Cuba | 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 Cuba
Records
63
Source
Cuba | Natural gas rents (% of GDP)
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971 4.056E-5
1972 4.36E-5
1973 7.322E-5
1974 0.00063694
1975 0.00093248
1976 0.00106277
1977 6.108E-5
1978 7.169E-5
1979 0.00072775
1980 0.00181724
1981 0.00081771
1982 0.00013214
1983 0.0005309
1984 0.00021674
1985 0.00046704
1986 0.00035835
1987 0.00091291
1988 0.00067561
1989 0.00128453
1990 0.00155193
1991 0.00130122
1992 0.0009076
1993 0.00122109
1994 0.00071495
1995 0.00050759
1996 0.00073356
1997 0.0013867
1998 0.00350495
1999 0.01711505
2000 0.0359991
2001 0.03536266
2002 0.02561726
2003 0.02055007
2004 0.02080049
2005 0.03748852
2006 0.06766056
2007 0.08169603
2008 0.08372797
2009 0.0895315
2010 0.05673094
2011 0.10444823
2012 0.105749
2013 0.11276463
2014 0.10957803
2015 0.05325375
2016 0.0207658
2017 0.02322764
2018 0.04941827
2019 0.0497038
2020 0.02442944
2021
2022

Cuba | 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 Cuba
Records
63
Source