Iraq | 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
Republic of Iraq
Records
63
Source
Iraq | Natural gas rents (% of GDP)
year value
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 0.14046711
1971 0.15299596
1972 0.17265831
1973 0.1799569
1974 0.08426655
1975 0.19240288
1976 0.18858818
1977 0.15666995
1978 0.16073082
1979
1980 0.07946125
1981 0.04846282
1982 0.01736515
1983 0.04110191
1984 0.03537452
1985 0.04823613
1986 0.09892495
1987 0.17496123
1988 0.2413953
1989 0.25943408
1990 0.0651835
1991
1992
1993
1994 2.36494146
1995 0.78842819
1996 1.08692307
1997 0.54720866
1998 0.49515832
1999 0.28331587
2000 0.27271767
2001 0.35845866
2002 0.2888073
2003 0.27532066
2004 0.1130347
2005 0.15536313
2006 0.1664395
2007 0.28223102
2008 0.30002166
2009 0.38834727
2010 0.30181282
2011 0.25179962
2012 0.22235921
2013 0.23659962
2014 0.24541618
2015 0.24080442
2016 0.25013551
2017 0.27550885
2018 0.37853205
2019 0.37462275
2020 0.37819559
2021 0.65552293
2022

Iraq | 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
Republic of Iraq
Records
63
Source