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
1975 37.41796031
1976 36.87828761
1977 30.86903458
1978 31.45200672
1979 56.0299308
1980 41.90172229
1981 33.03702744
1982 22.87973863
1983 23.69321407
1984 25.75202602
1985 23.71133091
1986 17.01229177
1987 22.89782562
1988 20.35677749
1989 28.61301733
1990 35.31561199
1991 23.51243367
1992 23.31426562
1993 20.80050026
1994 16.96678976
1995 16.34734639
1996 19.11128271
1997 16.96460906
1998 10.83230146
1999 13.37443826
2000 20.84405615
2001 15.806239
2002 14.64532406
2003 17.80570101
2004 20.91820685
2005 23.94173699
2006 25.88202722
2007 23.71834557
2008 26.67204274
2009 18.41826324
2010 22.67973787
2011 28.5990789
2012 27.06485203
2013 26.24806405
2014 22.9458647
2015 13.10253444
2016 11.08075636
2017 13.49857317
2018 17.0989945
2019 15.68159155
2020 10.4940977
2021 15.67309453
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