Philippines - Oil rents (% of GDP)

Oil rents (% of GDP) in Philippines was 0.049 as of 2019. Its highest value over the past 48 years was 0.750 in 1979, while its lowest value was 0.000 in 1971.

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
1971 0.000
1972 0.000
1973 0.000
1974 0.000
1975 0.000
1976 0.000
1977 0.000
1978 0.000
1979 0.750
1980 0.491
1981 0.050
1982 0.126
1983 0.267
1984 0.257
1985 0.193
1986 0.082
1987 0.083
1988 0.055
1989 0.059
1990 0.072
1991 0.025
1992 0.064
1993 0.069
1994 0.035
1995 0.018
1996 0.012
1997 0.005
1998 0.003
1999 0.004
2000 0.010
2001 0.057
2002 0.065
2003 0.102
2004 0.247
2005 0.331
2006 0.331
2007 0.279
2008 0.332
2009 0.253
2010 0.294
2011 0.411
2012 0.313
2013 0.311
2014 0.283
2015 0.068
2016 0.045
2017 0.048
2018 0.073
2019 0.049

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