Revenue Statistics in Latin America and the Caribbean 2025

3. Fiscal revenues from non-renewable natural resources in Latin America and the Caribbean

Box 3.1. Principal findings

Despite Latin America and the Caribbean (LAC) playing a key role in global crude oil supply in 2023, fiscal revenues from oil and gas exploration and production declined sharply as prices plunged. Total revenues fell 22% to USD 90.9 billion, compared with USD 115.4 billion in 2022. As a result, revenues in the region dropped to an average of 3.9% of GDP, from 4.4% for the previous year. The decline was driven principally by a decline in non-tax revenues; tax revenues remained broadly stable, with a surge in Colombia offsetting a fall in Trinidad and Tobago.

Mining-related fiscal revenues declined in 2023, reflecting the impact of lower prices on profits. Total revenues fell to USD 24.4 billion from USD 29.8 billion in 2022, averaging 0.59% of GDP, down from 0.74% the previous year. The decline was driven primarily by a sharp reduction in annual corporate income tax (CIT) declaration payments and lower advance payments. Non-tax revenues remained stable as a share of GDP, with higher production volumes in some countries partially offsetting the impact of lower commodity prices.

Non-renewable natural resource revenues continued to decline in 2024, reflecting subdued global economic activity and elevated geopolitical tensions. Hydrocarbon revenues are estimated to have decreased to 3.2% of GDP, despite only a modest decline in international prices, driven primarily by sharp contractions in Colombia and Trinidad and Tobago. Mining revenues also weakened, falling to 0.5% of GDP, largely due to significant declines in Colombia and Chile, the latter reflecting a marked drop in lithium-related receipts.

Hydrocarbon revenues retreated in 2023

Global oil and gas markets remained turbulent in 2023 following a year of significant volatility in 2022. Growth slowed sharply in the first half of the year, particularly in Europe, where the lingering effects of the energy price shocks in 2022 continued to ripple through the economy. Although inflation trended lower, it remained elevated, while tight monetary policy increasingly weighed on economic activity and global financial markets. Growth in developing economies was also sluggish, with China’s second-quarter performance falling short of expectations. Against this backdrop, crude oil benchmark prices declined, with Brent and West Texas Intermediate (WTI) spot prices dropping 38% and 39% year-on-year in June, respectively. Natural gas prices in the United States and Europe saw even steeper declines over the same period, contracting by 72% and 69%, respectively.

The decline in energy prices was also due to oversupply conditions in global oil markets. This was particularly acute in the first quarter of 2023, building on the trend that began in 2022. Against this backdrop, in April 2023, several members of the Organization of Petroleum Exporting Countries and allied countries (OPEC+) announced voluntary production cuts, equivalent to 1.66 million barrels per day, starting in May and continuing until the end of the year (OPEC, 2023[1]). Saudi Arabia also adopted unilateral measures, including an additional voluntary production cut of 1 million barrels per day for July that was subsequently extended until the end of the year. The Russian Federation also announced its intention to reduce exports of crude oil.

Benchmark energy prices largely stabilised in the second half of the year as the global oil market returned to balance. Despite the voluntary production cuts in some OPEC+ countries, overall global crude oil production rose in 2023. The large contraction in Saudi Arabia, -0.9 million barrels per day, was fully offset by record levels of oil output and Brazil and the United States, which rose by 0.4 and 0.9 million barrels per day, respectively (Table 3.1). This was given further impetus by a surge in exports from the Islamic Republic of Iran and new production that came online in Guyana. Exports from Latin America and the Caribbean (LAC) rose in line with output. At the same time, demand surged with robust growth in the United States and a rebound in economic activity in China as COVID-19 restrictions were lifted and petrochemical output surged. Prices also rose modestly as a result of the outbreak of hostilities in Israel and the Gaza Strip, and attacks by Houthi rebels in the Red Sea, but these increases proved transitory.

Table 3.1. Latin America and the Caribbean and selected country groupings: Crude oil and natural gas production and exports, 2022-2023

Million barrels daily and billion standard cubic metres

Selected country groupings and countries	Crude oil							Dry natural gas
	(million barrels daily)							(billion standard cubic meters)
	Production			Exports			Production				Exports
	2022	2023	2023-2022	2022	2023	2023-2022	2022		2023	2023-2022	2022	2023	2023-2022
Latin America and the Caribbean	7.9	8.6	0.7	4.1	4.6	0.5	189.9		189.8	-0.1	28.4	25.9	-2.4
Argentina	0.6	0.6	0.1				44.0		43.7	-0.3	2.5	2.3	-0.1
Bolivia	0.0	0.02	0.0				14.1		12.3	-1.8	10.1	7.8	-2.3
Brazil	3.0	3.4	0.4	1.3	1.7	0.4	22.3		22.7	0.4
Colombia	0.8	0.8	0.0	0.5	0.5	0.0	11.3		10.9	-0.4
Ecuador	0.5	0.5	0.0	0.3	0.3	0.0	0.3		0.3	0.0
Guatemala	0.0	0.01	0.0
Guyana	0.3	0.4	0.1	0.3	0.4	0.1
Mexico	1.8	1.9	0.1	1	1.1	0.1	31.4		33.1	1.7
Peru	0.0	0.04	0.0				13.7		14.6	1.0	4.6	4.9	0.3
Trinidad and Tobago	0.1	0.1	0.0	0.1	0.1	0.0	27.0		26.0	-1.0	11.1	10.7	-0.4
Venezuela	0.7	0.8	0.0	0.4	0.6	0.1	23.5		23.9	0.4
Other LAC	0.1	0.05	0.0	0.1	0	-0.1	2.2		2.2	0.0	0.1	0.2	0.1
Total World	80.9	82	1.1	43.5	43.8	0.3	4134		4143	9.0	1285	1219	-65.4
OPEC	29.6	29	-0.5	20.3	19.7	-0.6	648		657	8.5	102	96	-6.7
Saudi Arabia	10.6	9.7	-0.9	7.4	6.7	-0.7	122		121	-0.7
Non-OPEC	51.3	52.9	1.6	23.2	24.1	0.9	3486		3486	0.5	1182	1124	-58.7
Russian Federation	10.3	10.3	0.0	4.8	4.6	-0.2	649		613	-35.5	178	124	-53.3
United States	12.0	12.9	0.9	3.6	4.1	0.5	1029		1072	42.9	195	215	20.0

Source: Economic Commission for Latin America and the Caribbean (ECLAC), based on data from the U.S. Energy Information Administration (EIA) and Annual Statistical Bulletin 2024, Organization of the Petroleum Exporting Countries (OPEC).

While the LAC region emerged as one of the important drivers of global crude oil supply during the year, fiscal revenues from oil and gas exploration and production fell sharply. Total revenues reached USD 90.9 billion in 2023, down 22% from USD 115.4 billion in 2022 (Table 3.2). This was largely in line with the movement in benchmark crude oil prices, with declines in Brent and West Texas Intermediate (WTI) of -17% and -16%, respectively.

In relative terms, total revenues averaged 3.9% of GDP in 2023, compared with 4.4% of GDP in 2022. This decline was driven entirely by a reduction in non-tax revenues, while tax revenues remained stable on average. In some cases, this dynamic was accentuated by currency appreciation, such as in Brazil and Mexico, which led to a reduction in revenues as expressed in national currency.

Table 3.2. Latin America and the Caribbean (10 countries): General government fiscal revenues from oil and gas exploration and production, by type of revenue, 2022-2023

Percent of GDP, percentage points of GDP and percentages

Country	Billions of US dollars			Percentage of GDP
	Total revenues			Total revenues			Tax revenues			Non-tax revenues
	2022	2023	2023/2022 (%)	2022	2023	2023/2022 (p.p of GDP)	2022	2023	2023/2022 (p.p of GDP)	2022	2023	2023/2022 (p.p of GDP)
Argentina	3.4	3.0	-12	0.5	0.5	-0.1	0.12	0.06	-0.1	0.4	0.4	0.0
Bolivia (Plur. State of)	1.7	1.3	-20	3.8	3.0	-0.9	0.1	0.1	0.0	3.7	2.8	-0.9
Brazil	49.9	38.4	-23	2.6	1.8	-0.8	0.71	0.61	-0.1	1.8	1.2	-0.7
Colombia	9.4	12.4	31	2.7	3.4	0.7	0.6	1.2	0.6	2.1	2.2	0.0
Ecuador	11.2	9.1	-19	9.6	7.6	-2.0				9.6	7.6	-2.0
Guatemala	0.1	0.0	-53	0.06	0.03	-0.04	0.02	0.02	-0.004	0.04	0.01	-0.03
Guyana	1.4	1.6	14	9.7	9.4	-0.3				9.7	9.4	-0.3
Mexico	32.2	19.7	-39	2.2	1.1	-1.1	0.04	0.02	-0.01	2.2	1.1	-1.1
Peru	2.9	2.1	-30	1.2	0.8	-0.4	0.4	0.3	-0.1	0.8	0.5	-0.3
Trinidad and Tobago	3.2	3.3	4	11.2	11.7	0.5	7.2	6.7	-0.5	4.0	5.0	1.0
LAC	115.4	90.0	-22	4.4	3.9	-0.4	0.9	0.9	0.0	3.4	3.0	-0.4

Note: Data for Mexico correspond to federal government oil revenue; they exclude own revenues of Pemex, the State-owned oil and gas producer. Data for Ecuador correspond to oil revenues of the non-financial public sector derived from exports of crude oil. Data for Guyana refer to revenues deposited in the Natural Resource Fund. Revenue-to-GDP ratios for the LAC region correspond to a simple average of the countries included in the sample. Figures may not sum due to rounding.

Source: Economic Commission for Latin America and the Caribbean (ECLAC), based on data from ECLAC’s Fiscal Revenues from Non-Renewable Natural Resources in Latin America and the Caribbean database.

The relative stability of tax revenues in the region belies a heterogeneity of situations at the country level. The decline in CIT revenues in some countries, such as Brazil and Peru, was driven by reduced annual tax declaration payments (Receita Federal, 2024[2]; MEF, 2024[3]). This reflected the large advance tax payments made in 2022, which were based on the record-high annual tax liabilities declared in 2022 for the fiscal year 2021. In an environment of lower prices and weaker profits, these advance payments ended up covering a substantial share of the tax obligations due in 2023, reducing the need for additional payments. Lower benchmark prices for oil and gas also weighed on tax revenues in Trinidad and Tobago, although this was compensated in part by extraordinary revenues from a tax amnesty (MOF, 2023[4]).

Falling tax revenues in many countries in the LAC region were compensated by a surge in CIT payments in Colombia. The structural tax reform approved in late 2022 introduced significant changes to the CIT for the extractive sector, including a surtax on crude oil and coal extraction firms. This surtax, based on the price of Brent, includes increments of 0%, 5%, 10% or 15%, which are applied on top of the base rate of 35%. For fiscal year 2023, the surtax was set at 10% for firms operating in the crude oil extraction sector (Ecopetrol, 2024[5]). The reform also eliminated the deductibility of royalty payments for CIT calculations, a measure that generated an estimated 0.2% of GDP in additional revenues in 2023 (Minhacienda, 2024[6]). However, in November 2023, the Constitutional Court ruled this provision unconstitutional (Juriscol, 2024[7]). As a result, firms in the sector will carry forward large tax credits to offset their 2024 annual tax declarations.

Movements in non-tax oil and gas exploration and production revenues were largely driven by fluctuations in royalty payments and other State participations in the commercial value of production. In many countries, these payments declined in line with benchmark crude oil prices (Figure 3.1). However, this was not uniform across countries. In Mexico, the decline was amplified by a 12% appreciation of the peso and fiscal relief measures, which allowed Pemex to defer some payments from October and November to January 2024 (FMPED, 2024[8]; SHCP, 2024[9]). In Peru, hydrocarbon royalty payments were strongly impacted by a 44% fall in the average annual unit price for natural gas (Perúpetro, 2024[10]). In contrast, payments to Guyana’s National Resource Fund increased, as rising output more than offset lower prices. Similarly, royalty revenues grew in Trinidad and Tobago, primarily due to payments from profit-sharing contracts for the previous year (MOF, 2023[4]).

Figure 3.1. Latin America and the Caribbean (10 countries): Year-on-year variation in general government non-tax revenues from oil and gas exploration and production, 2022-2023

Percentage points of GDP and percentages

Note: Data for Mexico correspond to federal government oil revenues; they exclude own revenues of Pemex, the State-owned oil and gas producer. Data for Ecuador correspond to oil revenues of the non-financial public sector derived from exports of crude oil. Data for Guyana refers to revenues deposited in the Natural Resource Fund.

Source: Economic Commission for Latin America and the Caribbean (ECLAC), based on data from ECLAC’s Fiscal Revenues from Non-Renewable Natural Resources in Latin America and the Caribbean database.

Statlink

Mining-related fiscal revenues declined in 2023

International prices for minerals and metals were also strongly shaped by global macroeconomic conditions in 2023. Slowing growth and weakening industrial production, particularly in advanced economies, dampened demand. Restrictive monetary policy also served to constrain construction activity. In China, residential construction remained weak, despite policy measures to boost consumer confidence. Steel production, a key driver of iron ore and nickel demand, stagnated with sharp declines in Europe and North America. Meanwhile, thermal coal consumption slumped as benchmark prices for oil and natural gas fell.

Although average prices for many minerals and metals declined over the year, some saw a mid-year inflection (Figure 3.2). Demand for iron ore and copper rebounded in the second half of 2023, partly due to a strong recovery in China's steel production in July and increased output of low-carbon goods such as electric vehicles and renewable energy infrastructure (World Bank, 2023). Precious metal prices also trended higher, reflecting the role that gold plays as a safe haven asset.

Figure 3.2. Year-on-year variation of international spot prices for selected minerals and metals, 2022-2023

Percentages based on 12-month moving average

Source: Economic Commission for Latin America and the Caribbean (ECLAC), based on World Bank Commodity Price Data (The Pink Sheet), World Bank.

Statlink

Price dynamics also responded to continued growth in the global supply of minerals and metals. The LAC region, home to several of the world’s largest producer countries, contributed to this trend. Copper output rose 3.9%, led by a strong gain in Peru, where production continued to ramp up at Anglo America’s Quellavaco mine, which commenced operations in the second half of 2022 (MINEM, 2024[11]). In contrast, copper production slipped in Chile, led by a 9% decline in output by Codelco, due in part to intense rain in the first half of the year, coupled with lower ore grades and stoppages for maintenance at ore processing facilities (Codelco, 2024[12]). Production of other key industrial metals also expanded, such as zinc, lead and tin, particularly in Brazil, Peru and the Plurinational State of Bolivia, which are among the world’s leading producers. Iron ore production rose strongly in Brazil and coal output increased in Colombia. Lithium output grew by 15.8% in Chile, as production continued to expand. Growth in production levels of precious metals, particularly gold, varied widely across the region, although overall output fell largely due to declines in Brazil, Mexico and the Plurinational State of Bolivia.

Table 3.3. Latin America and the Caribbean (11 countries): Mine production, by country and product, 2022-2023

Thousands of metric tons and percentages

Metals and minerals	Year and percent change	Production in thousands of metric tons unless otherwise specified
		LAC-11	Argentina	Bolivia (Plur. State of)	Brazil	Chile	Colombia	Dominican Republic	Ecuador	Jamaica	Mexico	Nicaragua	Peru
Copper	2022	8575		4	298	5330	7	5			486		2445
	2023	8910		4	376	5250	6	10			509		2755
	% change	3.9		7.6	26.4	-1.5	-12.8	80.5			4.7		12.7
Zinc	2022	2368		518	155			5			319		1370
	2023	2449		492	194			11			283		1469
	% change	3.4		-5.2	25.0			97.6			-11.4		7.3
Lead	2022	488		90							143		255
	2023	511		103							134		273
	% change	4.6		14.3							-5.9		7.0
Tin	2022	62		18	16								28
	2023	70		19	25								26
	% change	12.9		5.5	56.2								-7.1
Nickel	2022	135			64		42	29
	2023	129			72		39	18
	% change	-4.5			13.0		-7.4	-38.8
Iron ore	2022	271256			251022		498				6800		12937
	2023	293284			274298		653				5347		12986
	% change	8.1			9.3		31.2				-21.4		0.4
Coal	2022	71401					66768				4633
	2023	68436					68017				419
	% change	-4.2					1.9				-91.0
Bauxite/Alumina	2022	20477			15478					4999
	2023	22966			15577					7389
	% change	12.2			0.6					47.8
Lithium	2022	58	6		3	49
	2023	71	10		5	57
	% change	22.8	50.5		86.3	15.8
Gold (metric tons)	2022	462	35	53	62	31	52	22	15		83	11	97
	2023	457	35	47	55	35	61	18	23		70	13	100
	% change	-1.1	0.0	-12.7	-11.5	14.2	18.5	-20.8	52.9		-16.1	16.2	3.0
Silver (metric tons)	2022	10085	550	1219		1160	36	73			3941	22	3084
	2023	10188	691	1345		1378	52	52			3593	37	3040
	% change	1.0	25.7	10.3		18.8	44.4	-29.1			-8.8	71.5	-1.4

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of Instituto Nacional de Estadísticas del Estado Plurinacional de Bolivia; Agência Nacional de Mineração do Brasil; Comisión Chilena de Cobre (Cochilco); Agencia Nacional de Minería de Colombia; Oficina Nacional de Estadística de la República Dominicana; Banco Central del Ecuador; Instituto Nacional de Estadística y Geografía de México; Banco Central de Nicaragua, Ministerio de Energía y Minas de Perú; Energy Institute; and, United States Geological Survey, Mineral Commodities Summaries: Lithium, 2024.

Market dynamics significantly impacted mining revenues in the LAC region in 2023. Fiscal revenues from mining totalled USD 24.4 billion, down from USD 29.8 billion in 2022, representing an average of 0.59% of GDP, compared with 0.74% in 2022 (Table 3.4). The decline was primarily due to a sharp drop in tax payments by mining firms. Unlike oil and gas exploration, where fiscal revenues mostly come from non-tax instruments tied to production value, mining revenues rely largely on taxation. This difference reflects the industry's structure: national oil companies dominate oil and gas, while private firms, with few exceptions, lead in mining. Non-tax revenues remained stable as a share of GDP. However, in several countries, higher production volumes offset lower prices, leading to significant year-on-year increases in US dollar terms.

Table 3.4. Latin America and the Caribbean (12 countries): General government revenues from mining, 2022-2023

Billions of US dollars, percentage, percentage of GDP and percentage points of GDP

Country	Billions of US dollars			Percentage of GDP
	Total revenues			Total revenues			Tax revenues			Non-tax revenues
	2022	2023	2023/2022 (%)	2022	2023	2023/2022 (p.p of GDP)	2022	2023	2023/2022 (p.p of GDP)	2022	2023	2023/2022 (p.p of GDP)
Argentina	0.3	0.2	-20	0.04	0.03	-0.01	0.03	0.02	-0.01	0.01	0.01	0.00
Bolivia (Plur. State of)	0.6	0.4	-22	1.27	0.97	-0.30	0.69	0.44	-0.25	0.58	0.54	-0.04
Brazil	7.5	4.1	-45	0.39	0.19	-0.20	0.29	0.10	-0.19	0.10	0.09	-0.01
Chile	9.8	7.8	-21	3.24	2.32	-0.92	1.78	0.90	-0.88	1.46	1.41	-0.05
Colombia	2.5	5.5	121	0.72	1.50	0.78	0.30	0.91	0.61	0.42	0.59	0.17
Dominican Republic	0.2	0.1	-53	0.15	0.07	-0.09	0.15	0.06	-0.08	0.01	0.00	0.00
Ecuador	0.4	0.4	3	0.33	0.33	0.00	0.17	0.17	0.00	0.16	0.16	0.00
Guatemala	0.0	0.0	-50	0.03	0.01	-0.01	0.02	0.01	-0.01	0.01	0.00	0.00
Jamaica	0.0	0.0	4	0.08	0.07	0.00	0.00	0.00	0.00	0.08	0.07	0.00
Mexico	4.2	3.5	-18	0.29	0.19	-0.10	0.29	0.19	-0.10	0.00	0.00	...
Nicaragua	0.1	0.1	12	0.58	0.57	-0.01	0.42	0.39	-0.02	0.17	0.18	0.01
Peru	4.3	2.4	-45	1.74	0.88	-0.86	1.44	0.66	-0.78	0.31	0.23	-0.08
LAC	29.8	24.4	-18	0.74	0.59	-0.14	0.46	0.32	-0.14	0.27	0.27	0.00

Note: In the case of Chile, lithium revenues refer to property rents received by the central government from the participation of the State in lithium sales as established in contracts with SQM Salar S.A. and Albemarle Ltda. Revenue-to-GDP ratios for Latin America and the Caribbean corresponds to a simple average of the countries included in the sample. Figures may not sum due to rounding.

Source: Economic Commission for Latin America and the Caribbean (ECLAC), based on data from ECLAC’s Fiscal Revenues from Non-Renewable Natural Resources in Latin America and the Caribbean database.

The decline in mining tax revenues, mainly from CIT and other profit-based mining taxes, was evident in most countries. This was driven by lower final payments for the 2022 fiscal year and reduced advance payments for 2023. Since CIT relies on advance payments based on the previous year’s tax results, payments made in 2022 – calculated on the basis of the record-high profits of 2021 – largely covered that year’s tax liabilities. In some cases, advance payments in 2022 exceeded final tax liabilities, leading to refunds or generating credits in 2023.

As a result, final tax payments in 2023 for the 2022 fiscal year dropped sharply in Brazil, Chile and Peru (Dipres, 2024[13]; Receita Federal, 2024[2]; MEF, 2024[3]). At the same time, the drag on profits, which was caused by falling international prices combined with lower payment coefficients arising from annual declarations filed in 2023 and the rollover of tax credits, resulted in a significant decline in advance tax payments in 2023 (MEF, 2024[3]). In contrast, CIT revenues surged in Colombia, reflecting changes to the tax code – principally the non-deductibility of royalty payments and the CIT surcharge for firms operating in the sector based on prices – brought about by the structural tax reform approved in 2022.

Growth in mining non-tax revenues in US dollar terms varied significantly across countries, reflecting differences in mineral and metal portfolios as well as fluctuations in production levels. Despite these variations, non-tax revenues remained relatively unchanged as a share of GDP between 2022 and 2023 (Figure 3.3). However, some countries experienced significant shifts.

In Chile, the state-owned copper producer, Codelco, did not distribute dividends to the central government during the year, and revenues from the tax on Codelco’s exports declined alongside lower output and production (Dipres, 2024[13]). This was partially offset by higher property rents from lithium exploitation. In Peru, while production of many metals increased, royalty payments declined in part due to their calculation method; since royalties are based on operating profits, they are highly sensitive to fluctuations in international prices. In contrast, coal royalties surged in Colombia as the price used for their liquidation was based on the high prices registered in 2022.1

Figure 3.3. Latin America and the Caribbean (11 countries): Year-on-year variation in general government mining non-tax revenues, 2022-2023

Percentage points of GDP and percentages

Source: Economic Commission for Latin America and the Caribbean (ECLAC), based on data from ECLAC’s Fiscal Revenues from Non-Renewable Natural Resources in Latin America and the Caribbean database.

Statlink

Non-renewable natural resource revenues continued to fall in 2024

In 2024, price volatility in international energy markets was driven by weak economic conditions and ongoing geographical tensions, particularly the ongoing conflict in the Gaza Strip (Figure 3.4). During the year, global economic activity slowed in emerging markets and developing countries, most notably China and India, which put downward pressure on the demand for crude oil. Despite the slowdown in demand, global crude oil markets remained largely balanced due in part to successive extensions – in June, September, and November – of the voluntary production cuts adopted by some OPEC+ countries in 2023. However, oil output by non-OPEC+ countries continued to increase, particularly in the United States and Guyana, which offset weakening production in Brazil and Mexico (IEA, 2024[14]). As a result of these trends, Brent and WTI ended the year with modest declines, of 2.3% and 2.8%, respectively. Natural gas prices also retreated during the year, falling by 16% in Europe and 14% in the United States.

Figure 3.4. International spot prices for selected energy commodities, January 2022 – December 2024

US dollars per barrel and US dollars per million BTUs

Source: Economic Commission for Latin America and the Caribbean (ECLAC), based on World Bank Commodity Price Data [online] https://www.worldbank.org/en/research/commodity-markets.

Statlink

Fiscal revenues from oil and gas exploration declined sharply in 2024 despite the modest drop in benchmark prices. The regional average is estimated at 3.2% of GDP, down from 3.9% in 2023 (Figure 3.5). However, this decline was driven largely by developments in a few key countries. In Trinidad and Tobago, hydrocarbon revenues fell markedly due to reduced natural gas output and increased use of capital expenditure deductions in calculating CIT (MOF, 2024[15]). Changes to the Supplemental Petroleum Tax, aimed at incentivising production from small and mature oilfields, also weighed on revenues. Additionally, a strong base effect stemming from extraordinary revenues generated under a tax amnesty in the previous year amplified the contraction. In Colombia, the drop was driven by lower profits, which were a function of lower sales revenues due to the decline in prices and a significant appreciation of the peso (Ecopetrol, 2024[5]). In contrast, Guyana continued to see revenue gains as oil output ramped up and a new production facility came online (Bank of Guyana, 2024[16]).

Figure 3.5. Latin America and the Caribbean (10 countries): General government revenues from oil and gas exploration and production, 2011–2024

Percentage of GDP

Note: Data for Mexico correspond to federal government oil revenue, they exclude own revenues of Pemex, the State-owned oil and gas producer. In Ecuador to oil revenues of the non-financial public sector derived from exports of crude oil. In Guyana to revenues deposited in the Natural Resource Fund. The 10 countries include Argentina, Bolivia (Plurinational State of), Brazil, Colombia, Ecuador, Guatemala, Guyana, Mexico, Peru, and Trinidad and Tobago. Regional average refers to simple average. Figures for 2024 are based on official sources, forecasts and estimates based on the 2024 annual variation in representative products applied to revenues in 2023.

Source: Economic Commission for Latin America and the Caribbean (ECLAC), based on data from ECLAC’s Fiscal Revenues from Non-Renewable Natural Resources in Latin America and the Caribbean database.

Statlink

Markets for industrial minerals and metals strengthened in 2024, despite continued weakness in industrial production across advanced economies and slumping fixed asset investment in China. Prices for copper, tin and zinc rebounded during the year, reflecting a shift in market sentiment and emerging supply-side constraints, notably the disruption associated with the closure of the Cobre Panama mine in late 2023 (Figure 3.6). In addition, a sharp acceleration in China’s industrial value-added in April provided further support to prices.

Nonetheless, in the second half of the year, prices for several industrial minerals and metals came under downward pressure, as China’s industrial output softened and construction activity remained subdued. In the latter half of the year, authorities in China announced a series of monetary, financial and fiscal measures to stabilise the residential construction sector and tackle local government debt vulnerabilities; however, the impact of these announcements on prices was mixed (World Bank, 2024[17]). Precious metals extended their gains from 2023, with gold prices rising by 23% amid elevated macroeconomic uncertainty and heightened geopolitical tensions (World Bank, 2024[18]).

Figure 3.6. Year-on-year variation of international spot prices for selected minerals and metals, 2023-2024

Percentage

Source: Economic Commission for Latin America and the Caribbean (ECLAC), based on World Bank Commodity Price Data [online] https://www.worldbank.org/en/research/commodity-markets.

Statlink

Mining revenues in the region are projected to have declined in 2024 driven by steep contractions in a few key countries, despite price dynamics in global markets. On average, mining revenues are estimated at 0.5% of GDP, down from 0.59% in 2023 (Figure 3.7). In Chile, the decrease was primarily due to a sharp fall in property rents from lithium contracts (-0.8 percentage points of GDP), partially offset by proceeds from the new mining royalty law (Law No. 21.590) (Dipres, 2024[13]). This legislation replaced the special mining tax with a new framework that includes a profit-based tax (ranging from 8% to 26%) and a 1% ad-valorem royalty on sales. In Colombia, the downturn in revenues was driven by reduced CIT receipts and lower royalty payments. A ruling by the Constitutional Court found that the non-deductibility of royalty payments for CIT purposes was unconstitutional. This decision had a significant fiscal impact, as coal royalty payments had reached a record high in 2023. As a result, exceptionally large tax credits were generated and used to offset CIT liabilities in 2024. At the same time, royalty payments themselves dropped sharply in 2024, as their calculation was based on 2023 prices, which had declined markedly from the 2022 peak.

Figure 3.7. Latin America and the Caribbean (12 countries): General government fiscal revenues from mining, 2011-2024

Percentage of GDP

Note: In the case of Chile, lithium revenues refer to property rents received by the central government from the participation of the State in lithium sales as established in contracts with SQM Salar S.A. and Albemarle Ltda. The 12 countries include Argentina, Bolivia (Plurinational State of), Brazil, Chile, Colombia, Dominican Republic, Ecuador, Guatemala, Jamaica, Mexico, Nicaragua and Peru. Regional average refers to simple averages. Figures for 2024 are based on official sources, forecasts and estimates based on the 2024 annual variation in representative products applied to revenues in 2023.

Source: Economic Commission for Latin America and the Caribbean (ECLAC), based on data from ECLAC’s Fiscal Revenues from Non-Renewable Natural Resources in Latin America and the Caribbean database.

Statlink

References

[16] Bank of Guyana (2024), Half Year Report 2024, [online], https://bankofguyana.org.gy/bog/images/research/publications/Half%20Year%20Report%202024.pdf (accessed on 14 May 2025).

[12] Codelco (2024), Annual Report 2023, https://www.codelco.com/prontus_codelco/site/docs/20240404/20240404191040/24jun_codelco_annual_report.pdf (accessed on 14 May 2025).

[13] Dipres (2024), Informe de Ejecución del Gobierno Central: Cuarto Trimestre 2023, Dirección de Presupuestos de Chile, https://www.dipres.gob.cl/598/articles-309977_doc_pdf_Presentacion_IT.pdf. (accessed on 14 May  2025).

[5] Ecopetrol (2024), Resolución No. 0061 del 31-01-2024, Agencia Nacional de Hidrocarburos de Colombia, https://legalytributarioenlinea.co.pwc.com/Repositorio%20PwC/PDF/Normas%20Nacionales/Resoluciones/Agencia%20Nacional%20de%20Hidrocarburos/2024/OTROS-000061-24.pdf (accessed on 14 May 2025).

[8] FMPED (2024), SAT, Décima Resolución de Modificaciones a la Resolución Miscelánea Fiscal para 2023. Primera versión anticipada, http://omawww.sat.gob.mx/normatividad_RMF_RGCE/Paginas/documentos/rmf/anticipadas/10a_RMRMF2023_primera_version_anticipada-26122023.pdf (accessed on 14 May 2025).

[14] IEA (2024), Oil Market Report – December 2024, https://www.iea.org/reports/oil-market-report-december-2024 (accessed on 14 May 2025).

[7] Juriscol (2024), Sentencia C-489 de 2023, Constitutional Court of Colombia SUIN-Juriscol, https://www.suin-juriscol.gov.co/viewDocument.asp?id=30050350 (accessed on 14 May 2025).

[3] MEF (2024), Report fiscal trimestral: seguimiento de las reglas macrofiscales cuarto trimestre 2023, Ministerio de Economía y Finanzas del Perú, https://cdn.www.gob.pe/uploads/document/file/5345014/4788217-informe-trimestral-de-reglas-fiscales-3t2023.pdf (accessed on 14 May 2025).

[11] MINEM (2024), Anuario Minero 2023, https://cdn.www.gob.pe/uploads/document/file/6682903/5804716-am-2023%282%29.pdf. (accessed on 14 May 2025).

[6] Minhacienda (2024), Cierre fiscal: gobierno nacional central 2023, Ministerio de Hacienda y Crédito Público de Colombia, https://www.minhacienda.gov.co/documents/d/portal/cierre-fiscal-gnc-2024 (accessed on 14 May 2025).

[15] MOF (2024), Review of the Economy 2024, Ministry of Finance of Trinidad and Tobago, https://www.finance.gov.tt/wp-content/uploads/2024/09/WEB-%E2%80%A2-ROE-2024.pdf (accessed on 14 May 2025).

[4] MOF (2023), Review of the Economy 2023, Ministry of Finance of Trinidad and Tobago, https://www.finance.gov.tt/wp-content/uploads/2023/10/ROE-2023-Revised-5-8-24.pdf (accessed on 14 May 2025).

[1] OPEC (2023), 48th Meeting of the Joint Ministerial Monitoring Committee, Organization of the Petroleum Exporting Countries, https://www.opec.org/opec_web/en/press_room/7120.htm (accessed on 14 May 2025).

[10] Perúpetro (2024), Memoria Institucional 2023, https://www.perupetro.com.pe/wps/wcm/connect/corporativo/31505b4f-f18a-4a30-a80c-7783875f4405/MEMORIA+INSTITUCIONAL+PERUPETRO+2023.pdf?MOD=AJPERES (accessed on 14 May 2025).

[2] Receita Federal (2024), Análise da Arrecadação das Receitas Federais – Dezembro de 2023, https://www.gov.br/receitafederal/pt-br/centrais-de-conteudo/publicacoes/relatorios/arrecadacao-federal/2023/analise-mensal-dez-2023.pdf (accessed on 14 May 2025).

[9] SHCP (2024), Informes sobre la situación económica, las finanzas públicas y la deuda pública, Secretaría de Hacienda y Crédito Público, https://www.finanzaspublicas.hacienda.gob.mx/work/models/Finanzas_Publicas/docs/congreso/infotrim/2023/ivt/01inf/itindc_202304.pdf (accessed on 14 May 2025).

[17] World Bank (2024), Commodity Markets Outlook: October 2023, https://openknowledge.worldbank.org/server/api/core/bitstreams/27189ca2-d947-4ca2-8e3f-a36b3b5bf4ba/content (accessed on 14 May 2025).

[18] World Bank (2024), Commodity Markets Outlook: October 2024, https://openknowledge.worldbank.org/server/api/core/bitstreams/bbda9ad3-4f12-4626-ad4b-94a4d20fbd52/content (accessed on 14 May 2025).

Note

← 1.  Royalties are liquidated based on a price that is updated quarterly by the National Mining Agency. The legislation establishes that the price is calculated on the basis of information available for the prior six-month period, with a three-month lag. For example, the price for the liquidation of royalties in the first quarter of 2023 was based on price data for the period April-September 2022. See Resolution 887 of 2014 for additional information [online] https://www.suin-juriscol.gov.co/viewDocument.asp?id=4007662.