Gabon Economy - 2022

GEOGRAPHICAL NAMES 

Economic 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.

Real GDP (purchasing power parity)

$32.05 billion (2020 est.)

$32.48 billion (2019 est.)

$31.25 billion (2018 est.)

note: data are in 2017 dollars

Real GDP growth rate

0.5% (2017 est.)

2.1% (2016 est.)

3.9% (2015 est.)

Real GDP per capita

$14,400 (2020 est.)

$15,000 (2019 est.)

$14,700 (2018 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$16.064 billion (2019 est.)

Inflation rate (consumer prices)

2.4% (2019 est.)

4.7% (2018 est.)

2.6% (2017 est.)

Credit ratings

Fitch rating: CCC (2020)

Moody's rating: Caa1 (2018)

Standard & Poors rating: N/A (2016)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 5% (2017 est.)

industry: 44.7% (2017 est.)

services: 50.4% (2017 est.)

GDP - composition, by end use

household consumption: 37.6% (2017 est.)

government consumption: 14.1% (2017 est.)

investment in fixed capital: 29% (2017 est.)

investment in inventories: -0.6% (2016 est.)

exports of goods and services: 46.7% (2017 est.)

imports of goods and services: -26.8% (2017 est.)

Agricultural products

plantains, cassava, sugar cane, yams, taro, vegetables, maize, groundnuts, game meat, rubber

Industries

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

Industrial production growth rate

1.8% (2017 est.)

Labor force

557,800 (2017 est.)

Labor force - by occupation

agriculture: 64%

industry: 12%

services: 24% (2005 est.)

Unemployment rate

28% (2015 est.)

20.4% (2014 est.)

Population below poverty line

33.4% (2017 est.)

Gini Index coefficient - distribution of family income

38 (2017 est.)

Household income or consumption by percentage share

lowest 10%: 2.5%

highest 10%: 32.7% (2005)

Budget

revenues: 2.634 billion (2017 est.)

expenditures: 2.914 billion (2017 est.)

Budget surplus (+) or deficit (-)

-1.9% (of GDP) (2017 est.)

Public debt

62.7% of GDP (2017 est.)

64.2% of GDP (2016 est.)

Taxes and other revenues

17.6% (of GDP) (2017 est.)

Fiscal year

calendar year

Current account balance

-$725 million (2017 est.)

-$1.389 billion (2016 est.)

Exports

$10.8 billion (2019 est.)

$9.533 billion (2018 est.)

$9.145 billion (2017 est.)

Exports - partners

China 63%, Singapore 5% (2019)

Exports - commodities

crude petroleum, manganese, lumber, veneer sheeting, refined petroleum (2019)

Imports

$5.02 billion (2019 est.)

$4.722 billion (2018 est.)

$4.749 billion (2017 est.)

Imports - partners

France 22%, China 17%, Belgium 6%, United States 6%, United Arab Emirates 5% (2019)

Imports - commodities

poultry meats, excavation machinery, packaged medicines, cars, rice (2019)

Reserves of foreign exchange and gold

$981.6 million (31 December 2017 est.)

$804.1 million (31 December 2016 est.)

Debt - external

$6.49 billion (31 December 2017 est.)

$5.321 billion (31 December 2016 est.)

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: The information regarding Gabon on this page is re-published from the 2022 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Gabon 2022 information contained here. All suggestions for corrections of any errors about Gabon 2022 should be addressed to the CIA or the source cited on each page.