Jamaica - Forest rents (% of GDP)

Forest rents (% of GDP) in Jamaica was 0.141 as of 2019. Its highest value over the past 49 years was 0.460 in 1982, while its lowest value was 0.063 in 1972.

Definition: Forest rents are roundwood harvest times the product of average prices and a region-specific rental rate.

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 0.097
1971 0.082
1972 0.063
1973 0.113
1974 0.102
1975 0.123
1976 0.112
1977 0.163
1978 0.200
1979 0.255
1980 0.302
1981 0.255
1982 0.460
1983 0.152
1984 0.176
1985 0.219
1986 0.240
1987 0.263
1988 0.221
1989 0.220
1990 0.321
1991 0.339
1992 0.352
1993 0.202
1994 0.237
1995 0.238
1996 0.223
1997 0.190
1998 0.163
1999 0.145
2000 0.124
2001 0.126
2002 0.092
2003 0.103
2004 0.093
2005 0.086
2006 0.117
2007 0.123
2008 0.129
2009 0.140
2010 0.225
2011 0.180
2012 0.175
2013 0.209
2014 0.250
2015 0.215
2016 0.256
2017 0.226
2018 0.175
2019 0.141

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