Angola | Natural gas rents (% of GDP)

Natural gas rents are the difference between the value of natural gas production at regional prices and total costs of production. 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. 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 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).
Publisher
The World Bank
Origin
Republic of Angola
Records
63
Source
Angola | Natural gas rents (% of GDP)
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980 0.0303699
1981 0.02114584
1982 0.00745083
1983 0.02452085
1984 0.02521862
1985 0.0203255
1986 0.02949132
1987 0.02504471
1988 0.02095961
1989 0.02273993
1990 0.07958722
1991 0.07843585
1992 0.09059577
1993 0.16084421
1994 0.22146733
1995 0.20651928
1996 0.15973421
1997 0.15856618
1998 0.13644119
1999 0.16142883
2000 0.19630064
2001 0.21059411
2002 0.13190039
2003 0.13511355
2004 0.12379756
2005 0.03670778
2006 0.08014859
2007 0.07569035
2008 0.05663588
2009 0.06191949
2010 0.06334246
2011 0.0704816
2012 0.06469147
2013 0.06899845
2014 0.05089809
2015 0.06044056
2016 0.15876632
2017 0.47616201
2018 0.74554243
2019 0.81408385
2020 0.87675838
2021 1.01234906
2022

Angola | Natural gas rents (% of GDP)

Natural gas rents are the difference between the value of natural gas production at regional prices and total costs of production. 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. 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 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).
Publisher
The World Bank
Origin
Republic of Angola
Records
63
Source