IBRD only | 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
IBRD only
Records
63
Source
IBRD only | Natural gas rents (% of GDP)
year value
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 0.03609016
1971 0.03890742
1972 0.03779859
1973 0.04240585
1974 0.06941105
1975 0.14155889
1976 0.14711425
1977 0.13162402
1978 0.18472148
1979 0.28564472
1980 0.24410445
1981 0.1415999
1982 0.05082346
1983 0.18989898
1984 0.22169798
1985 0.23541522
1986 0.27106034
1987 0.31280128
1988 0.4086582
1989 0.38820643
1990 0.49988176
1991 0.40209552
1992 0.27663262
1993 0.41223669
1994 0.39879802
1995 0.50624434
1996 0.48899347
1997 0.49547858
1998 0.24850986
1999 0.29016376
2000 0.58342718
2001 0.8218417
2002 0.68635617
2003 0.69565339
2004 0.60318142
2005 0.5673141
2006 0.72560425
2007 0.60955094
2008 0.76770367
2009 0.61626571
2010 0.50678616
2011 0.63810848
2012 0.61946303
2013 0.58971815
2014 0.49771252
2015 0.42322838
2016 0.28840556
2017 0.3312617
2018 0.51646612
2019 0.44891177
2020 0.32668554
2021 0.7278469
2022

IBRD only | 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
IBRD only
Records
63
Source