Iraq | 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 Iraq
Records
63
Source
Iraq | Natural gas rents (% of GDP)
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
0.14046711 1970
0.15299596 1971
0.17265831 1972
0.1799569 1973
0.08426655 1974
0.19240288 1975
0.18858818 1976
0.15666995 1977
0.16073082 1978
1979
0.07946125 1980
0.04846282 1981
0.01736515 1982
0.04110191 1983
0.03537452 1984
0.04823613 1985
0.09892495 1986
0.17496123 1987
0.2413953 1988
0.25943408 1989
0.0651835 1990
1991
1992
1993
2.36494146 1994
0.78842819 1995
1.08692307 1996
0.54720866 1997
0.49515832 1998
0.28331587 1999
0.27271767 2000
0.35845866 2001
0.2888073 2002
0.27532066 2003
0.1130347 2004
0.15536313 2005
0.1664395 2006
0.28223102 2007
0.30002166 2008
0.38834727 2009
0.30181282 2010
0.25179962 2011
0.22235921 2012
0.23659962 2013
0.24541618 2014
0.24080442 2015
0.25013551 2016
0.27550885 2017
0.37853205 2018
0.37462275 2019
0.37819559 2020
0.65552293 2021
2022

Iraq | 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 Iraq
Records
63
Source