| Economy | Gabon |
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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 economy was reliant on oil for about 50% of its GDP, about 70% of revenues, and 87% of goods exports for 2010,although some fields have passed their peak production. A rebound of oil prices from 1999 to 2008 helped growth, but declining production has hampered Gabon from fully realizing potential gains. Gabon signed a 14-month Stand-By Arrangement with the IMF in May 2007, and later that year issued a $1 billion sovereign bond to buy back a sizable portion of its Paris Club debt. Gabon continues to face fluctuating prices for its oil, timber, and manganese exports. Despite the abundance of natural wealth, poor fiscal management has stifled the economy. However, President BONGO has made efforts to increase transparency and is taking steps to make Gabon a more attractive investment destination to diversify the economy. BONGO intends to boost growth by increasing government investment in human resources and infrastructure. |
GDP (purchasing power parity):
|
$24.28 billion (2011 est.)
$23.05 billion (2010 est.)
$21.73 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$16,000 (2011 est.)
$15,400 (2010 est.)
$14,800 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
|
$16.7 billion (2011 est.) |
GDP - real growth rate:
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5.6% (2011 est.)
5.7% (2010 est.)
-1.4% (2009 est.) |
GDP - composition by sector:
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agriculture: 5.1%
industry: 53.9%
services: 41% (2011 est.) |
Investment (gross fixed):
|
27.5% of GDP (2011 est.) |
Population below poverty line:
|
NA% |
Household income or consumption by percentage share:
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lowest 10%: 2.5%
highest 10%: 32.7% (2005) |
Distribution of family income - Gini index:
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void |
Inflation rate (consumer prices):
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1.6% (2011 est.)
1.5% (2010 est.) |
Central bank discount rate:
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3% (31 December 2010 est.)
4.25% (31 December 2009 est.) |
Commercial bank prime lending rate:
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15% (31 December 2011 est.)
15% (31 December 2010 est.) |
Stock of money:
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$1.643 billion (31 December 2008)
$1.547 billion (31 December 2007) |
Stock of money - per capita:
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1,043 USD per capita |
Stock of quasi money:
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$777.8 million (31 December 2008)
$799.3 million (31 December 2007) |
Stock of quasi money - per capita:
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494 USD per capita |
Stock of domestic credit:
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$1.598 billion (31 December 2011 est.)
$1.351 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
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1,014 USD per capita |
Stock of narrow money:
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$2.339 billion (31 December 2011 est.)
$1.87 billion (31 December 2010 est.) |
Stock of broad money:
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$3.556 billion (31 December 2011 est.)
$2.83 billion (31 December 2010 est.) |
Labor force:
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728,100 (2011 est.) |
Labor force participation rate:
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46.18 % of population |
Labor force - by occupation:
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agriculture: 60%
industry: 15%
services: 25% (2000 est.) |
Unemployment rate:
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21% (2006 est.) |
Unemployment, youth ages 15-24:
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void |
Budget:
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revenues: $5.738 billion
expenditures: $4.493 billion (2011 est.) |
Budget revenues per capita:
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3,640 USD per capita |
Taxes and other revenues:
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34.4% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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7.5% of GDP (2011 est.) |
Public debt:
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18.3% of GDP (2011 est.)
20.9% of GDP (2010 est.) |
Industries:
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petroleum extraction and refining; manganese, gold; chemicals, ship repair, food and beverages, textiles, lumbering and plywood, cement |
Industrial production growth rate:
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4.8% (2010 est.) |
Electricity - production:
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1.963 billion kWh (2008 est.) |
Electricity - production per capita:
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1,246 kWh per capita |
Electricity - consumption:
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1.6 billion kWh (2008 est.) |
Electricity - consumption - per capita:
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1,015 kWh per capita |
Electricity - exports:
|
0 kWh (2009 est.) |
Electricity - imports:
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0 kWh (2009 est.) |
Oil - production:
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227,900 bbl/day (2010 est.) |
Oil - production per capita:
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144,546 bbl/day per capita |
Oil - consumption:
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18,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
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4.17 bbl/year per capita |
Oil - exports:
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213,500 bbl/day (2009 est.) |
Oil - imports:
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4,822 bbl/day (2009 est.) |
Oil - proved reserves:
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2 billion bbl (1 January 2011 est.) |
Natural gas - production:
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80 million cu m (2009 est.) |
Natural gas - production per capita:
|
51 cu m per capita |
Natural gas - consumption:
|
80 million cu m (2009 est.) |
Natural gas - consumption - per capita:
|
51 cu m per capita |
Natural gas - exports:
|
0 cu m (2009 est.) |
Natural gas - imports:
|
0 cu m (2009 est.) |
Natural gas - proved reserves:
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28.32 billion cu m (1 January 2011 est.) |
Agriculture - products:
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cocoa, coffee, sugar, palm oil, rubber; cattle; okoume (a tropical softwood); fish |
Current account balance:
|
$3.428 billion (2011 est.)
$3.516 billion (2010 est.) |
Current account balance - per capita:
|
2,175 USD per capita |
Exports:
|
$10.86 billion (2011 est.)
$9.371 billion (2010 est.) |
Exports per capita:
|
6,888 USD per capita |
Exports - commodities:
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crude oil 70%, timber, manganese, uranium |
Exports - partners:
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US 30.4%, China 12.7%, Australia 5.5%, Malaysia 5.3%, Trinidad and Tobago 4.4%, Spain 4.4% (2010) |
Imports:
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$3.239 billion (2011 est.)
$2.494 billion (2010 est.) |
Imports per capita:
|
2,055 USD per capita |
Imports - commodities:
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machinery and equipment, foodstuffs, chemicals, construction materials |
Imports - partners:
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France 29.4%, US 9.9%, China 9.2%, Belgium 5.2%, Cameroon 5.1%, Netherlands 4.2% (2010) |
Reserves of foreign exchange and gold:
|
$2.462 billion (31 December 2011 est.)
$1.746 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
|
1,562 USD per capita |
Debt - external:
|
$2.365 billion (31 December 2011 est.)
$2.247 billion (31 December 2010 est.) |
Debt - external - per capita:
|
1,501 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
$NA |
Market value of publicly traded shares - per capita:
|
void |
Currency (code):
|
Communaute Financiere Africaine franc (XAF); note - responsible authority is the Bank of the Central African States |
Exchange rates:
|
Cooperation Financiere en Afrique Centrale francs per US dollar -
465.2 (2011 est.)
495.28 (2010 est.)
472.19 (2009)
447.81 (2008)
481.83 (2007) |
Fiscal year:
|
calendar year |
|
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