Trinidad and Tobago - Forest rents (% of GDP)

Forest rents (% of GDP) in Trinidad and Tobago was 0.050 as of 2019. Its highest value over the past 49 years was 0.130 in 1973, while its lowest value was 0.011 in 2008.

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
1970 0.130
1971 0.120
1972 0.089
1973 0.130
1974 0.058
1975 0.088
1976 0.081
1977 0.071
1978 0.057
1979 0.064
1980 0.055
1981 0.045
1982 0.037
1983 0.025
1984 0.015
1985 0.013
1986 0.030
1987 0.036
1988 0.025
1989 0.057
1990 0.039
1991 0.034
1992 0.045
1993 0.051
1994 0.061
1995 0.097
1996 0.047
1997 0.045
1998 0.020
1999 0.017
2000 0.020
2001 0.018
2002 0.019
2003 0.017
2004 0.011
2005 0.012
2006 0.014
2007 0.015
2008 0.011
2009 0.017
2010 0.026
2011 0.021
2012 0.021
2013 0.022
2014 0.048
2015 0.058
2016 0.064
2017 0.069
2018 0.069
2019 0.050

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