Upper middle income | 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
Upper middle income
Records
63
Source
Upper middle income | Total natural resources rents (% of GDP)
year value
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 1.7425351
1971 1.82753432
1972 2.11229607
1973 3.35302312
1974 7.45625837
1975 7.82831212
1976 8.85427473
1977 9.21674032
1978 9.25570012
1979 12.84260427
1980 16.50617216
1981 12.3577438
1982 10.91626645
1983 9.99212369
1984 8.77887177
1985 8.92361608
1986 5.55218216
1987 6.98347356
1988 6.49777005
1989 7.3784228
1990 8.02892666
1991 4.84235201
1992 4.8210934
1993 4.08673038
1994 3.53403223
1995 3.83966226
1996 4.03531333
1997 3.4656322
1998 2.20742859
1999 3.26434583
2000 5.3164827
2001 4.82079742
2002 4.61171322
2003 4.76757025
2004 6.36543646
2005 7.3862134
2006 8.04203587
2007 8.03646339
2008 10.45040826
2009 5.61521951
2010 7.04040822
2011 8.55015609
2012 6.64993445
2013 5.53893121
2014 4.67444727
2015 2.62326322
2016 2.30677709
2017 2.8718121
2018 3.66857028
2019 3.13968751
2020 2.0295983
2021 4.31937518
2022

Upper middle income | 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
Upper middle income
Records
63
Source