Gabon Economy Profile 2009

Economy - 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 oil sector now accounts for more than 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. 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 since 1999 have helped growth, but drops in production have hampered Gabon from fully realizing potential gains, and will continue to temper the gains for most of this decade. 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. Gabon signed a 14-month Stand-By Arrangement with the IMF in May 2007, and received Paris Club debt rescheduling later that year.

GDP (purchasing power parity)

$21.11 billion (2008 est.)
$20.69 billion (2007 est.)
$19.6 billion (2006 est.)
note: data are in 2008 US dollars

GDP (official exchange rate)

$14.52 billion (2008 est.)

GDP - real growth rate

2% (2008 est.)
5.6% (2007 est.)
1.2% (2006 est.)

GDP - per capita (PPP)

$14,200 (2008 est.)
$14,200 (2007 est.)
$13,700 (2006 est.)
note: data are in 2008 US dollars

GDP - composition by sector

agriculture: 5.6%
industry: 57.8%
services: 36.6% (2008 est.)

Population below poverty line

NA%

Labor force

581,000 (2008 est.)

Labor force - by occupation

agriculture: 60%
industry: 15%
services: 25% (2000 est.)

Unemployment rate

21% (2006 est.)

Household income or consumption by percentage share

lowest 10%: NA%
highest 10%: NA%

Investment (gross fixed)

27.3% of GDP (2008 est.)

Budget

revenues: $4.511 billion
expenditures: $2.932 billion (2008 est.)

Public debt

19.8% of GDP (2008 est.)
29.3% of GDP (2004 est.)

Inflation rate (consumer prices)

5.3% (2008 est.)
5% (2007 est.)

Central bank discount rate

NA% (31 December 2008)
5.25% (31 December 2007)

Commercial bank prime lending rate

NA% (31 December 2008)
15% (31 December 2007)

Stock of money

$NA (31 December 2008)
$1.547 billion (31 December 2007)

Stock of quasi money

$NA (31 December 2008)
$799.3 million (31 December 2007)

Stock of domestic credit

$NA (31 December 2008)
$359.8 million (31 December 2007)

Industries

petroleum extraction and refining; manganese, gold; chemicals, ship repair, food and beverages, textiles, lumbering and plywood, cement

Industrial production growth rate

1% (2008 est.)

Electricity - production

1.671 billion kWh (2006 est.)

Electricity - production by source

fossil fuel: 34.5%
hydro: 65.5%
nuclear: 0%
other: 0% (2001)

Electricity - consumption

1.365 billion kWh (2006 est.)

Electricity - exports

0 kWh (2007 est.)

Electricity - imports

0 kWh (2007 est.)

Oil - production

243,900 bbl/day (2007 est.)

Oil - consumption

13,170 bbl/day (2006 est.)

Oil - imports

2,485 bbl/day (2005)

Oil - exports

255,500 bbl/day (2005)

Oil - proved reserves

1.66 billion bbl (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 - proved reserves

28.32 billion cu m (1 January 2008 est.)

Current Account Balance

$2.727 billion (2008 est.)
$1.549 billion (2007 est.)

Agriculture - products

cocoa, coffee, sugar, palm oil, rubber; cattle; okoume (a tropical softwood); fish

Exports

$9.333 billion (2008 est.)
$7.046 billion (2007 est.)

Exports - commodities

crude oil 70%, timber, manganese, uranium (2001)

Exports - partners

US 25.4%, China 17.9%, Japan 10.2%, Malaysia 5.8%, France 5.4%, Spain 4% (2008)

Imports

$2.577 billion (2008 est.)
$2.2 billion (2007 est.)

Imports - commodities

machinery and equipment, foodstuffs, chemicals, construction materials

Imports - partners

France 32.1%, US 11.1%, China 5.2%, Belgium 4.6%, Cameroon 4.4%, Netherlands 4.2% (2008)

Reserves of foreign exchange and gold

$1.925 billion (31 December 2008 est.)
$1.238 billion (31 December 2007 est.)

Debt - external

$2.473 billion (31 December 2008 est.)
$4.895 billion (31 December 2007 est.)

Market value of publicly traded shares

$NA

Economic aid - recipient

$53.87 million (2005)

Currency (code)

Communaute Financiere Africaine franc (XAF); note - responsible authority is the Bank of the Central African States

Currency (code)

XAF

Exchange rates

Cooperation Financiere en Afrique Centrale francs (XAF) per US dollar - 447.81 (2008 est.), 481.83 (2007), 522.89 (2006), 527.47 (2005), 528.29 (2004)
note: since 1 January 1999, the Central African CFA franc (XAF) has been pegged to the euro at a rate of 655.957 CFA francs per euro; Central African CFA franc (XAF) coins and banknotes are not accepted in countries using West African CFA francs (XOF), and vice versa, even though the two currencies trade at par

Fiscal year

calendar year