Cuba - Natural gas rents (% of GDP)

Natural gas rents (% of GDP) in Cuba was 0.047 as of 2018. Its highest value over the past 47 years was 0.093 in 2013, while its lowest value was 0.000 in 1972.

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
1971 0.000
1972 0.000
1973 0.000
1974 0.000
1975 0.001
1976 0.001
1977 0.000
1978 0.000
1979 0.001
1980 0.001
1981 0.001
1982 0.000
1983 0.001
1984 0.000
1985 0.000
1986 0.000
1987 0.001
1988 0.001
1989 0.001
1990 0.001
1991 0.001
1992 0.001
1993 0.001
1994 0.001
1995 0.001
1996 0.001
1997 0.002
1998 0.005
1999 0.021
2000 0.036
2001 0.037
2002 0.034
2003 0.035
2004 0.037
2005 0.046
2006 0.067
2007 0.071
2008 0.076
2009 0.079
2010 0.061
2011 0.083
2012 0.091
2013 0.093
2014 0.074
2015 0.044
2016 0.025
2017 0.029
2018 0.047

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