Barbados - Natural gas rents (% of GDP)

Natural gas rents (% of GDP) in Barbados was 0.002 as of 2019. Its highest value over the past 45 years was 0.017 in 2001, while its lowest value was 0.000 in 1974.

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
1974 0.000
1975 0.000
1976 0.001
1977 0.000
1978 0.000
1979 0.002
1980 0.002
1981 0.002
1982 0.001
1983 0.002
1984 0.001
1985 0.001
1986 0.001
1987 0.000
1988 0.000
1989 0.008
1990 0.016
1991 0.012
1992 0.011
1993 0.016
1994 0.010
1995 0.011
1996 0.014
1997 0.014
1998 0.010
1999 0.012
2000 0.017
2001 0.017
2002 0.016
2003 0.012
2004 0.010
2005 0.010
2006 0.009
2007 0.007
2008 0.007
2009 0.006
2010 0.005
2011 0.006
2012 0.006
2013 0.006
2014 0.004
2015 0.002
2016 0.001
2017 0.002
2018 0.002
2019 0.002

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