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