In 2024, South Africa leads in global tax expenditure on fossil fuels for consumers at 0.71% of GDP, followed by Belgium and Finland. Significant variations were observed over the past year, with Ukraine experiencing the highest surge at 102.44%, while Estonia and Luxembourg faced declines of 8.93% and 7.79%, respectively. France, India, and Portugal showed positive increases, whereas Germany and Ireland noted considerable decreases.
Future trends to watch for include:
- Potential fiscal policy changes in major economies affecting fossil fuel taxes.
- Shifts towards renewable energy, potentially influencing tax expenditure on fossil fuels.
- Geopolitical factors impacting global energy markets and consumer expenses.
Top countries in Tax Expenditure on All Fossil Fuels for Consumers by Country
| # | 10 Countries | Percent of GDP | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 South Africa | 0.71 | 2023 | +3.03% | +0.48% | View data |
| 2 | 2 Belgium | 0.63 | 2023 | +1.46% | +1.12% | View data |
| 3 | 3 Finland | 0.61 | 2023 | +0.49% | +0.5% | View data |
| 4 | 4 Ireland | 0.49 | 2023 | +2.3% | -3.88% | View data |
| 5 | 5 Lithuania | 0.46 | 2023 | -1.9% | -2.33% | View data |
| 6 | 6 Italy | 0.41 | 2023 | -0.72% | -1.16% | View data |
| 7 | 7 United Kingdom | 0.4 | 2023 | +0.25% | +1.47% | View data |
| 8 | 8 France | 0.38 | 2023 | +3.88% | +3.55% | View data |
| 9 | 9 Switzerland | 0.36 | 2023 | +10.06% | +1.03% | View data |
| 10 | 10 Sweden | 0.35 | 2023 | +3.5% | +8.6% | View data |
