Suriname - Total natural resources rents (% of GDP)

Total natural resources rents (% of GDP) in Suriname was 7.73 as of 2019. Its highest value over the past 49 years was 31.66 in 2011, while its lowest value was 4.79 in 1998.

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 17.87
1971 17.86
1972 18.74
1973 14.63
1974 28.46
1975 16.57
1976 17.32
1977 18.18
1978 16.29
1979 14.24
1980 14.40
1981 12.25
1982 11.12
1983 9.62
1984 11.12
1985 12.10
1986 10.24
1987 5.71
1988 6.31
1989 18.04
1990 25.03
1991 20.12
1992 23.12
1993 16.66
1994 13.58
1995 9.59
1996 10.64
1997 8.87
1998 4.79
1999 7.76
2000 12.24
2001 11.45
2002 7.72
2003 7.25
2004 9.38
2005 15.69
2006 13.41
2007 14.46
2008 15.89
2009 11.37
2010 22.21
2011 31.66
2012 29.00
2013 20.87
2014 13.37
2015 5.59
2016 15.92
2017 22.49
2018 22.64
2019 7.73

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