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Resource-based economy

Economy whose GNP or GDP comes mainly from natural resources

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Related on Lably

Through Gross domestic product, Natural resource and Bauxite

Lab · Class 10Management of Natural ResourcesLab · Class 9Natural ResourcesLabNatural ResourcesLab · Class 8–12Hydroelectric Power

Examples

The economies of Gulf Cooperation Council, GCC, countries like Saudi Arabia, Kuwait and Qatar are highly dependent on exporting oil and gas.

Suriname's exports of bauxite account for more than 15% of GDP and 70% of export earnings. In Australia during 2024 and 2025, mining comprised roughly 10-12% of total GDP and 58-59% of Australia's export earnings, with iron ore, LNG, coal, gold and copper being the most valuable exports.

Of Russian exports, more than 80% are oil, natural gas, metals and timber. Since Russia has a resource-based economy, it depends most of all on the fluctuations of oil and gas demand and prices.

Norway's export of oil and gas forms 45% of total exports and more than 20% of the GDP.

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