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Gabon Economy Profile 2017

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Economy - overviewGabon 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 2016, 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. Significant cuts in budget expenditures -- Gabon’s budget has contracted for four years in a row -- have not extended to the government’s priority projects, like a new stadium for the Africa Cup of Nations.
GDP (purchasing power parity)$35.98 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 (2016 est.)
GDP - real growth rate2.5% (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 saving28.2% of GDP (2016 est.)
35.4% 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 sectoragriculture: 4.5%
industry: 46.4%
services: 49.1% (2016 est.)
Population below poverty lineNA% (2015 est.)
Labor force674,700 (2016 est.)
Labor force - by occupationagriculture: 64%
industry: 12%
services: 24% (2005 est.)
Unemployment rate28% (2015 est.)
20.4% (2014 est.)
Unemployment, youth ages 15-24total: 35.7%
male: 30.6%
female: 41.9% (2010 est.)
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.)
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
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.)
Current Account Balance-$1.279 billion (2016 est.)
-$779 million (2015 est.)
Exports$4.395 billion (2016 est.)
$5.181 billion (2015 est.)
Exports - commoditiescrude oil, timber, manganese, uranium
Exports - partnersChina 15.6%, Italy 7.4%, Trinidad and Tobago 7.2%, Australia 7.1%, Spain 6.4%, South Korea 5.5%, Netherlands 5%, US 4.8% (2015)
Imports$3.002 billion (2016 est.)
$3.061 billion (2015 est.)
Imports - commoditiesmachinery and equipment, foodstuffs, chemicals, construction materials
Imports - partnersChina 21.5%, France 19.7%, 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.)
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on July 9, 2017

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