Overview: Notwithstanding its serious ongoing economic problems, Gabon enjoys a per capita income more than twice that of most nations of sub-Saharan Africa. Gabon depended on timber and manganese until oil was discovered offshore in the early 1970s. The oil sector now accounts for 50% of GNP. Real growth was feeble in 1992 and Gabon continues to face weak prices for its timber, manganese, and uranium exports. Despite an abundance of natural wealth, and a manageable rate of population growth, the economy is hobbled by poor fiscal management. In 1992, the fiscal deficit widened to 2.4% of GDP, and Gabon failed to settled arrears on its bilateral debt, leading to a cancellation of rescheduling agreements with official and private creditors. Devaluation of the local currency by 50% in January 1994 could set off an inflationary spiral if the government fails to reign in spending and grants large wage increases to an already overpaid public sector workforce.

National product: GDP - purchasing power equivalent - $5.4 billion (1993 est.)

National product real growth rate: 0.5% (1992 est.)

National product per capita: $4,800 (1993 est.)

Inflation rate (consumer prices): 0.7% (1991 est.)

Unemployment rate: NA%

Budget:
revenues: $1.3 billion
expenditures: $1.5 billion, including capital expenditures of $272 million (1992 est.)

Exports: $2.3 billion (f.o.b., 1992 est)
commodities: crude oil 80%, timber 9%, manganese 7%, uranium 2%
partners: France 48%, US 15%, Germany 2%, Japan 2%

Imports: $702 million (c.i.f., 1992 est.)
commodities: foodstuffs, chemical products, petroleum products, construction materials, manufactures, machinery
partners: France 64%, African countries 7%, US 5%, Japan 3%

External debt: $4.4 billion (1991)

Industrial production: growth rate -10% (1988 est.); accounts for 8% of GDP, including petroleum

Electricity:
capacity: 315,000 kW
production: 995 million kWh
consumption per capita: 920 kWh (1991)

Industries: petroleum, food and beverages, lumbering and plywood, textiles, mining - manganese, uranium, gold, cement

Agriculture: accounts for 9% of GDP (including fishing and forestry); cash crops - cocoa, coffee, palm oil; livestock not developed; importer of food; small fishing operations provide a catch of about 20,000 metric tons; okoume (a tropical softwood) is the most important timber product

Economic aid:
recipient: US commitments, including Ex-Im (FY70-90), $68 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-90), $2.342 billion; Communist countries (1970-89), $27 million

Currency: 1 CFA franc (CFAF) = 100 centimes
Exchange rates: Communaute Financiere Africaine francs (CFAF) per US$1 - 592.05 (January 1994), 283.16 (1993), 264.69 (1992), 282.11 (1991), 272.26 (1990), 319.01 (1989)
note: beginning 12 January 1994, the CFA franc was devalued to CFAF 100 per French franc from CFAF 50 at which it had been fixed since 1948

Fiscal year: calendar year

NOTE: The information regarding Gabon on this page is re-published from the 1995 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Gabon Economy 1995 information contained here. All suggestions for corrections of any errors about Gabon Economy 1995 should be addressed to the CIA.