In 2024, Mexico leads countries in tax expenditure on petroleum for fossil fuel production as a percentage of GDP, followed by Russia and the United Kingdom. Notably, the United States has a negative value, indicating a net negative expenditure or revenue. Figures from 2023 indicate significant growth for Mexico, with changes of 182.21%, while Denmark experienced a 35.78% increase. The United Kingdom grew by 15.23%, whereas Brazil and Indonesia showed declines of 14.31% and 40.13%, respectively. Over five years, these variations provide insights into fluctuating investment and policy strategies globally.
Future trends to watch include:
- Increased government focus on transitioning from fossil fuels, potentially influencing tax expenditure shifts.
- Policy changes in countries like Mexico that could impact tax expenditures and their respective GDP shares.
- Environmental pressures leading to reduced subsidies and altered fiscal landscapes globally.
Top countries in Tax Expenditure on Petroleum for Fossil Fuel Production by Country
| # | 10 Countries | Percent of GDP | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Mexico | 1.25 | 2023 | +29.31% | +182.21% | View data |
| 2 | 2 Russia | 0.97 | 2023 | +13.67% | -0.53% | View data |
| 3 | 3 United Kingdom | 0.13 | 2023 | +3.23% | +15.23% | View data |
| 4 | 4 Denmark | 0.12 | 2023 | +18.81% | +35.78% | View data |
| 5 | 5 Brazil | 0.061 | 2023 | -19.74% | -14.31% | View data |
| 6 | 6 Colombia | 0.054 | 2023 | +14.89% | +6.19% | View data |
| 7 | 7 Canada | 0.026 | 2023 | +8.33% | -2.16% | View data |
| 8 | 8 Norway | 0.002 | 2023 | 0% | 0% | View data |
| 9 | 9 Japan | 0.001 | 2023 | 0% | 0% | View data |
| 10 | 10 Switzerland | 0.001 | 2023 | 0% | 0% | View data |
