Page last updated on June 22, 2014

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 ONDIMBA has made efforts to increase transparency and is taking steps to make Gabon a more attractive investment destination to diversify the economy. BONGO ONDIMBA has attempted to boost growth by increasing government investment in human resources and infrastructure. GDP grew more than 6% per year over the 2010-13 period.

GDP (purchasing power parity):
$30.06 billion (2013 est.)
country comparison to the world: 113
$28.19 billion (2012 est.)
$26.7 billion (2011 est.)
note: data are in 2013 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$19.97 billion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
6.6% (2013 est.)
country comparison to the world: 28
5.6% (2012 est.)
7.1% (2011 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$19,200 (2013 est.)
country comparison to the world: 72
$18,300 (2012 est.)
$17,600 (2011 est.)
note: data are in 2013 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
44.7% of GDP (2013 est.)
country comparison to the world: 8
47.1% of GDP (2012 est.)
44.9% of GDP (2011 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 39.1%
government consumption: 10.5%
investment in fixed capital: 33.7%
investment in inventories: 0%
exports of goods and services: 58.1%
imports of goods and services: -41.4%
(2013 est.)

GDP - composition, by sector of origin:
agriculture: 3.6%
industry: 63.9%
services: 32.5% (2013 est.)

Agriculture - products:
cocoa, coffee, sugar, palm oil, rubber; cattle; okoume (a tropical softwood); fish

Industries:
petroleum extraction and refining; manganese, gold; chemicals, ship repair, food and beverages, textiles, lumbering and plywood, cement

Industrial production growth rate:
4.4% (2013 est.)
country comparison to the world: 65
[see also: Industrial production growth rate country ranks ]

Labor force:
629,100 (2013 est.)
country comparison to the world: 155
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 60%
industry: 15%
services: 25% (2000 est.)

Unemployment rate:
21% (2006 est.)
country comparison to the world: 165
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.5%
highest 10%: 32.7% (2005)

Budget:
revenues: $5.031 billion
expenditures: $6.599 billion (2013 est.)

Taxes and other revenues:
25.2% of GDP (2013 est.)
country comparison to the world: 122
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-7.9% of GDP (2013 est.)
country comparison to the world: 192
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
23.2% of GDP (2013 est.)
country comparison to the world: 132
22.2% of GDP (2012 est.)
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
1.2% (2013 est.)
country comparison to the world: 33
2.7% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
3% (31 December 2010 est.)
country comparison to the world: 86
4.25% (31 December 2009 est.)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
15% (31 December 2013 est.)
country comparison to the world: 39
15% (31 December 2012 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$2.497 billion (31 December 2013 est.)
country comparison to the world: 119
$2.552 billion (31 December 2012 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$3.973 billion (31 December 2013 est.)
country comparison to the world: 138
$3.908 billion (31 December 2012 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$1.7 billion (31 December 2013 est.)
country comparison to the world: 135
$1.672 billion (31 December 2012 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$1.783 billion (2013 est.)
country comparison to the world: 44
$2.687 billion (2012 est.)
[see also: Current account balance country ranks ]

Exports:
$9.777 billion (2013 est.)
country comparison to the world: 98
$10.2 billion (2012 est.)
[see also: Exports country ranks ]

Exports - commodities:
crude oil, timber, manganese, uranium

Exports - partners:
Japan 24.1%, US 17%, Australia 11.3%, India 7.4%, China 5.4%, Spain 4.1% (2012)

Imports:
$3.934 billion (2013 est.)
country comparison to the world: 139
$3.638 billion (2012 est.)
[see also: Imports country ranks ]

Imports - commodities:
machinery and equipment, foodstuffs, chemicals, construction materials

Imports - partners:
France 28.2%, China 12.6%, US 9.4%, Belgium 5.8%, Cameroon 4.3% (2012)

Reserves of foreign exchange and gold:
$2.47 billion (31 December 2013 est.)
country comparison to the world: 116
$2.373 billion (31 December 2012 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$3.433 billion (31 December 2013 est.)
country comparison to the world: 130
$3.196 billion (31 December 2012 est.)
[see also: Debt - external country ranks ]

Exchange rates:
Cooperation Financiere en Afrique Centrale francs (XAF) per US dollar -
504.9 (2013 est.)
510.53 (2012 est.)
495.28 (2010 est.)
472.19 (2009)
447.81 (2008)