Gabon:
Economy

Pages for other countries and territories

Other pages in this profile of Gabon:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


Economy - overview	Definition Gabon enjoys a per capita income four times that of most of sub-Saharan African nations. but because of high income inequality, a large proportion of the population remains poor. Gabon depended on timber and manganese until oil was discovered offshore in the early 1970s. The oil sector now accounts for 50% of GDP. Gabon continues to face fluctuating prices for its oil, timber, and manganese exports. Despite the abundance of natural wealth, poor fiscal management hobbles the economy. The devaluation of the CFA franc - its currency - by 50% in January 1994 sparked a one-time inflationary surge, to 35%; the rate dropped to 6% in 1996. The IMF provided a one-year standby arrangement in 1994-95, a three-year Enhanced Financing Facility (EFF) at near commercial rates beginning in late 1995, and stand-by credit of $119 million in October 2000. Those agreements mandated progress in privatization and fiscal discipline. France provided additional financial support in January 1997 after Gabon met IMF targets for mid-1996. In 1997, an IMF mission to Gabon criticized the government for overspending on off-budget items, overborrowing from the central bank, and slipping on its schedule for privatization and administrative reform. The rebound of oil prices since 1999 have helped growth, but drops in production have hampered Gabon from fully realizing potential gains, and will continue to temper the gains for most of this decade. In December 2000, Gabon signed a new agreement with the Paris Club to reschedule its official debt. A follow-up bilateral repayment agreement with the US was signed in December 2001. Gabon signed a 14-month Stand-By Arrangement with the IMF in May 2004, and received Paris Club debt rescheduling later that year. Short-term progress depends on an upbeat world economy and fiscal and other adjustments in line with IMF policies.
GDP (purchasing power parity)	Definition - World rank and map $20.18 billion (2007 est.)
GDP (official exchange rate)	Definition $11.3 billion (2007 est.)
GDP - real growth rate	Definition - World rank and map 5.6% (2007 est.)
GDP - per capita	Definition - World rank and map $14,100 (2007 est.)
GDP - composition by sector	Definition agriculture: 5.8% industry: 58.2% services: 36% (2007 est.)
Labor force	Definition 582,000 (2007 est.)
Labor force - by occupation	Definition agriculture: 60% industry: 15% services: 25%
Unemployment rate	Definition - World rank and map 21% (2006 est.)
Population below poverty line	Definition NA%
Household income or consumption by percentage share	Definition lowest 10%: NA% highest 10%: NA%
Inflation rate (consumer prices)	Definition - World rank and map 5% (2007 est.)
Investment (gross fixed)	Definition - World rank and map 24.2% of GDP (2007 est.)
Budget	Definition revenues: $3.534 billion expenditures: $2.347 billion (2007 est.)
Public debt	Definition - World rank and map 50% of GDP (2007 est.)
Agriculture - products	Definition cocoa, coffee, sugar, palm oil, rubber; cattle; okoume (a tropical softwood); fish
Industries	Definition petroleum extraction and refining; manganese, gold; chemicals, ship repair, food and beverages, textiles, lumbering and plywood, cement
Industrial production growth rate	Definition - World rank and map 5.2% (2007 est.)
Electricity - production	Definition - World rank and map 1.52 billion kWh (2005)
Electricity - consumption	Definition - World rank and map 1.241 billion kWh (2005)
Electricity - consumption per capita	Definition - World rank and map 835.3 kWh (2005)
Electricity - exports	Definition 0 kWh (2005)
Electricity - imports	Definition 0 kWh (2005)
Oil - production	Definition - World rank and map 266,000 bbl/day (2005 est.)
Oil - consumption	Definition - World rank and map 13,000 bbl/day (2005 est.)
Oil - consumption per 1,000 people	Definition - World rank and map 8.7 bbl/day (2005 est.)
Oil - exports	Definition - World rank and map 228,000 bbl/day (2004)
Oil - imports	Definition - World rank and map 2,436 bbl/day (2004)
Oil - proved reserves	Definition - World rank and map 1.748 billion bbl (2007 est.)
Natural gas - production	Definition - World rank and map 95.91 million cu m (2005 est.)
Natural gas - consumption	Definition - World rank and map 95.91 million cu m (2005 est.)
Natural gas - consumption per capita	Definition - World rank and map 65 cu m (2005 est.)
Natural gas - exports	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - imports	Definition - World rank and map 0 cu m (2005)
Natural gas - proved reserves	Definition - World rank and map 32.59 billion cu m (1 January 2006 est.)
Current account balance	Definition - World rank and map $1.45 billion (2007 est.)
Exports	Definition - World rank and map $6.952 billion f.o.b. (2007 est.)
Exports - commodities	Definition crude oil 77%, timber, manganese, uranium (2001)
Exports - partners	Definition US 31.5%, China 15.1%, France 9.1%, Malaysia 5.8%, Trinidad and Tobago 4.8% (2006)
Imports	Definition - World rank and map $2.107 billion f.o.b. (2007 est.)
Imports - commodities	Definition machinery and equipment, foodstuffs, chemicals, construction materials
Imports - partners	Definition France 28.1%, US 19.3%, Belgium 5.3%, Netherlands 4.8%, China 4.1% (2006)
Reserves of foreign exchange and gold	Definition - World rank and map $1.236 billion (31 December 2007 est.)
Debt - external	Definition - World rank and map $4.895 billion (31 December 2007 est.)
Market value of publicly traded shares	Definition $NA
Economic aid - recipient	Definition $53.87 million (2005)
Currency (code)	Definition Communaute Financiere Africaine franc (XAF); note - responsible authority is the Bank of the Central African States
Exchange rates	Definition Communaute Financiere Africaine francs (XAF) per US dollar - 481.83 (2007), 522.89 (2006), 527.47 (2005), 528.29 (2004), 581.2 (2003)
Fiscal year	Definition calendar year

Gabon: Economy

Gabon:
Economy