Morocco - Oil rents (% of GDP)

Oil rents (% of GDP) in Morocco was 0.003 as of 2019. Its highest value over the past 49 years was 0.059 in 1981, while its lowest value was 0.001 in 1998.

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 0.009
1971 0.011
1972 0.011
1973 0.014
1974 0.046
1975 0.039
1976 0.039
1977 0.036
1978 0.030
1979 0.056
1980 0.055
1981 0.059
1982 0.047
1983 0.053
1984 0.057
1985 0.054
1986 0.010
1987 0.010
1988 0.007
1989 0.007
1990 0.009
1991 0.005
1992 0.003
1993 0.003
1994 0.003
1995 0.004
1996 0.004
1997 0.006
1998 0.001
1999 0.003
2000 0.007
2001 0.008
2002 0.005
2003 0.003
2004 0.004
2005 0.004
2006 0.006
2007 0.006
2008 0.006
2009 0.003
2010 0.005
2011 0.007
2012 0.005
2013 0.005
2014 0.004
2015 0.002
2016 0.002
2017 0.002
2018 0.003
2019 0.003

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