Europe & Central Asia (excluding high income) | 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
Europe & Central Asia (excluding high income)
Records
63
Source
Europe & Central Asia (excluding high income) | Natural gas rents (% of GDP)
year value
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 0
1971 1.188E-5
1972 4.431E-5
1973 4.589E-5
1974 0.00014134
1975 0.00025434
1976 0.00066624
1977 0.00071835
1978 0.00084295
1979 0.00143303
1980 0.01021427
1981 0.00516748
1982 0.00192294
1983 0.00365419
1984 0.01362976
1985 0.01140868
1986 0.01755139
1987 0.65315784
1988 0.81445857
1989 0.91580739
1990 1.39105268
1991 0.9976525
1992 0.54612825
1993 1.21171254
1994 1.29439531
1995 2.14430801
1996 1.96385304
1997 1.9274401
1998 0.27496035
1999 0.3260616
2000 2.01818191
2001 4.36063057
2002 2.92849706
2003 2.64428764
2004 1.79632358
2005 1.25044155
2006 2.3358489
2007 1.88592501
2008 2.82572655
2009 2.22029307
2010 1.81203881
2011 2.39674703
2012 2.29523517
2013 2.16171532
2014 1.61598183
2015 1.53474026
2016 0.98128842
2017 1.27430953
2018 2.12531583
2019 1.47127211
2020 0.67693909
2021 3.5962958
2022

Europe & Central Asia (excluding high income) | 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
Europe & Central Asia (excluding high income)
Records
63
Source