Economy of Gabon

The economy of Gabon is characterized by strong links with France, large foreign investments, dependence on skilled foreign labor, and decline of agriculture.^[11] Gabon enjoys a per capita income four times that of most nations of sub-Saharan Africa, its reliance on resource extraction industry releasing much of the population from extreme poverty.

Economy of Gabon

Libreville is the capital and financial center of Gabon
Currency	1 Central African CFA franc (XAF) = 100 centimes
Fiscal year	calendar year
Trade organisations	AU, AfCFTA, WTO
Country group	Developing/Emerging^[1] Upper-middle income economy^[2]
Statistics
GDP	$16.875 billion (nominal, 2018)^[3] $37.840 billion (PPP, 2018)^[3]
GDP growth	2.1% (2016) 0.5% (2017) 0.8% (2018e) 2.8% (2019f)^[4]
GDP per capita	$8,220 (nominal, 2018 est.)^[3] $18,434 (PPP, 2018 est.)^[3]
GDP by sector	agriculture: 4.5%; industry: 62.7%; services: 32.8% (2010 est.)
Inflation (CPI)	4.777% (2018)^[3]
Population below poverty line	33.4% (2017)^[5] 32.2% on less than $5.50/day (2017)^[6]
Labour force	712,000 (2010 est.)
Labour force by occupation	agriculture: 60%; industry: 15%; services: 25% (2000 est.)
Unemployment	27% (2012 est.)
Main industries	petroleum extraction and refining; manganese, gold; chemicals, ship repair, food and beverages, textiles, lumbering and plywood, cement
Ease-of-doing-business rank	169th (below average, 2020)^[7]
External
Exports	$6.803 billion (2010 est.)
Export goods	crude oil 70%, timber, manganese, uranium
Main export partners	United States 15.1%  China 13.7%  France 10.1%  Thailand 8.6%  Indonesia 7.1% (2013 est.)^[8]
Imports	$2.973 billion (2015 est.)
Import goods	machinery and equipment, foodstuffs, chemicals, construction materials
Main import partners	France 21.8%  Cameroon 16.2%  Belgium 10.1%  China 9.6%  United States 5.5%  Netherlands 5.1% (2013 est.)^[9]
Gross external debt	$2.374 billion (31 December 2010 est.)
Public finances
Public debt	25.8% of GDP (2010 est.)
Revenues	$4.057 billion (2015 est.)
Expenses	$3.645 billion (2015 est.)
Economic aid	recipient: $331 million (1995)
Credit rating	Standard & Poor's:^[10] BB- (Domestic) BB- (Foreign) BBB- (T&C Assessment)
Foreign reserves	$3.202 billion (31 December 2015 est.)
Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars.

Resources

The country is rich in natural resources such as timber, manganese and oil. The country is the fifth largest oil producing nation in Africa, which has helped drive its strong growth in the later 20th century.^[12]

The oil sector now accounts for 50% of GDP and 80% of exports. Although there have been recent offshore finds,^[13][14] oil production is now declining from its peak of 370,000 barrels per day (59,000 m³/d) in 1997, and periods of low oil prices have had a negative impact on government revenues and the economy. In 2012 there were six active oil rigs in Gabon.^[15]

The government has plans to diversify its economy away from its dwindling oil reserves.^[12] The government announced in 2012 that it would reassess exactly how much iron ore the Belinga site contains before awarding the concession to a mining company, most likely to be China's CMEC, which temporarily secured the rights to the ore in 2007.^[16]

Around 80% of Gabonese live in cities. The capital city, Libreville is home to 59% of the total population. The remainder of the country is still sparsely populated, as those areas remain densely forested.^[12]

Statistics

GDP - composition by sector:
agriculture: 5.7%
industry: 57.2%
services: 37% (2008 est.)

Population below poverty line: NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices): 5% (2008 est.)

Labour force: 592,000 (2008 est.)

Labour force - by occupation: agriculture 60%, services and government 25%, industry and commerce 15% (2000 est.)

Unemployment rate: 21% (2006 est.)

Budget:
revenues: $4.46 billion
expenditures: $2.75 billion (2008 est.)

Industries: food and beverage; textile; lumbering and plywood; cement; petroleum extraction and refining; manganese, uranium, and gold mining; chemical production; ship repair

Industrial production growth rate: 1.5% (2008)

Oil - production 244,000 bbl/d (38,800 m³/d) (2007 est.)

Oil - consumption 13,170 bbl/d (2,094 m³/d) (2007 est.)

Oil - exports 255,000 bbl/d (40,500 m³/d) (2005 est.)

Oil - imports 2,485 bbl/d (395.1 m³/d) (2005 est.)

Oil - proven reserves 2 billion barrels (320×10^⁶ m³) (1 January 2008 est.)

Natural gas - production 100 million cu m (2006 est.)

Natural gas - consumption 100 million cu m (2006 est.)

Natural gas - exports 0 cu m (2007 est.)

Natural gas - imports 0 cu m (2007 est.)

Natural gas - proven reserves 28.32 billion cu m (1 January 2008 est.)

Electricity - production: 1.671 TWh (2006 est.)

Electricity - production by source:
fossil fuel: 27.8%
hydro: 72.2%
nuclear: 0%
other: 0% (1998)

Electricity - consumption: 1.365 GWh (2006 est.)

Electricity - exports: 0 kWh (2006 est.)

Electricity - imports: 0 kWh (1998)

Agriculture - products: cocoa, coffee, sugar, palm oil, rubber; cattle; okoume (a tropical hardwood); fish

Current account - balance $591 million (2010 est.)

Currency: 1 Communauté financière africaine franc (CFAF) = 100 centimes

Exchange rates: Communauté financière africaine francs (CFAF) per US$1 – 507.71 (2010), 472.19 (2009), 447.81 (2008), 481.83 (2007), 522.89 (2006), 647.25 (January 2000), 615.70 (1999), 589.95 (1998), 583.67 (1997), 511.55 (1996), 499.15 (1995)
note: since 1 January 1999, the CFAF is pegged to the euro at a rate of 655.957 CFA francs per euro

Statistics table

The following table shows the main economic indicators in 1980–2017.^[17]

Year	1980	1985	1990	1995	2000	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018
GDP in $ (PPP)	6.78 bil.	9.89 bil.	12.00 bil.	15.76 bil.	17.35 bil.	20.35 bil.	20.58 bil.	22.46 bil.	23.30 bil.	22.94 bil.	24.68 bil.	26.97 bil.	28.91 bil.	31.00 bil.	32.96 bil.	34.61 bil.	35.78 bil.	36.73 bil.	40.78 bil.
GDP per capita in $ (PPP)	9,056	11,853	12,903	14,788	14,395	14,923	14,720	15,601	15,590	14,789	15,326	16,138	16,665	17,196	18,020	18,655	19,017	19,254	20,123
GDP growth (real)	...	5.8%	5.1%	5.0%	−1.9%	−0.8%	−1.9%	6.3%	1.7%	−2.3%	6.3%	7.1%	5.3%	5.5%	4.4%	3.9%	2.1%	0.8%	0.4%
Inflation (in Percent)	12.3%	7.3%	15.4%	9.6%	0.5%	1.2%	−1.4%	−1.0%	−5.3%	1.9%	1.4%	1.3%	2.7%	0.5%	4.5%	−0.1%	2.1%	3.0%	2.0%
Government debt (Percentage of GDP)	...	...	90%	73%	72%	49%	40%	39%	20%	26%	21%	21%	21%	31%	34%	45%	64%	61%	62%

See also

• Agriculture in Gabon
• Economy of Africa
• Forestry in Gabon
• List of companies based in Gabon
• Mining in Gabon
• Transport in Gabon
• Chronology of Gabon
• United Nations Economic Commission for Africa

References

1. "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.
2. "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
3. "World Economic Outlook Database, October 2019". IMF.org. International Monetary Fund. Retrieved 8 December 2019.
4. "Global Economic Prospects, June 2019: Heightened Tensions, Subdued Investment. p. 127" (PDF). openknowledge.worldbank.org. World Bank. (PDF) from the original on 5 June 2019. Retrieved 8 December 2019.
5. "Poverty headcount ratio at national poverty lines (% of population) - Gabon | Data". data.worldbank.org. Retrieved 14 July 2020.
6. "Poverty headcount ratio at $5.50 a day (2011 PPP) (% of population) - Gabon | Data". data.worldbank.org. Retrieved 14 July 2020.
7. "Ease of Doing Business in Gabon". Doingbusiness.org. Retrieved 24 January 2017.
8. . CIA World Factbook. 2013. Archived from the original on 13 June 2007. Retrieved 11 May 2015.
9. . CIA World Factbook. 2013. Archived from the original on 13 June 2007. Retrieved 11 May 2015.
10. "Sovereigns rating list". Standard & Poor's. Retrieved 26 May 2011.
11. "Gabon". Encyclopaedia Britannica. Retrieved 29 October 2019.
12. "Overview". World Bank. Retrieved 29 June 2022.
13. Pura Vida Energy (6 March 2013). "20.0 MM[million]BO CONTINGENT RESOURCE AT LOBA M 1 DISCOVERY OFFSHORE GABON, WEST AFRICA". doi:10.1306/703C817D-1707-11D7-8645000102C1865D. {{cite journal}}: Cite journal requires |journal= (help)
14. "Gabon: FirstAfrica completes offshore EOV development drilling program". 9 September 2006.
15. Geological Survey (2015). Minerals Yearbook - Area Reports; International Review: 2012 Africa and the Middle East. Government Printing Office. ISBN 978-1411336773 – via Google Books.
16. Reuters, "Gabon's Belinga iron-ore deal to be awarded as late as 2014", Mining Weekly (30 August 2012)
17. "Report for Selected Countries and Subjects". Retrieved 5 September 2018.

External links

• Economy of Gabon at Curlie
• Gabon latest trade data on ITC Trade Map
• The Quicker Ticker- Gabon (in french)
• Gaboneco.com