World | 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
World
Records
63
Source
World | Total natural resources rents (% of GDP)
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
0.96451295 1970
0.96015451 1971
1.04297891 1972
1.44086857 1973
4.18081955 1974
3.86682196 1975
4.09087249 1976
4.03528045 1977
3.47974303 1978
5.79729931 1979
6.51075425 1980
5.17049073 1981
3.68561987 1982
3.71700361 1983
3.48024383 1984
3.17835518 1985
1.53257822 1986
1.79991233 1987
1.72485129 1988
2.20111402 1989
2.56979969 1990
1.54571185 1991
1.54828111 1992
1.59498365 1993
1.4261888 1994
1.51044611 1995
1.77453914 1996
1.6302341 1997
1.04596871 1998
1.28713103 1999
2.24982799 2000
1.95820657 2001
1.77754859 2002
2.00121868 2003
2.51882588 2004
3.24225465 2005
3.53756726 2006
3.63059912 2007
5.00979961 2008
2.76483354 2009
3.68471595 2010
4.81745941 2011
4.06394262 2012
3.65199815 2013
3.16797797 2014
1.73878555 2015
1.55415582 2016
1.97597119 2017
2.48444491 2018
2.13539857 2019
1.4645386 2020
3.02947686 2021
2022

World | 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
World
Records
63
Source