Venezuela, RB | Forest rents (% of GDP)

Forest rents are roundwood harvest times the product of regional prices and a regional rental rate. 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
Bolivarian Republic of Venezuela
Records
63
Source
Venezuela, RB | Forest rents (% of GDP)
year value
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 0.07374153
1971 0.06371813
1972 0.07669693
1973 0.10045626
1974 0.07294102
1975 0.09635576
1976 0.07646302
1977 0.08981142
1978 0.0918912
1979 0.10204041
1980 0.08730322
1981 0.06580713
1982 0.1042325
1983 0.07154302
1984 0.03847533
1985 0.03677337
1986 0.04983923
1987 0.08916734
1988 0.07261315
1989 0.09709342
1990 0.12108094
1991 0.1129509
1992 0.12306078
1993 0.12025666
1994 0.11344119
1995 0.10395393
1996 0.10354296
1997 0.0954658
1998 0.07715157
1999 0.07903832
2000 0.0458247
2001 0.04423428
2002 0.07346614
2003 0.07321896
2004 0.05803168
2005 0.04482474
2006 0.04959146
2007 0.04857298
2008 0.04139034
2009 0.03782701
2010 0.05532072
2011 0.06070343
2012 0.04679064
2013 0.06149828
2014 0.05447667
2015
2016
2017
2018
2019
2020
2021
2022

Venezuela, RB | Forest rents (% of GDP)

Forest rents are roundwood harvest times the product of regional prices and a regional rental rate. 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
Bolivarian Republic of Venezuela
Records
63
Source