Venezuela, RB | 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
Bolivarian Republic of Venezuela
Records
63
Source
Venezuela, RB | Total natural resources rents (% of GDP)
year value
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 5.48772131
1971 7.38794105
1972 7.19271916
1973 10.75544271
1974 33.94788417
1975 24.89150141
1976 22.99315139
1977 16.19853436
1978 15.82639951
1979 36.48138098
1980 34.43129466
1981 24.7508589
1982 13.10866088
1983 17.09951097
1984 19.02603008
1985 16.31073851
1986 8.00102415
1987 15.91663112
1988 10.01308596
1989 20.96265043
1990 29.25485112
1991 16.66398942
1992 15.75717761
1993 15.79321818
1994 16.21982659
1995 15.13632101
1996 23.83677206
1997 18.09635408
1998 9.0634701
1999 13.26953261
2000 20.5761295
2001 15.34429036
2002 19.45458847
2003 21.89558434
2004 23.82971157
2005 29.2230041
2006 28.07746801
2007 23.11869418
2008 23.92230706
2009 10.54166682
2010 12.38087833
2011 24.47533576
2012 18.7812359
2013 17.62534491
2014 11.84650828
2015
2016
2017
2018
2019
2020
2021
2022

Venezuela, RB | 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
Bolivarian Republic of Venezuela
Records
63
Source