United Kingdom | 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 Kingdom of Great Britain and Northern Ireland
Records
63
Source
United Kingdom | Total natural resources rents (% of GDP)
year value
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 0.09123238
1971 0.1160864
1972 0.1262389
1973 0.12072736
1974 0.30652832
1975 0.70922477
1976 1.00455608
1977 1.39196669
1978 1.25581933
1979 2.5913629
1980 2.6595008
1981 2.69078483
1982 2.1438133
1983 2.67918685
1984 2.9879794
1985 2.96255949
1986 1.0448815
1987 1.17000819
1988 0.69326899
1989 0.82395333
1990 1.00627921
1991 0.51040923
1992 0.50275494
1993 0.6027691
1994 0.61281483
1995 0.66425747
1996 0.85502556
1997 0.63557734
1998 0.172025
1999 0.46688542
2000 1.05085122
2001 0.93700446
2002 0.81283767
2003 0.7622003
2004 0.73570751
2005 0.83595828
2006 0.91336139
2007 0.85544174
2008 1.33659576
2009 0.84946186
2010 0.86123909
2011 1.07544716
2012 0.86607194
2013 0.71735877
2014 0.56935966
2015 0.33771005
2016 0.27302513
2017 0.39788522
2018 0.62619535
2019 0.54049113
2020 0.28397505
2021 0.58854426
2022

United Kingdom | 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 Kingdom of Great Britain and Northern Ireland
Records
63
Source