Angola - Total natural resources rents (% of GDP)

Total natural resources rents (% of GDP) in Angola was 26.19 as of 2019. Its highest value over the past 39 years was 55.85 in 2008, while its lowest value was 5.19 in 1982.

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
1980 20.58
1981 10.72
1982 5.19
1983 10.89
1984 16.84
1985 15.18
1986 7.48
1987 17.32
1988 15.79
1989 23.25
1990 28.96
1991 17.33
1992 28.04
1993 33.79
1994 39.43
1995 42.41
1996 46.01
1997 39.33
1998 18.53
1999 40.05
2000 55.45
2001 38.43
2002 27.69
2003 24.05
2004 40.19
2005 45.83
2006 43.49
2007 46.28
2008 55.85
2009 30.73
2010 40.14
2011 41.15
2012 36.23
2013 30.82
2014 23.67
2015 10.80
2016 10.86
2017 16.45
2018 27.43
2019 26.19

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