Qatar - Oil rents (% of GDP)

Oil rents (% of GDP) in Qatar was 16.91 as of 2019. Its highest value over the past 49 years was 80.13 in 1974, while its lowest value was 11.75 in 2016.

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 46.64
1971 56.82
1972 59.90
1973 65.98
1974 80.13
1975 64.24
1976 61.19
1977 53.43
1978 52.83
1980 71.49
1981 49.06
1982 36.28
1983 38.96
1984 49.30
1985 39.63
1986 24.69
1987 30.14
1988 26.58
1989 38.12
1990 47.88
1991 30.27
1992 28.62
1993 30.13
1994 26.77
1995 27.97
1996 36.25
1997 28.25
1998 24.58
1999 29.60
2000 38.87
2001 31.63
2002 28.34
2003 31.03
2004 34.06
2005 38.88
2006 34.54
2007 30.80
2008 31.11
2009 23.27
2010 28.41
2011 32.77
2012 29.09
2013 26.52
2014 23.01
2015 13.82
2016 11.75
2017 14.75
2018 17.31
2019 16.91

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