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EconomyEconomy - overview
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 has made efforts to increase transparency and is taking steps to make Gabon a more attractive investment destination to diversify the economy. BONGO intends to boost growth by increasing government investment in human resources and infrastructure. Gdp (purchasing power parity) World Ranking: 119
$24.89 billion (2011 est.)
$23.53 billion (2010 est.) $22.07 billion (2009 est.) Note Data are in 2011 US dollars Gdp (official exchange rate)
$16.18 billion (2011 est.)
Gdp - real growth rate World Ranking: 50
5.8% (2011 est.)
6.6% (2010 est.) -1.4% (2009 est.) Gdp - per capita (ppp) World Ranking: 72
$16,400 (2011 est.)
$15,700 (2010 est.) $15,000 (2009 est.) Note Data are in 2011 US dollars Gdp - composition by sector
Agriculture 5.2%
Industry 54.4% Services 40.4% (2011 est.) Labor force World Ranking: 151
737,200 (2011 est.)
Labor force - by occupation
Agriculture 60%
Industry 15% Services 25% (2000 est.) Unemployment rate World Ranking: 164
21% (2006 est.)
Population below poverty line
NA%
Household income or consumption by percentage share
Lowest 10% 2.5%
Highest 10% 32.7% (2005) Investment (gross fixed) World Ranking: 23
28.6% of GDP (2011 est.)
Budget
Revenues $5.517 billion
Expenditures $4.429 billion (2011 est.) Taxes and other revenues World Ranking: 69
34.1% of GDP (2011 est.)
Budget surplus (+) or deficit (-) World Ranking: 14
6.7% of GDP (2011 est.)
Public debt World Ranking: 120
20.6% of GDP (2011 est.)
21.3% of GDP (2010 est.) Inflation rate (consumer prices) World Ranking: 12
1.2% (2011 est.)
1.5% (2010 est.) Central bank discount rate World Ranking: 82
3% (31 December 2010 est.)
4.25% (31 December 2009 est.) Commercial bank prime lending rate World Ranking: 42
15% (31 December 2011 est.)
15% (31 December 2010 est.) Stock of narrow money World Ranking: 122
$2.47 billion (31 December 2011 est.) $1.87 billion (31 December 2010 est.) Stock of broad money World Ranking: 134
$3.534 billion (31 December 2011 est.) $2.83 billion (31 December 2010 est.) Stock of domestic credit World Ranking: 142
$1.598 billion (31 December 2011 est.) $1.351 billion (31 December 2010 est.) Market value of publicly traded shares
$NA
Agriculture - products
Cocoa, coffee, sugar, palm oil, rubber; cattle; okoume (a tropical softwood); fish Industries
Petroleum extraction and refining; manganese, gold; chemicals, ship repair, food and beverages, textiles, lumbering and plywood, cement Industrial production growth rate World Ranking: 71
4.8% (2010 est.)
Electricity - production World Ranking: 134
1.963 billion kWh (2008 est.)
Electricity - consumption World Ranking: 140
1.6 billion kWh (2008 est.)
Electricity - exports
0 kWh (2009 est.)
Electricity - imports
0 kWh (2009 est.)
Oil - production World Ranking: 40
227,900 bbl/day (2010 est.)
Oil - consumption World Ranking: 131
18,000 bbl/day (2010 est.)
Oil - exports World Ranking: 51
213,500 bbl/day (2009 est.)
Oil - imports World Ranking: 155
4,822 bbl/day (2009 est.)
Oil - proved reserves World Ranking: 34
2 billion bbl (1 January 2011 est.) Natural gas - production World Ranking: 80
80 million cu m (2009 est.)
Natural gas - consumption World Ranking: 106
80 million cu m (2009 est.)
Natural gas - exports World Ranking: 100
0 cu m (2009 est.)
Natural gas - imports World Ranking: 193
0 cu m (2009 est.)
Natural gas - proved reserves World Ranking: 73
28.32 billion cu m (1 January 2011 est.) Current account balance World Ranking: 36
$3.52 billion (2011 est.)
$3.509 billion (2010 est.) Exports World Ranking: 90
$10.86 billion (2011 est.)
$9.371 billion (2010 est.) Exports - commodities
Crude oil, timber, manganese, uranium Exports - partners
US 40.9%, Australia 9.1%, Malaysia 8.6%, Japan 5.9%, China 5%, Spain 4.8% (2011) Imports World Ranking: 144
$3.194 billion (2011 est.)
$2.5 billion (2010 est.) Imports - commodities
Machinery and equipment, foodstuffs, chemicals, construction materials Imports - partners
France 32.9%, China 8.4%, US 6.3%, Belgium 5.8%, Cameroon 4.3% (2011) Reserves of foreign exchange and gold World Ranking: 116
$2.32 billion (31 December 2011 est.) $1.746 billion (31 December 2010 est.) Debt - external World Ranking: 136
$2.726 billion (31 December 2011 est.) $2.331 billion (31 December 2010 est.) Exchange rates
Cooperation Financiere en Afrique Centrale francs per US dollar - 471.87 (2011 est.)495.28 (2010 est.) 472.19 (2009) 447.81 (2008) 481.83 (2007) Fiscal year
Calendar year
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Gabon (Libreville):
 
GPS points from Gabon (Libreville)
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El Hadj Omar BONGO Ondimba - one of the longest-serving heads of state in the world - dominated the country's political scene for four decades (1967-2009) following independence from France in 1960. President BONGO introduced a nominal multiparty system and a new constitution in the early 1990s. However, allegations of electoral fraud during local elections in 2002-03 and the presidential elections in 2005 exposed the weaknesses of formal political structures in Gabon. Following President BONGO's death in 2009, new elections in brought Ali Ben BONGO, son of the former president, to power. Despite constrained political conditions, Gabon's small population, abundant natural resources, and considerable foreign support have helped make it one of the more prosperous and stable African countries.