Kuwait | 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
State of Kuwait
Records
63
Source
Kuwait | Natural gas rents (% of GDP)
year value
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971 0.85188605
1972 0.96021917
1973 0.85683795
1974 0.36045629
1975 0.67549661
1976 0.67497944
1977 0.82094388
1978 0.90727893
1979
1980 0.7955056
1981 0.60419055
1982 0.20902307
1983 0.75934315
1984 0.70552179
1985 0.67272245
1986 0.97547863
1987 0.5727664
1988 0.9042333
1989 0.89771682
1990 0.65118325
1991 0.21592877
1992 0.67450434
1993 1.03684392
1994 1.12128773
1995 1.10347929
1996 1.04256873
1997 1.147321
1998 1.2768899
1999 0.95569124
2000 1.07488965
2001 1.29022077
2002 0.92808478
2003 0.81882113
2004 0.76931437
2005 0.82170096
2006 0.74230737
2007 0.6185088
2008 0.56894038
2009 0.73553025
2010 0.63532984
2011 0.70039727
2012 0.73156394
2013 0.78439672
2014 0.73130733
2015 0.86457842
2016 0.69032259
2017 0.74817235
2018 1.10292152
2019 1.18290776
2020 1.7026852
2021
2022

Kuwait | 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
State of Kuwait
Records
63
Source