United Arab Emirates | Total natural resources rents (% of GDP)

Total natural resources rents are the sum of oil rents, natural gas rents, coal rents (hard and soft), mineral rents, and forest rents. 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 | Total natural resources rents (% of GDP)
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975 37.58149556
1976 37.02634437
1977 31.15046187
1978 31.95051161
1979 56.67173525
1980 42.32741065
1981 33.40866984
1982 23.01154048
1983 24.27984422
1984 26.43536976
1985 24.66529302
1986 18.36663638
1987 24.30872586
1988 21.7546746
1989 30.0841004
1990 36.60270007
1991 24.93551186
1992 24.75940602
1993 22.15052226
1994 18.26348022
1995 17.87533681
1996 20.71956215
1997 18.6806268
1998 12.52788253
1999 14.85476356
2000 22.38441772
2001 17.59639666
2002 16.23762837
2003 19.20611287
2004 22.221017
2005 25.33437477
2006 27.2052072
2007 24.93720636
2008 27.71491227
2009 19.71346172
2010 23.77687049
2011 29.77895683
2012 28.21446697
2013 27.3813114
2014 23.97392577
2015 14.04680896
2016 11.80551958
2017 14.32784244
2018 18.18668249
2019 16.895899
2020 11.97223352
2021 17.63409585
2022

United Arab Emirates | Total natural resources rents (% of GDP)

Total natural resources rents are the sum of oil rents, natural gas rents, coal rents (hard and soft), mineral rents, and forest rents. 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