IDA total | 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 total
Records
63
Source
IDA total | Natural gas rents (% of GDP)
year value
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971 0.08438504
1972 0.06948501
1973 0.07612992
1974 0.07659631
1975 0.10267387
1976 0.11954043
1977 0.13330198
1978 0.09504005
1979 0.08515354
1980 0.09667807
1981 0.01989232
1982 0.00589502
1983 0.05075314
1984 0.03449016
1985 0.03983907
1986 0.08755446
1987 0.08662244
1988 0.06870746
1989 0.12208332
1990 0.31763562
1991 0.22570304
1992 0.19825732
1993 0.31366231
1994 0.33126999
1995 0.40213965
1996 0.37521525
1997 0.37479461
1998 0.21407676
1999 0.27843974
2000 0.61551311
2001 0.88418636
2002 0.76759342
2003 0.86032423
2004 0.80985388
2005 0.72448948
2006 0.90115916
2007 0.72323667
2008 0.8265056
2009 0.6690495
2010 0.65949153
2011 0.93678438
2012 0.9442106
2013 0.80417128
2014 0.73065308
2015 0.66498853
2016 0.48606412
2017 0.55575966
2018 0.76474535
2019 0.71268928
2020 0.54024501
2021 0.97944024
2022

IDA total | 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 total
Records
63
Source