Greece - Oil rents (% of GDP)

Oil rents (% of GDP) in Greece was 0.022 as of 2019. Its highest value over the past 48 years was 0.240 in 1984, 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 0.000
1980 0.000
1981 0.079
1982 0.109
1983 0.204
1984 0.240
1985 0.237
1986 0.082
1987 0.113
1988 0.063
1989 0.079
1990 0.078
1991 0.036
1992 0.028
1993 0.025
1994 0.020
1995 0.017
1996 0.019
1997 0.018
1998 0.003
1999 0.001
2000 0.021
2001 0.016
2002 0.009
2003 0.008
2004 0.009
2005 0.011
2006 0.009
2007 0.005
2008 0.006
2009 0.004
2010 0.012
2011 0.014
2012 0.015
2013 0.010
2014 0.009
2015 0.004
2016 0.010
2017 0.013
2018 0.028
2019 0.022

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