United Arab Emirates | 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
United Arab Emirates
Records
63
Source
United Arab Emirates | Oil rents (% of GDP)
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
37.41796031 1975
36.87828761 1976
30.86903458 1977
31.45200672 1978
56.0299308 1979
41.90172229 1980
33.03702744 1981
22.87973863 1982
23.69321407 1983
25.75202602 1984
23.71133091 1985
17.01229177 1986
22.89782562 1987
20.35677749 1988
28.61301733 1989
35.31561199 1990
23.51243367 1991
23.31426562 1992
20.80050026 1993
16.96678976 1994
16.34734639 1995
19.11128271 1996
16.96460906 1997
10.83230146 1998
13.37443826 1999
20.84405615 2000
15.806239 2001
14.64532406 2002
17.80570101 2003
20.91820685 2004
23.94173699 2005
25.88202722 2006
23.71834557 2007
26.67204274 2008
18.41826324 2009
22.67973787 2010
28.5990789 2011
27.06485203 2012
26.24806405 2013
22.9458647 2014
13.10253444 2015
11.08075636 2016
13.49857317 2017
17.0989945 2018
15.68159155 2019
10.4940977 2020
15.67309453 2021
2022
United Arab Emirates | 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
United Arab Emirates
Records
63
Source