Economy - overview Gabon enjoys a per capita income four times that of most nations of sub-Saharan Africa. This has supported a sharp decline in extreme poverty; yet 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 50% of GDP. Gabon continues to face fluctuating prices for its oil, timber, manganese, and uranium exports. Despite the abundance of natural wealth, the economy is hobbled by poor fiscal management. In 1992, the fiscal deficit widened to 2.4% of GDP, and Gabon failed to settle arrears on its bilateral debt, leading to a cancellation of rescheduling agreements with official and private creditors. Devaluation of its Francophone currency by 50% on 12 January 1994 sparked a one-time inflationary surge, to 35%; the rate dropped to 6% in 1996. The IMF provided a one-year standby arrangement in 1994-95 and a three-year Enhanced Financing Facility (EFF) at near commercial rates beginning in late 1995. Those agreements mandate progress in privatization and fiscal discipline. France provided additional financial support in January 1997 after Gabon had met IMF targets for mid-1996. 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 in 1999 helped growth, but drops in production hampered Gabon from fully realizing potential gains. With support from higher oil prices, growth will move up in 2000-01.
GDP purchasing power parity - $7.9 billion (1999 est.)
GDP - real growth rate 1.7% (1999 est.)
GDP - per capita purchasing power parity - $6,500 (1999 est.)
GDP - composition by sector agriculture:10%
industry:60%
services:30% (1999 est.)
Population below poverty line NA%
Household income or consumption by percentage share lowest 10%:NA%
highest 10%:NA%
Inflation rate (consumer prices) 2.9% (1999 est.)
Labor force 600,000
Labor force - by occupation agriculture 60%, services and government 25%, industry and commerce 15%
Unemployment rate 21% (1997 est.)
Budget revenues:$1.5 billion
expenditures:$1.3 billion, including capital expenditures of $302 million (1996 est.)
Industries food and beverage; textile; lumbering and plywood; cement; petroleum extraction and refining; manganese, uranium, and gold mining; chemicals; ship repair
Industrial production growth rate 2.3% (1995)
Electricity - production 1.025 billion kWh (1998)
Electricity - production by source fossil fuel:27.8%
hydro:72.2%
nuclear:0%
other:0% (1998)
Electricity - consumption 953 million kWh (1998)
Electricity - exports 0 kWh (1998)
Electricity - imports 0 kWh (1998)
Agriculture - products cocoa, coffee, sugar, palm oil, rubber; cattle; okoume (a tropical softwood); fish
Exports $2.4 billion (f.o.b., 1999 est.)
Exports - commodities crude oil 75%, timber, manganese, uranium (1998)
Exports - partners US 68%, China 9%, France 8%, Japan 3% (1998)
Imports $1.2 billion (f.o.b., 1999 est.)
Imports - commodities machinery and equipment, foodstuffs, chemicals, petroleum products, construction materials
Imports - partners France 39%, US 6%, Cameroon 5%, Netherlands 5%, Cote d'Ivoire, Japan (1998)
Debt - external $4.6 billion (1999 est.)
Economic aid - recipient $331 million (1995)
Currency 1 Communaute Financiere Africaine franc (CFAF) = 100 centimes
Exchange rates Communaute Financiere Africaine francs (CFAF) per US$1 - 647.25 (January 2000), 615.70 (1999), 589.95 (1998), 583.67 (1997), 511.55 (1996), 499.15 (1995)
note:since 1 January 1999, the CFAF is pegged to the euro at a rate of 655.957 CFA francs per euro |
