Is Gabon a rich country?
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 2016, oil accounted for approximately 80% of Gabon’s exports, 45% of its GDP, and 60% of its state budget revenues.
Gabon faces fluctuating international 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 from 2014 to just 1% in 2017 as oil prices declined. Low oil prices also weakened government revenue and negatively affected the trade and current account balances. In the wake of lower revenue, Gabon signed a 3-year agreement with the IMF in June 2017.
Despite an abundance of natural wealth, poor fiscal management and over-reliance on oil has stifled the economy. Power cuts and water shortages are frequent. Gabon is reliant on imports and the government heavily subsidizes commodities, including food, but will be hard pressed to tamp down public frustration with unemployment and corruption.
What is the GDP of Gabon?
|Currency Name and Code||CFA Franc BEAC (XAF)|
|GDP - Gross Domestic Product (PPP)||$32,910,000,000 (USD)|
|GDP - official exchange rate||$13,800,000,000 (USD)|
|GDP - real growth rate||3.5%|
|GDP Per Capita||$21,700.00 (USD)|
|GDP by Sector- agriculture||3.7%|
|GDP by Sector- Industry||39.1%|
|GDP by Sector- services||57.2%|
|GDP - composition, by end use||
household consumption: 43.8%
government consumption: 21%
investment in fixed capital: 27.2%
investment in inventories: 3%
exports of goods and services: 38%
imports of goods and services: -33%
|Labor Force By Occupation- agriculture||60%|
|Labor Force By Occupation- industry||15%|
|Labor Force By Occupation- services||25%|
|Fiscal Year||calendar year|
|Annual Budget||$3,557,000,000 (USD)|
|Budget Surplus or Deficit - percent of GDP||-7.9%|
|Public Debt (% of GDP)||29.5%|
|Taxes and other revenues - percent of GDP||25.2%|
|Major Industries||petroleum extraction and refining; manganese, and gold mining; chemicals; ship repair; food and beverage; textile; lumbering and plywood; cement|
|Industrial Growth Rate||4.8%|
|Agriculture Products||cocoa, coffee, sugar, palm oil, rubber; cattle; okoume (a tropical softwood); fish|
|Commercial Bank Prime Lending Rate||15%|