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 2014, oil accounted for approximately 80% of Gabon’s exports, 45% of its GDP, and 60% of its state budget revenues.Gabon faces fluctuating 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 in 2015 as oil prices declined. Low oil prices also weakened government revenue and negatively affected the trade and current account balances.Despite an abundance of natural wealth, poor fiscal management and over-reliance on oil has stifled the economy. There are frequent power cuts and water shortages. 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 has attempted to boost growth by increasing government investment in human resources and infrastructure.

GDP (purchasing power parity):
$36.22 billion (2016 est.) $35.1 billion (2015 est.) $33.75 billion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 123
[see also: GDP country ranks ]

GDP (official exchange rate):
$14.56 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3.2% (2016 est.) 4% (2015 est.) 4.3% (2014 est.)
country comparison to the world: 89
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$19,300 (2016 est.) $18,900 (2015 est.) $18,500 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 89
[see also: GDP - per capita country ranks ]

Gross national saving:
30.4% of GDP (2016 est.) 33.9% of GDP (2015 est.) 42.9% of GDP (2014 est.)
country comparison to the world: 26
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 40.8%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 15.8%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 31.1%
[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: 39.8%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -27.6% (2016 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: 46.4%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 49.1% (2016 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:
-1.5% (2016 est.)
country comparison to the world: 185
[see also: Industrial production growth rate country ranks ]

Labor force:
674,700 (2016 est.)
country comparison to the world: 153
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 60%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 15%
[see also: Labor force - by occupation - industry country ranks ]
services: 25% (2000 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
21% (2006 est.)
country comparison to the world: 172
[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%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 32.7% (2005)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Budget:
revenues: $2.917 billion
[see also: Budget revenues country ranks ]
expenditures: $3.464 billion (2016 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
20% of GDP (2016 est.)
country comparison to the world: 155
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-3.8% of GDP (2016 est.)
country comparison to the world: 129
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
43.5% of GDP (2016 est.) 39.3% of GDP (2015 est.)
country comparison to the world: 106
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
1.1% (2016 est.) 0.6% (2015 est.)
country comparison to the world: 73
[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: 103
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
15.5% (31 December 2016 est.) 15.3% (31 December 2015 est.)
country comparison to the world: 36
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$2.314 billion (31 December 2016 est.) $2.251 billion (31 December 2015 est.)
country comparison to the world: 124
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$4.545 billion (31 December 2014 est.) $4.421 billion (31 December 2013 est.)
country comparison to the world: 132
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$2.425 billion (31 December 2016 est.) $2.382 billion (31 December 2015 est.)
country comparison to the world: 135
[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:
-$767 million (2016 est.) -$326 million (2015 est.)
country comparison to the world: 114
[see also: Current account balance country ranks ]

Exports:
$4.395 billion (2016 est.) $5.181 billion (2015 est.)
country comparison to the world: 110
[see also: Exports country ranks ]

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

Exports - partners:
China 15.5%, Italy 7.3%, Trinidad and Tobago 7.2%, Australia 7%, Spain 6.3%, South Korea 5.4%, Netherlands 5%, US 4.7% (2015)

Imports:
$3.002 billion (2016 est.) $3.061 billion (2015 est.)
country comparison to the world: 142
[see also: Imports country ranks ]

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

Imports - partners:
China 21.4%, France 19.6%, US 6.6%, Benin 4.7%, Netherlands 4% (2015)

Reserves of foreign exchange and gold:
$1.585 billion (31 December 2016 est.) $1.878 billion (31 December 2015 est.)
country comparison to the world: 122
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$5.158 billion (31 December 2016 est.) $4.883 billion (31 December 2015 est.)
country comparison to the world: 131
[see also: Debt - external country ranks ]

Exchange rates:
Cooperation Financiere en Afrique Centrale francs (XAF) per US dollar - 590.8 (2016 est.) 591.45 (2015 est.) 591.45 (2014 est.) 494.42 (2013 est.) 510.53 (2012 est.)