St. Vincent and the Grenadines - Total natural resources rents (% of GDP)

Total natural resources rents (% of GDP) in St. Vincent and the Grenadines was 0.021 as of 2019. Its highest value over the past 49 years was 0.206 in 1975, while its lowest value was 0.012 in 1989.

Definition: Total natural resources rents are the sum of oil rents, natural gas rents, coal rents (hard and soft), mineral rents, and forest rents.

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 0.148
1971 0.114
1972 0.088
1973 0.144
1974 0.146
1975 0.206
1976 0.171
1977 0.196
1978 0.156
1979 0.146
1980 0.145
1981 0.106
1982 0.206
1983 0.063
1984 0.034
1985 0.019
1986 0.017
1987 0.016
1988 0.013
1989 0.012
1990 0.038
1991 0.043
1992 0.036
1993 0.027
1994 0.031
1995 0.037
1996 0.026
1997 0.034
1998 0.027
1999 0.022
2000 0.021
2001 0.019
2002 0.016
2003 0.016
2004 0.015
2005 0.014
2006 0.018
2007 0.016
2008 0.017
2009 0.016
2010 0.035
2011 0.030
2012 0.028
2013 0.033
2014 0.045
2015 0.033
2016 0.043
2017 0.035
2018 0.023
2019 0.021

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