IDA 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
IDA only
Records
63
Source
IDA only | Natural gas rents (% of GDP)
year value
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971 0.05885322
1972 0.05955321
1973 0.06233588
1974 0.07009656
1975 0.09420397
1976 0.13423947
1977 0.1433872
1978 0.10013223
1979 0.09031926
1980 0.07274522
1981 0.01903094
1982 0.00598437
1983 0.02797252
1984 0.02023294
1985 0.02456357
1986 0.0524911
1987 0.05561639
1988 0.04500232
1989 0.07303049
1990 0.10409768
1991 0.0916948
1992 0.10527422
1993 0.11709945
1994 0.13797655
1995 0.12677933
1996 0.14283223
1997 0.13476294
1998 0.15609606
1999 0.18001534
2000 0.28547608
2001 0.3369167
2002 0.35963014
2003 0.42588443
2004 0.41805401
2005 0.44672779
2006 0.43870365
2007 0.33687819
2008 0.30456381
2009 0.29791412
2010 0.34251795
2011 0.47393693
2012 0.46381225
2013 0.42083218
2014 0.43337202
2015 0.36454575
2016 0.29246506
2017 0.29414297
2018 0.37519952
2019 0.39023083
2020 0.31313471
2021 0.4171808
2022

IDA 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
IDA only
Records
63
Source