Gabon Economy
Economy - overviewGabon 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.
GDP
purchasing power parity - $7.301 billion (2003 est.)
GDP - real growth rate
1.2% (2003 est.)
GDP - per capita
purchasing power parity - $5,500 (2003 est.)
GDP - composition by sector
agriculture: 8.1%
industry: 48.8%
services: 43.1% (2003 est.)
Investment
22.7% of GDP (2003)
Population below poverty line
NA
Household income or consumption by percentage share
lowest 10%: NA
highest 10%: NA
Inflation rate
0.5% (2003 est.)
Labor force
610,000 (2003)
Labor force - by occupation
agriculture 60%, industry 15%, services 25%
Unemployment rate
21% (1997 est.)
Budget
revenues: $1.771 billion
expenditures: $1.413 billion, including capital expenditures of $310 million (2003 est.)
Public debt
31.5% of GDP (2003)
Agriculture - products
cocoa, coffee, sugar, palm oil, rubber; cattle; okoume (a tropical softwood); fish
Industries
petroleum extraction and refining; manganese, and gold mining; chemicals; ship repair; food and beverage; textile; lumbering and plywood; cement
Industrial production growth rate
1.6% (2002 est.)
Electricity - production
798.4 million kWh (2001)
Electricity - consumption
742.5 million kWh (2001)
Electricity - exports
0 kWh (2001)
Electricity - imports
0 kWh (2001)
Oil - production
301,300 bbl/day (2001 est.)
Oil - consumption
13,000 bbl/day (2001 est.)
Oil - exports
NA (2001)
Oil - imports
NA (2001)
Oil - proved reserves
2.45 billion bbl (1 January 2002)
Natural gas - production
80 million cu m (2001 est.)
Natural gas - consumption
80 million cu m (2001 est.)
Natural gas - exports
0 cu m (2001 est.)
Natural gas - imports
0 cu m (2001 est.)
Natural gas - proved reserves
66.47 billion cu m (1 January 2002)
Current account balance
$-101 million (2003)
Exports
$2.891 billion f.o.b. (2003 est.)
Exports - commodities
crude oil 77%, timber, manganese, uranium (2001)
Exports - partners
US 51.5%, France 8.7%, China 7.5%, Japan 4% (2003)
Imports
$1.079 billion f.o.b. (2003 est.)
Imports - commodities
machinery and equipment, foodstuffs, chemicals, construction materials
Imports - partners
France 49.9%, US 5.3%, UK 4.6% (2003)
Reserves of foreign exchange & gold
$201.9 million (2003)
Debt - external
$3.284 billion (2003 est.)
Currency
Communaute Financiere Africaine franc (XAF); note - responsible authority is the Bank of the Central African States
Currency code
XAF
Exchange rates
Communaute Financiere Africaine francs (XAF) per US dollar - 581.2 (2003), 696.988 (2002), 733.039 (2001), 711.976 (2000), 615.699 (1999)
