{"id":1204827,"name":"Oil rents (% of GDP)","unit":"% of GDP","createdAt":"2026-03-01T08:24:03.000Z","updatedAt":"2026-05-12T18:49:58.000Z","coverage":"","timespan":"1970-2021","datasetId":7396,"shortUnit":"%","columnOrder":0,"shortName":"ny_gdp_petr_rt_zs","catalogPath":"grapher/worldbank_wdi/2026-02-27/wdi/wdi#ny_gdp_petr_rt_zs","descriptionFromProducer":"Oil rents are the difference between the value of crude oil production at regional prices and total costs of production.\n\n### Aggregation method:\nWeighted average\n\n### Statistical concept and methodology:\nMethodology: 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 price of units of specific commodities and subtracting estimates of average unit costs of extraction or harvesting costs. 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).\n\n### Development relevance:\nAccounting 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.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNatural 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.","type":"float","dataChecksum":"2390496962675542611","metadataChecksum":"-7268728294842624718","datasetName":"World Development Indicators","updatePeriodDays":365,"datasetVersion":"2026-02-27","nonRedistributable":false,"display":{"unit":"% of 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Indicators","description":"The World Development Indicators (WDI) database, published by the World Bank, is a comprehensive collection of global development data, providing key economic, social, and environmental statistics. It includes over 1,500 indicators covering more than 200 countries and territories, with data spanning several decades.WDI serves as a vital resource for policymakers, researchers, businesses, and analysts seeking to understand global trends and make data-driven decisions. The database covers a wide range of topics, including economic growth, education, health, poverty, trade, energy, infrastructure, governance, and environmental sustainability.The indicators are sourced from reputable national and international agencies, ensuring high-quality, consistent, and comparable data. Users can access the database through interactive online tools, API services, and downloadable datasets, facilitating detailed analysis and visualization.WDI is also used for tracking progress on the Sustainable Development Goals (SDGs) and other global development initiatives. By providing accessible and reliable statistics, it helps to inform policy discussions and strategies globally.Whether for academic research, policy planning, or economic analysis, the World Development Indicators database is an essential tool for understanding and addressing global development challenges.","producer":"The Changing Wealth of Nations, World Bank staff estimates, via World Bank","citationFull":"The Changing Wealth of Nations, World Bank (WB), uri: https://www.worldbank.org/en/publication/changing-wealth-of-nations/data, note: World Bank staff estimates based on sources and methods described in the World Bank's The Changing Wealth of Nations., publisher: World Bank (WB);\nStaff estimates, World Bank (WB), note: World Bank staff estimates based on sources and methods described in the World Bank's The Changing Wealth of Nations. Indicator NY.GDP.PETR.RT.ZS (https://data.worldbank.org/indicator/NY.GDP.PETR.RT.ZS). World Development Indicators - World Bank (2026). Accessed on 2026-02-27.","versionProducer":"125","urlMain":"https://data.worldbank.org/indicator/NY.GDP.PETR.RT.ZS","urlDownload":"https://databankfiles.worldbank.org/public/ddpext_download/WDI_CSV.zip","dateAccessed":"2026-02-27","datePublished":"2026-01-28","license":{"url":"https://datacatalog.worldbank.org/search/dataset/0037712/World-Development-Indicators","name":"CC BY 4.0"}}]}