243 2006
20.07844333 2007
22.09120399 2008
10.27364997 2009
10.17280234 2010
14.06340511 2011
12.13495696 2012
11.11336997 2013
8.82992886 2014
4.89963193 2015
3.65533513 2016
5.57117153 2017
8.5388249 2018
5.84622689 2019
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