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Energy Costs Set to Reach Record 13% of Global GDP This Year

Energy costs are poised to hit an all-time high of more than 13% of global gross domestic product this year as the price of keeping the world running surges.

Primary energy expenditure as a share of output is set to double from 2021’s level of just 6.5%, according to analysis by consultancy Thunder Said Energy. Soaring commodity costs are pushing up inflation and adding to bills for households and industry alike.