Austria | 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 Austria
Records
63
Source
Austria | Natural gas rents (% of GDP)
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 0.03190144
1971 0.0344383
1972 0.03992111
1973 0.02835074
1974 0.07297451
1975 0.101461
1976 0.08992246
1977 0.08471748
1978 0.07726601
1979 0.10502812
1980 0.10645401
1981 0.05960937
1982 0.02540728
1983 0.03994115
1984 0.04430889
1985 0.03638146
1986 0.02461735
1987 0.01073827
1988 0.00955732
1989 0.0106851
1990 0.01323159
1991 0.00925396
1992 0.00474489
1993 0.01125781
1994 0.00930963
1995 0.01592182
1996 0.01567142
1997 0.01810065
1998 0.00252899
1999 0.00274774
2000 0.02133339
2001 0.04364158
2002 0.03258491
2003 0.03014193
2004 0.02242948
2005 0.01514652
2006 0.03519443
2007 0.03191271
2008 0.04299139
2009 0.03551736
2010 0.03398476
2011 0.04672398
2012 0.05543746
2013 0.04165121
2014 0.02636181
2015 0.02160075
2016 0.01165637
2017 0.01642855
2018 0.01989177
2019 0.01266977
2020 0.00526919
2021 0.0240585
2022

Austria | 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 Austria
Records
63
Source