Europe & Central Asia (IDA & IBRD countries) | 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 (IDA & IBRD countries)
Records
63
Source
Europe & Central Asia (IDA & IBRD countries) | 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 0.72147977
1988 0.81680674
1989 0.90945211
1990 1.28952397
1991 0.90952623
1992 0.48953667
1993 1.08181988
1994 1.10179707
1995 1.73547276
1996 1.56129945
1997 1.54810628
1998 0.21118364
1999 0.2422084
2000 1.54227914
2001 3.23932268
2002 2.21514721
2003 2.04868599
2004 1.42620004
2005 1.00122991
2006 1.89623818
2007 1.53216146
2008 2.29466579
2009 1.78806051
2010 1.5019258
2011 2.02630487
2012 1.98225345
2013 1.86858267
2014 1.37087948
2015 1.26719366
2016 0.79942707
2017 1.03899235
2018 1.69334691
2019 1.17182157
2020 0.5281257
2021 2.831131
2022

Europe & Central Asia (IDA & IBRD countries) | 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 (IDA & IBRD countries)
Records
63
Source