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 relied on timber and manganese exports until oil was discovered offshore in the early 1970s. From 2010 to 2014, oil accounted for approximately 80% of Gabon’s exports, 45% of its GDP, and 60% of its state budget revenues.

Gabon faces fluctuating prices for its oil, timber, and manganese exports. A rebound of oil prices from 2001 to 2013 helped growth, but declining production, as some fields passed their peak production, has hampered Gabon from fully realizing potential gains. GDP grew nearly 6% per year over the 2010-14 period, but slowed significantly in 2015 as oil prices declined. Low oil prices also weakened government revenue and negatively affected the trade and current account balances.

Despite an abundance of natural wealth, poor fiscal management and over-reliance on oil has stifled the economy. There are frequent power cuts and water shortages. However, President BONGO has made efforts to increase transparency and is taking steps to make Gabon a more attractive investment destination to diversify the economy. BONGO has attempted to boost growth by increasing government investment in human resources and infrastructure.

Economic Facts#

GDP (purchasing power parity)$36.22 billion (2016 est.)
$35.1 billion (2015 est.)
$33.75 billion (2014 est.)
note: data are in 2016 dollars
GDP (official exchange rate)$14.56 billion (2015 est.)
GDP - real growth rate3.2% (2016 est.)
4% (2015 est.)
4.3% (2014 est.)
GDP - per capita (PPP)$19,300 (2016 est.)
$18,900 (2015 est.)
$18,500 (2014 est.)
note: data are in 2016 dollars
Gross national saving30.4% of GDP (2016 est.)
33.9% of GDP (2015 est.)
42.9% of GDP (2014 est.)
GDP - composition, by end usehousehold consumption: 40.8%
government consumption: 15.8%
investment in fixed capital: 31.1%
investment in inventories: 0.1%
exports of goods and services: 39.8%
imports of goods and services: -27.6% (2016 est.)
GDP - composition, by sector of originagriculture: 4.5%
industry: 46.4%
services: 49.1% (2016 est.)
Agriculture - productscocoa, coffee, sugar, palm oil, rubber; cattle; okoume (a tropical softwood); fish
Industriespetroleum extraction and refining; manganese, gold; chemicals, ship repair, food and beverages, textiles, lumbering and plywood, cement
Industrial production growth rate-1.5% (2016 est.)
Labor force674,700 (2016 est.)
Labor force - by occupationagriculture: 60%
industry: 15%
services: 25% (2000 est.)
Unemployment rate21% (2006 est.)
Population below poverty lineNA%
Household income or consumption by percentage sharelowest 10%: 2.5%
highest 10%: 32.7% (2005)
Budgetrevenues: $2.917 billion
expenditures: $3.464 billion (2016 est.)
Taxes and other revenues20% of GDP (2016 est.)
Budget surplus (+) or deficit (-)-3.8% of GDP (2016 est.)
Public debt43.5% of GDP (2016 est.)
39.3% of GDP (2015 est.)
Fiscal yearcalendar year
Inflation rate (consumer prices)1.1% (2016 est.)
0.6% (2015 est.)
Central bank discount rate3% (31 December 2010)
4.25% (31 December 2009)
Commercial bank prime lending rate15.5% (31 December 2016 est.)
15.3% (31 December 2015 est.)
Stock of narrow money$2.314 billion (31 December 2016 est.)
$2.251 billion (31 December 2015 est.)
Stock of broad money$4.545 billion (31 December 2014 est.)
$4.421 billion (31 December 2013 est.)
Stock of domestic credit$2.425 billion (31 December 2016 est.)
$2.382 billion (31 December 2015 est.)
Market value of publicly traded shares$NA
Current account balance-$767 million (2016 est.)
-$326 million (2015 est.)
Exports$4.395 billion (2016 est.)
$5.181 billion (2015 est.)
Exports - commoditiescrude oil, timber, manganese, uranium
Exports - partnersChina 15.5%, Italy 7.3%, Trinidad and Tobago 7.2%, Australia 7%, Spain 6.3%, South Korea 5.4%, Netherlands 5%, US 4.7% (2015)
Imports$3.002 billion (2016 est.)
$3.061 billion (2015 est.)
Imports - commoditiesmachinery and equipment, foodstuffs, chemicals, construction materials
Imports - partnersChina 21.4%, France 19.6%, US 6.6%, Benin 4.7%, Netherlands 4% (2015)
Reserves of foreign exchange and gold$1.585 billion (31 December 2016 est.)
$1.878 billion (31 December 2015 est.)
Debt - external$5.158 billion (31 December 2016 est.)
$4.883 billion (31 December 2015 est.)
Exchange ratesCooperation Financiere en Afrique Centrale francs (XAF) per US dollar -
590.8 (2016 est.)
591.45 (2015 est.)
591.45 (2014 est.)
494.42 (2013 est.)
510.53 (2012 est.)