Heavily indebted poor countries (HIPC) | 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
Heavily indebted poor countries (HIPC)
Records
63
Source
Heavily indebted poor countries (HIPC) | Natural gas rents (% of GDP)
year value
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980 0.10137372
1981 0.04299832
1982 0.00928068
1983 0.05182594
1984 0.05364661
1985 0.05340224
1986 0.03927467
1987 0.02739614
1988 0.02170515
1989 0.02792996
1990 0.03040794
1991 0.02283132
1992 0.02744275
1993 0.03083414
1994 0.03217209
1995 0.02477235
1996 0.02966051
1997 0.02637758
1998 0.02166769
1999 0.03042171
2000 0.05882613
2001 0.08120151
2002 0.0710582
2003 0.05817862
2004 0.09305044
2005 0.13220877
2006 0.22461483
2007 0.21141149
2008 0.2194356
2009 0.19806354
2010 0.18104798
2011 0.31356539
2012 0.37800939
2013 0.39297114
2014 0.33219788
2015 0.20642272
2016 0.10668947
2017 0.12141584
2018 0.25209712
2019 0.23567713
2020 0.15709116
2021 0.26042204
2022

Heavily indebted poor countries (HIPC) | 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
Heavily indebted poor countries (HIPC)
Records
63
Source