Congo - Oil rents (% of GDP)

Oil rents (% of GDP) in Congo was 43.45 as of 2019. Its highest value over the past 49 years was 55.46 in 2006, while its lowest value was 0.00 in 1970.

Definition: Oil rents are the difference between the value of crude oil production at world prices and total costs of production.

Source: Estimates based on sources and methods described in "The Changing Wealth of Nations: Measuring Sustainable Development in the New Millennium" (World Bank, 2011).

See also:

Year Value
1970 0.00
1971 0.00
1972 0.00
1973 0.91
1974 22.33
1975 12.70
1976 15.37
1977 13.84
1978 16.72
1979 35.37
1980 26.94
1981 14.35
1982 6.56
1983 15.78
1984 25.35
1985 25.06
1986 10.02
1987 19.88
1988 17.78
1989 32.16
1990 36.79
1991 19.89
1992 22.93
1993 35.04
1994 30.51
1995 29.26
1996 36.33
1997 37.27
1998 19.38
1999 35.35
2000 54.26
2001 39.34
2002 35.21
2003 28.89
2004 40.52
2005 48.92
2006 55.46
2007 46.01
2008 53.11
2009 34.36
2010 43.80
2011 52.30
2012 41.83
2013 32.29
2014 28.37
2015 13.12
2016 13.39
2017 27.85
2018 42.78
2019 43.45

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.

Limitations and Exceptions: This definition of economic rent differs from that used in the System of National Accounts, where rents are a form of property income, consisting of payments to landowners by a tenant for the use of the land or payments to the owners of subsoil assets by institutional units permitting them to extract subsoil deposits.

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 world price of units of specific commodities and subtracting estimates of average unit costs of extraction or harvesting costs (including a normal return on capital). 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).

Aggregation method: Weighted average

Periodicity: Annual

Classification

Topic: Environment Indicators

Sub-Topic: Natural resources contribution to GDP