Economy Of Gabon
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Economy overview
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Gabon enjoys a per capita income four times that of most nations of sub-Saharan Africa. This has supported a sharp decline in extreme poverty; yet 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. Devaluation of its Francophone currency by 50% on 12 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 mandate progress in privatization and fiscal discipline. France provided additional financial support in January 1997 after Gabon had 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 in 1999-2000 helped growth, but drops in production hampered Gabon from fully realizing potential gains. 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. Short-term progress depends on an upbeat world economy and fiscal and other adjustments in line with IMF policies.
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GDP
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purchasing power parity - $7.301 billion (2004 est.)
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GDP - real growth rate
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1.2% (2004 est.)
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GDP - per capita
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purchasing power parity - $5,500 (2004 est.)
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GDP - composition by sector
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agriculture: 8.1%
industry: 48.8%
services: 43.1% (2004 est.)
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Investment gross fixed
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22.7% of GDP (2004 est.)
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Population below poverty line
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NA
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Household income or consumption by percentage share
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lowest 10%: NA
highest 10%: NA
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Distribution of family income - Gini index
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Inflation rate consumer prices
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0.5% (2004 est.)
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Labor force
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610,000 (2004 est.)
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Labor force by occupation
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agriculture 60%, industry 15%, services 25%
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Unemployment rate
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21% (1997 est.)
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Budget
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revenues: $1.771 billion
expenditures: $1.413 billion, including capital expenditures of $310 million (2004 est.)
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Public debt
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31.5% of GDP (2004 est.)
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Agriculture products
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cocoa, coffee, sugar, palm oil, rubber; cattle; okoume (a tropical softwood); fish
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Industries
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petroleum extraction and refining; manganese, and gold mining; chemicals; ship repair; food and beverage; textile; lumbering and plywood; cement
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Industrial production growth rate
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1.6% (2002 est.)
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Electricity production
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798.4 million kWh (2001)
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Electricity production by source
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fossil fuel: 34.5%
hydro: 65.5%
other: 0% (2001)
nuclear: 0%
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Electricity consumption
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742.5 million kWh (2001)
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Electricity exports
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0 kWh (2001)
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Electricity imports
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0 kWh (2001)
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Oil production
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301,300 bbl/day (2004 est.)
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Oil consumption
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13,000 bbl/day (2001 est.)
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Oil exports
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NA (2001)
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Oil imports
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NA (2001)
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Oil proved reserves
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2.45 billion bbl (2004)
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Natural gas production
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80 million cu m (2001 est.)
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Natural gas consumption
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80 million cu m (2001 est.)
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Natural gas exports
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0 cu m (2001 est.)
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Natural gas imports
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0 cu m (2001 est.)
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Natural gas proved reserves
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66.47 billion cu m (2004)
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Current account balance
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$-101 million (2004 est.)
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Exports
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$2.891 billion f.o.b. (2004 est.)
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Exports commodities
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crude oil 77%, timber, manganese, uranium (2001)
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Exports partners
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US 51.5%, France 8.7%, China 7.5%, Japan 4% (2003)
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Imports
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$1.079 billion f.o.b. (2003 est.)
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Imports commodities
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machinery and equipment, foodstuffs, chemicals, construction materials
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Imports partners
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France 49.9%, US 5.3%, UK 4.6% (2003)
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Reserves of foreign exchange gold
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$201.9 million (2004 est.)
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Debt external
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$3.284 billion (2004 est.)
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Economic aid recipient
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$331 million (1995)
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Currency
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Communaute Financiere Africaine franc (XAF); note - responsible authority is the Bank of the Central African States
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Currency code
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XAF
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Exchange rates
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Communaute Financiere Africaine francs (XAF) per US dollar - 581.2 (2003), 696.988 (2002), 733.039 (2001), 711.976 (2000), 615.699 (1999)
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Fiscal year
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calendar year
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This information was reproduced in part from the CIA World Fact book.
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