Turkey - Oil rents (% of GDP)

Oil rents (% of GDP) in Turkey was 0.102 as of 2019. Its highest value over the past 48 years was 0.449 in 1980, while its lowest value was 0.017 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
1971 0.025
1972 0.030
1973 0.065
1974 0.353
1975 0.244
1976 0.199
1977 0.188
1978 0.181
1979 0.337
1980 0.449
1981 0.334
1982 0.220
1983 0.300
1984 0.302
1985 0.276
1986 0.113
1987 0.180
1988 0.126
1989 0.193
1990 0.247
1991 0.139
1992 0.135
1993 0.102
1994 0.125
1995 0.101
1996 0.131
1997 0.100
1998 0.017
1999 0.059
2000 0.112
2001 0.102
2002 0.088
2003 0.077
2004 0.076
2005 0.092
2006 0.097
2007 0.084
2008 0.106
2009 0.074
2010 0.093
2011 0.124
2012 0.112
2013 0.096
2014 0.091
2015 0.042
2016 0.034
2017 0.053
2018 0.106
2019 0.102

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