Libya - Forest rents (% of GDP)

Forest rents (% of GDP) in Libya was 0.068 as of 2019. Its highest value over the past 29 years was 0.180 in 2015, while its lowest value was 0.024 in 2007.

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
1990 0.036
1991 0.036
1992 0.031
1993 0.035
1994 0.027
1995 0.047
1996 0.048
1997 0.046
1998 0.066
1999 0.043
2000 0.024
2001 0.037
2002 0.062
2003 0.059
2004 0.040
2005 0.027
2006 0.030
2007 0.024
2008 0.032
2009 0.045
2010 0.046
2011 0.109
2012 0.051
2013 0.058
2014 0.137
2015 0.180
2016 0.144
2017 0.130
2018 0.056
2019 0.068

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