Gabon Economy

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.

Gabon Economy Data

What is the GDP of Gabon?

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%
Inflation Rate -1.3%
Labor Force 712,000
Labor Force By Occupation- agriculture 60%
Labor Force By Occupation- industry 15%
Labor Force By Occupation- services 25%
Unemployment Rate 21%
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%

Labor Force by Occupation- As reported by Gabon

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