Zimbabwe | 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
Republic of Zimbabwe
Records
63
Source
Zimbabwe | Total natural resources rents (% of GDP)
year value
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 3.27504799
1971 2.93465313
1972 2.27110806
1973 3.08144916
1974 3.642575
1975 3.38833455
1976 4.24955003
1977 4.8976803
1978 4.33538006
1979 5.00475311
1980 6.0239871
1981 4.17835895
1982 4.04998711
1983 3.52218049
1984 3.71936649
1985 3.84665544
1986 3.73094385
1987 4.00833926
1988 4.956995
1989 4.75824226
1990 4.21248229
1991 9.66419162
1992 10.81681773
1993 8.72439507
1994 9.48702767
1995 8.54428671
1996 7.99042829
1997 6.77129138
1998 5.59080463
1999 3.70089066
2000 3.90170877
2001 4.02799179
2002 5.17219377
2003 6.98217572
2004 8.43730995
2005 8.55820747
2006 11.48130423
2007 15.55923846
2008 18.32304708
2009 6.76260899
2010 7.09847064
2011 7.87938899
2012 5.96773281
2013 5.04283935
2014 5.62126328
2015 4.60618521
2016 4.49541367
2017 6.09544838
2018 3.37818945
2019 4.71576546
2020 4.74666809
2021 6.39845161
2022

Zimbabwe | 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
Republic of Zimbabwe
Records
63
Source