IMF: Global fossil fuel subsidies as percentage of GDP

The IMF estimates that explicit subsidies alone accounted for 1.3% of global GDP in 2022, and all subsidies reached 7.2% of GDP that year. Explicit subsidies involve retail prices below the fuel’s supply cost. Producer subsidies are explicit subsidies that go directly to producers. Implicit subsidies involve damage such as to human health or the environment not covered by the price.