Gabon Economy 2018, CIA World Factbook
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Gabon Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Gabon Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

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 relied on timber and manganese exports until oil was discovered offshore in the early 1970s. From 2010 to 2016, oil accounted for approximately 80% of Gabon’s exports, 45% of its GDP, and 60% of its state budget revenues.Gabon faces fluctuating international prices for its oil, timber, and manganese exports. A rebound of oil prices from 2001 to 2013 helped growth, but declining production, as some fields passed their peak production, has hampered Gabon from fully realizing potential gains. GDP grew nearly 6% per year over the 2010-14 period, but slowed significantly from 2014 to just 1% in 2017 as oil prices declined. Low oil prices also weakened government revenue and negatively affected the trade and current account balances. In the wake of lower revenue, Gabon signed a 3-year agreement with the IMF in June 2017.Despite an abundance of natural wealth, poor fiscal management and over-reliance on oil has stifled the economy. Power cuts and water shortages are frequent. Gabon is reliant on imports and the government heavily subsidizes commodities, including food, but will be hard pressed to tamp down public frustration with unemployment and corruption.

GDP (purchasing power parity):
$36.75 billion (2017 est.) $36.4 billion (2016 est.) $35.66 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 124

GDP (official exchange rate):
$14.47 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
1% (2017 est.) 2.1% (2016 est.) 3.9% (2015 est.)
country comparison to the world: 188
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$19,300 (2017 est.) $19,400 (2016 est.) $19,200 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 91

Gross national saving:
24.6% of GDP (2017 est.) 24% of GDP (2016 est.) 29.3% of GDP (2015 est.)
country comparison to the world: 54
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 39.9%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 15.5%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 28.3%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.1%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 45.2%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -28.9% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 4.5%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 44%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 51.5% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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:
2% (2017 est.)
country comparison to the world: 130
[see also: Industrial production growth rate country ranks ]

Labor force:
557,800 (2017 est.)
country comparison to the world: 156
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 64%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 12%
[see also: Labor force - by occupation - industry country ranks ]
services: 24% (2005 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
28% (2015 est.) 20.4% (2014 est.)
country comparison to the world: 199
[see also: Unemployment rate country ranks ]

Population below poverty line:
34.3% (2015 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.5%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 32.7% (2005)

Budget:
revenues: $3.122 billion
[see also: Budget - revenues country ranks ]
expenditures: $3.991 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
21.6% of GDP (2017 est.)
country comparison to the world: 138
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-6% of GDP (2017 est.)
country comparison to the world: 175
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
42.8% of GDP (2017 est.) 42.6% of GDP (2016 est.)
country comparison to the world: 127
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
2.5% (2017 est.) 2.1% (2016 est.)
country comparison to the world: 112
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
3% (31 December 2010) 4.25% (31 December 2009)
country comparison to the world: 109
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
15.5% (31 December 2017 est.) 15.5% (31 December 2016 est.)
country comparison to the world: 39
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$2.17 billion (31 December 2017 est.) $2.053 billion (31 December 2016 est.)
country comparison to the world: 130
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$3.372 billion (31 December 2017 est.) $3.207 billion (31 December 2016 est.)
country comparison to the world: 142
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$2.915 billion (31 December 2017 est.) $3.097 billion (31 December 2016 est.)
country comparison to the world: 140
[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:
-$1.348 billion (2017 est.) -$1.432 billion (2016 est.)
country comparison to the world: 141
[see also: Current account balance country ranks ]

Exports:
$5.078 billion (2017 est.) $4.364 billion (2016 est.)
country comparison to the world: 109
[see also: Exports country ranks ]

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

Exports - partners:
US 45.7%, China 14.6%, South Korea 6.6%, Ireland 5.5%, Italy 5.1% (2016)

Imports:
$3.224 billion (2017 est.) $3.19 billion (2016 est.)
country comparison to the world: 142
[see also: Imports country ranks ]

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

Imports - partners:
France 24.7%, Belgium 14.7%, China 12.8%, Australia 6.7% (2016)

Reserves of foreign exchange and gold:
$834.9 million (31 December 2017 est.) $804.1 million (31 December 2016 est.)
country comparison to the world: 131
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$5.599 billion (31 December 2017 est.) $5.321 billion (31 December 2016 est.)
country comparison to the world: 132
[see also: Debt - external country ranks ]

Exchange rates:
Cooperation Financiere en Afrique Centrale francs (XAF) per US dollar - 605.3 (2017 est.) 593.01 (2016 est.) 593.01 (2015 est.) 591.45 (2014 est.) 494.42 (2013 est.)


NOTE: 1) The information regarding Gabon on this page is re-published from the 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Gabon Economy 2018 information contained here. All suggestions for corrections of any errors about Gabon Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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