Uruguay | 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
Eastern Republic of Uruguay
Records
63
Source
Uruguay | Total natural resources rents (% of GDP)
year value
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 0.32238608
1971 0.22274364
1972 0.33620901
1973 0.32292727
1974 0.34744503
1975 0.58750492
1976 0.49045089
1977 0.68979867
1978 0.61788087
1979 0.5625258
1980 0.37014332
1981 0.33855973
1982 0.75211699
1983 0.56129821
1984 0.41010914
1985 0.31203616
1986 0.38393106
1987 0.40193408
1988 0.358229
1989 0.39109268
1990 0.6064447
1991 0.5477457
1992 0.52482014
1993 0.44230352
1994 0.37558494
1995 0.44852566
1996 0.38144965
1997 0.40127581
1998 0.32724853
1999 0.30165889
2000 0.19332808
2001 0.21687782
2002 0.45458998
2003 0.63237773
2004 0.80089504
2005 0.80656549
2006 1.12340439
2007 1.28842124
2008 1.56798161
2009 1.34673827
2010 2.02169885
2011 1.43709496
2012 1.17962645
2013 1.29138044
2014 1.45872376
2015 1.85218242
2016 1.74168716
2017 1.82938512
2018 1.97299244
2019 1.7063278
2020 2.29343009
2021 1.9277352
2022

Uruguay | 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
Eastern Republic of Uruguay
Records
63
Source