In 2023, variations were most significant for Canada, with an increase of 145.95%, indicating a substantial rise in direct transfers relative to its GDP. Conversely, Russia saw a decline of 21.4%, reflecting a considerable reduction in its fiscal allocation to fossil fuel production. Other notable changes include India's increase of 20.11% and Japan's modest growth of 3.83%. Mexico, Indonesia, Norway, Italy, and Australia maintained stable contributions, reflecting consistent policy approaches.
Looking ahead, key trends to watch include shifts in global energy policy impacting fossil fuel subsidies, especially in countries like Canada and India, which show volatile changes. Increasing environmental regulations and the transition towards renewable energy sources will likely influence government direct transfers on fossil fuel production in the near future.
Top countries in Direct Transfer on Petroleum for Fossil Fuel Production by Country
| # | 10 Countries | Percent of GDP | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Mexico | 0.54 | 2023 | +29.59% | View data | |
| 2 | 2 Azerbaijan | 0.44 | 2023 | +37.58% | -0.88% | View data |
| 3 | 3 Canada | 0.09 | 2023 | +30.43% | +145.95% | View data |
| 4 | 4 Indonesia | 0.051 | 2023 | +10.87% | View data | |
| 5 | 5 Japan | 0.035 | 2023 | 0% | +3.83% | View data |
| 6 | 6 China | 0.012 | 2023 | 0% | +1.76% | View data |
| 7 | 7 India | 0.01 | 2023 | 0% | +20.11% | View data |
| 8 | 8 Norway | 0.008 | 2023 | 0% | 0% | View data |
| 9 | 9 Russia | 0.003 | 2023 | -25% | -21.4% | View data |
| 10 | 10 New Zealand | 0.002 | 2023 | 0% | -7.79% | View data |
