Colombia - Natural gas rents (% of GDP)

Natural gas rents (% of GDP) in Colombia was 0.131 as of 2019. Its highest value over the past 49 years was 0.227 in 2013, while its lowest value was 0.013 in 1977.

Definition: Natural gas rents are the difference between the value of natural gas production at world prices and total costs of production.

Source: Estimates based on sources and methods described in "The Changing Wealth of Nations: Measuring Sustainable Development in the New Millennium" (World Bank, 2011).

See also:

Year Value
1970 0.016
1971 0.018
1972 0.016
1973 0.015
1974 0.028
1975 0.051
1976 0.038
1977 0.013
1978 0.019
1979 0.076
1980 0.125
1981 0.101
1982 0.043
1983 0.126
1984 0.111
1985 0.129
1986 0.115
1987 0.084
1988 0.076
1989 0.097
1990 0.100
1991 0.093
1992 0.070
1993 0.069
1994 0.049
1995 0.045
1996 0.055
1997 0.068
1998 0.071
1999 0.084
2000 0.108
2001 0.117
2002 0.115
2003 0.112
2004 0.103
2005 0.112
2006 0.132
2007 0.118
2008 0.140
2009 0.181
2010 0.134
2011 0.173
2012 0.195
2013 0.227
2014 0.156
2015 0.119
2016 0.079
2017 0.103
2018 0.167
2019 0.131

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.

Limitations and Exceptions: This definition of economic rent differs from that used in the System of National Accounts, where rents are a form of property income, consisting of payments to landowners by a tenant for the use of the land or payments to the owners of subsoil assets by institutional units permitting them to extract subsoil deposits.

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 world price of units of specific commodities and subtracting estimates of average unit costs of extraction or harvesting costs (including a normal return on capital). 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).

Aggregation method: Weighted average

Periodicity: Annual

Classification

Topic: Environment Indicators

Sub-Topic: Natural resources contribution to GDP