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Gabon:
Economy

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Economy - overview
Definition
Gabon enjoys a per capita income four times that of most of 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 oil sector now accounts for 50% of GDP. Gabon continues to face fluctuating prices for its oil, timber, and manganese exports. Despite the abundance of natural wealth, poor fiscal management hobbles the economy. The devaluation of the CFA franc - its currency - by 50% in 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, a three-year Enhanced Financing Facility (EFF) at near commercial rates beginning in late 1995, and stand-by credit of $119 million in October 2000. Those agreements mandated progress in privatization and fiscal discipline. France provided additional financial support in January 1997 after Gabon 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 since 1999 have helped growth, but drops in production have hampered Gabon from fully realizing potential gains, and will continue to temper the gains for most of this decade. In December 2000, Gabon signed a new agreement with the Paris Club to reschedule its official debt. A follow-up bilateral repayment agreement with the US was signed in December 2001. Gabon signed a 14-month Stand-By Arrangement with the IMF in May 2004, and received Paris Club debt rescheduling later that year. Short-term progress depends on an upbeat world economy and fiscal and other adjustments in line with IMF policies.
GDP (purchasing power parity)
Definition - World rank and map
$20.18 billion (2007 est.)
GDP (official exchange rate)
Definition
$11.3 billion (2007 est.)
GDP - real growth rate
Definition - World rank and map
5.6% (2007 est.)
GDP - per capita
Definition - World rank and map
$14,100 (2007 est.)
GDP - composition by sector
Definition
agriculture: 5.8%
industry: 58.2%
services: 36% (2007 est.)
Labor force
Definition
582,000 (2007 est.)
Labor force - by occupation
Definition
agriculture: 60%
industry: 15%
services: 25%
Unemployment rate
Definition - World rank and map
21% (2006 est.)
Population below poverty line
Definition
NA%
Household income or consumption by percentage share
Definition
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices)
Definition - World rank and map
5% (2007 est.)
Investment (gross fixed)
Definition - World rank and map
24.2% of GDP (2007 est.)
Budget
Definition
revenues: $3.534 billion
expenditures: $2.347 billion (2007 est.)
Public debt
Definition - World rank and map
50% of GDP (2007 est.)
Agriculture - products
Definition
cocoa, coffee, sugar, palm oil, rubber; cattle; okoume (a tropical softwood); fish
Industries
Definition
petroleum extraction and refining; manganese, gold; chemicals, ship repair, food and beverages, textiles, lumbering and plywood, cement
Industrial production growth rate
Definition - World rank and map
5.2% (2007 est.)
Electricity - production
Definition - World rank and map
1.52 billion kWh (2005)
Electricity - consumption
Definition - World rank and map
1.241 billion kWh (2005)
Electricity - consumption per capita
Definition - World rank and map
835.3 kWh (2005)
Electricity - exports
Definition
0 kWh (2005)
Electricity - imports
Definition
0 kWh (2005)
Oil - production
Definition - World rank and map
266,000 bbl/day (2005 est.)
Oil - consumption
Definition - World rank and map
13,000 bbl/day (2005 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
8.7 bbl/day (2005 est.)
Oil - exports
Definition - World rank and map
228,000 bbl/day (2004)
Oil - imports
Definition - World rank and map
2,436 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
1.748 billion bbl (2007 est.)
Natural gas - production
Definition - World rank and map
95.91 million cu m (2005 est.)
Natural gas - consumption
Definition - World rank and map
95.91 million cu m (2005 est.)
Natural gas - consumption per capita
Definition - World rank and map
65 cu m (2005 est.)
Natural gas - exports
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
0 cu m (2005)
Natural gas - proved reserves
Definition - World rank and map
32.59 billion cu m (1 January 2006 est.)
Current account balance
Definition - World rank and map
$1.45 billion (2007 est.)
Exports
Definition - World rank and map
$6.952 billion f.o.b. (2007 est.)
Exports - commodities
Definition
crude oil 77%, timber, manganese, uranium (2001)
Exports - partners
Definition
US 31.5%, China 15.1%, France 9.1%, Malaysia 5.8%, Trinidad and Tobago 4.8% (2006)
Imports
Definition - World rank and map
$2.107 billion f.o.b. (2007 est.)
Imports - commodities
Definition
machinery and equipment, foodstuffs, chemicals, construction materials
Imports - partners
Definition
France 28.1%, US 19.3%, Belgium 5.3%, Netherlands 4.8%, China 4.1% (2006)
Reserves of foreign exchange and gold
Definition - World rank and map
$1.236 billion (31 December 2007 est.)
Debt - external
Definition - World rank and map
$4.895 billion (31 December 2007 est.)
Market value of publicly traded shares
Definition
$NA
Economic aid - recipient
Definition
$53.87 million (2005)
Currency (code)
Definition
Communaute Financiere Africaine franc (XAF); note - responsible authority is the Bank of the Central African States
Exchange rates
Definition
Communaute Financiere Africaine francs (XAF) per US dollar - 481.83 (2007), 522.89 (2006), 527.47 (2005), 528.29 (2004), 581.2 (2003)
Fiscal year
Definition
calendar year


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