Gabon Economy - 2024

Economic overview

natural resource-rich, upper-middle-income, Central African economy; sparsely populated but high urbanization; young labor force; oil, manganese, and rubber exporter; foreign investment dependent; data integrity issue on poverty and income

Real GDP (purchasing power parity)

$32.34 billion (2021 est.)
$31.874 billion (2020 est.)
$32.471 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

1.46% (2021 est.)
-1.84% (2020 est.)
3.92% (2019 est.)

Real GDP per capita

$13,800 (2021 est.)
$13,900 (2020 est.)
$14,500 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$16.064 billion (2019 est.)

Inflation rate (consumer prices)

1.18% (2020 est.)
2.46% (2019 est.)
4.75% (2018 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

3.2% (2021 est.)

Labor force

718,400 (2021 est.)

Unemployment rate

22.26% (2021 est.)
21.97% (2020 est.)
20.74% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 38.4% (2021 est.)

male: 33.7%

female: 44.4%

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)

Remittances

0.12% of GDP (2020 est.)
0.11% of GDP (2019 est.)
0.11% of GDP (2018 est.)

Budget

revenues: $3.296 billion (2019 est.)

expenditures: $2.937 billion (2019 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

11.48% (of GDP) (2019 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 (2021)

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

$1.372 billion (31 December 2019 est.)
$1.321 billion (31 December 2018 est.)
$965.054 million (31 December 2017 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 -

Exchange rates:
554.531 (2021 est.)
575.586 (2020 est.)
585.911 (2019 est.)
555.446 (2018 est.)
580.657 (2017 est.)