unbekannter Gast

Gabon: Economy#

Gabon enjoys a per capita income four times that of most 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 economy was reliant on oil for about 50% of its GDP, about 70% of revenues, and 87% of goods exports for 2010, although some fields have passed their peak production. A rebound of oil prices from 1999 to 2008 helped growth, but declining production has hampered Gabon from fully realizing potential gains. Gabon signed a 14-month Stand-By Arrangement with the IMF in May 2007, and later that year issued a $1 billion sovereign bond to buy back a sizable portion of its Paris Club debt. Gabon continues to face fluctuating prices for its oil, timber, and manganese exports. Despite the abundance of natural wealth, poor fiscal management has stifled the economy. However, President BONGO ONDIMBA has made efforts to increase transparency and is taking steps to make Gabon a more attractive investment destination to diversify the economy. BONGO ONDIMBA has attempted to boost growth by increasing government investment in human resources and infrastructure. GDP grew more than 6% per year over the 2010-13 period.

Economic Facts#

GDP (purchasing power parity)$30.06 billion (2013 est.)
$28.19 billion (2012 est.)
$26.7 billion (2011 est.)
note: data are in 2013 US dollars
GDP - real growth rate6.6% (2013 est.)
5.6% (2012 est.)
7.1% (2011 est.)
GDP - per capita (PPP)$19,200 (2013 est.)
$18,300 (2012 est.)
$17,600 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by sector of originagriculture: 3.6%
industry: 63.9%
services: 32.5% (2013 est.)
Population below poverty lineNA%
Household income or consumption by percentage sharelowest 10%: 2.5%
highest 10%: 32.7% (2005)
Labor force - by occupationagriculture: 60%
industry: 15%
services: 25% (2000 est.)
Exports - commoditiescrude oil, timber, manganese, uranium
Exports - partnersJapan 24.1%, US 17%, Australia 11.3%, India 7.4%, China 5.4%, Spain 4.1% (2012)
Agriculture - productscocoa, coffee, sugar, palm oil, rubber; cattle; okoume (a tropical softwood); fish
Budgetrevenues: $5.031 billion
expenditures: $6.599 billion (2013 est.)
Imports - commoditiesmachinery and equipment, foodstuffs, chemicals, construction materials
Imports - partnersFrance 28.2%, China 12.6%, US 9.4%, Belgium 5.8%, Cameroon 4.3% (2012)
Exchange ratesCooperation Financiere en Afrique Centrale francs (XAF) per US dollar -
504.9 (2013 est.)
510.53 (2012 est.)
495.28 (2010 est.)
472.19 (2009)
447.81 (2008)
Exports$9.777 billion (2013 est.)
$10.2 billion (2012 est.)
Debt - external$3.433 billion (31 December 2013 est.)
$3.196 billion (31 December 2012 est.)
Fiscal yearcalendar year
Imports$3.934 billion (2013 est.)
$3.638 billion (2012 est.)
Industrial production growth rate4.4% (2013 est.)
Industriespetroleum extraction and refining; manganese, gold; chemicals, ship repair, food and beverages, textiles, lumbering and plywood, cement
Inflation rate (consumer prices)1.2% (2013 est.)
2.7% (2012 est.)
Labor force629,100 (2013 est.)
Unemployment rate21% (2006 est.)
Public debt23.2% of GDP (2013 est.)
22.2% of GDP (2012 est.)
Current account balance$1.783 billion (2013 est.)
$2.687 billion (2012 est.)
Reserves of foreign exchange and gold$2.47 billion (31 December 2013 est.)
$2.373 billion (31 December 2012 est.)
GDP (official exchange rate)$19.97 billion (2013 est.)
Market value of publicly traded shares$NA
Central bank discount rate3% (31 December 2010 est.)
4.25% (31 December 2009 est.)
Commercial bank prime lending rate15% (31 December 2013 est.)
15% (31 December 2012 est.)
Stock of domestic credit$1.7 billion (31 December 2013 est.)
$1.672 billion (31 December 2012 est.)
Stock of narrow money$2.497 billion (31 December 2013 est.)
$2.552 billion (31 December 2012 est.)
Stock of broad money$3.973 billion (31 December 2013 est.)
$3.908 billion (31 December 2012 est.)
Taxes and other revenues25.2% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-7.9% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 39.1%
government consumption: 10.5%
investment in fixed capital: 33.7%
investment in inventories: 0%
exports of goods and services: 58.1%
imports of goods and services: -41.4%
(2013 est.)
Gross national saving44.7% of GDP (2013 est.)
47.1% of GDP (2012 est.)
44.9% of GDP (2011 est.)