Gabon | 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
Gabonese Republic
Records
63
Source
Gabon | Natural gas rents (% of GDP)
year value
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971 0.0729746
1972 0.07678271
1973 0.21724634
1974 0.2542228
1975 0.09295862
1976 0.02089808
1977 0.02216542
1978 0.01860753
1979 0.01782819
1980 0.0081758
1981 0.02388372
1982 0.01469731
1983 0.03794199
1984 0.01482295
1985 0.02014877
1986 0.02775058
1987 0.02287452
1988 0.024564
1989 0.02813163
1990 0.03029102
1991 0.02950253
1992 0.02477335
1993 0.04169428
1994 0.04385628
1995 0.05668116
1996 0.04845866
1997 0.05298712
1998 0.04243889
1999 0.04727638
2000 0.07727623
2001 0.09276545
2002 0.08666447
2003 0.08270149
2004 0.07128216
2005 0.03261863
2006 0.09210957
2007 0.07922301
2008 0.08799779
2009 0.12811197
2010 0.16003118
2011 0.20910775
2012 0.23586308
2013 0.21205623
2014 0.28683208
2015 0.25972758
2016 0.18038137
2017 0.18325093
2018 0.2491854
2019 0.24178435
2020 0.21034922
2021 0.26852453
2022

Gabon | 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
Gabonese Republic
Records
63
Source