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Economy of Gabon

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Economy of Gabon
Libreville is the capital and financial center of Gabon
Currency1 Central African CFA franc (XAF) = 100 centimes
calendar year
Trade organisations
AU, AfCFTA, WTO
Country group
Statistics
PopulationNeutral increase 2,484,789 (2023)[3]
GDP
  • Increase $21.013 billion (nominal, 2024)[4]
  • Increase $54.47 billion (PPP, 2024)[4]
GDP rank
GDP growth
  • 3% (2022) 2.4% (2023)
  • 3.1% (2024e) 2.6% (2025f)[5]
GDP per capita
  • Increase $9,257 (nominal, 2024 est.)[4]
  • Increase $24,129 (PPP, 2024 est.)[4]
GDP per capita rank
GDP by sector
agriculture: 4.5%; industry: 62.7%; services: 32.8% (2010 est.)
2.1% (2024)[4]
Population below poverty line
  • Negative increase 33.4% (2017)[6]
  • Positive decrease 32.2% on less than $5.50/day (2017)[7]
Labour force
771,230 (2023 est.)
Labour force by occupation
agriculture: 60%; industry: 15%; services: 25% (2000 est.)[8]
Unemployment20.36% (2023 est.)
Main industries
petroleum extraction and refining; manganese, gold; chemicals, ship repair, food and beverages, textiles, lumbering and plywood, cement[8]
External
Exports$12.935 billion (2022 est.)[8]
Export goods
crude oil 70%, timber, manganese[8]
Main export partners
Imports$3.499 billion (2022 est.)[8]
Import goods
machinery and equipment, foodstuffs, chemicals, construction materials
Main import partners
$6.06 billion (2022 est.)
Public finances
73.3% of GDP (2024 est.)
Revenues$2.939 billion (2021 est.)
Expenses$2.732 billion (2021 est.)
Economic aidrecipient: $331 million (1995)
$1.372 billion (2019 est.)
All values, unless otherwise stated, are in US dollars.

The economy of Gabon is characterized by strong links with France, large foreign investments, dependence on skilled foreign labor, and decline of agriculture.[11] Gabon on paper enjoys a per capita income four times that of most nations of Africa, but its reliance on resource extraction industry fail to release much of the population from extreme poverty, as much of 30% of the population lives under the poverty threshold (Many Foreign Guest Workers).

Resources

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The country is rich in natural resources such as timber, manganese and oil. The country is the fifth largest oil producing nation in Africa, which has helped drive its strong growth in the later 20th century.[12]

The oil sector now accounts for 50% of GDP and 80% of exports. Although there have been recent offshore finds,[13][14] oil production is now declining from its peak of 370,000 barrels per day (59,000 m3/d) in 1997, and periods of low oil prices have had a negative impact on government revenues and the economy. In 2012 there were six active oil rigs in Gabon.[15]

As of 2023, Gabon produces about 200,000 barrels a day (bpd) of crude oil.[16]

The government has plans to diversify its economy away from its dwindling oil reserves.[12] The government announced in 2012 that it would reassess exactly how much iron ore the Belinga site contains before awarding the concession to a mining company, most likely to be China's CMEC, which temporarily secured the rights to the ore in 2007.[17]

Around 80% of Gabonese live in cities. The capital city, Libreville is home to 59% of the total population. The remainder of the country is still sparsely populated, as those areas remain densely forested.[12]

Statistics

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GDP - composition by sector:
agriculture: 5.7%
industry: 57.2%
services: 37% (2008 est.)

Population below poverty line: NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices): 5% (2008 est.)

Labour force: 592,000 (2008 est.)

Labour force - by occupation: agriculture 60%, services and government 25%, industry and commerce 15% (2000 est.)

Unemployment rate: 21% (2006 est.)

Budget:
revenues: $4.46 billion
expenditures: $2.75 billion (2008 est.)

Industries: food and beverage; textile; lumbering and plywood; cement; petroleum extraction and refining; manganese, uranium, and gold mining; chemical production; ship repair

Industrial production growth rate: 1.5% (2008)

Oil - production 244,000 bbl/d (38,800 m3/d) (2007 est.)

Oil - consumption 13,170 bbl/d (2,094 m3/d) (2007 est.)

Oil - exports 255,000 bbl/d (40,500 m3/d) (2005 est.)

Oil - imports 2,485 bbl/d (395.1 m3/d) (2005 est.)

Oil - proven reserves 2 billion barrels (320×10^6 m3) (1 January 2008 est.)

Natural gas - production 100 million cu m (2006 est.)

Natural gas - consumption 100 million cu m (2006 est.)

Natural gas - exports 0 cu m (2007 est.)

Natural gas - imports 0 cu m (2007 est.)

Natural gas - proven reserves 28.32 billion cu m (1 January 2008 est.)

Electricity - production: 1.671 TWh (2006 est.)

Electricity - production by source:
fossil fuel: 27.8%
hydro: 72.2%
nuclear: 0%
other: 0% (1998)

Electricity - consumption: 1.365 GWh (2006 est.)

Electricity - exports: 0 kWh (2006 est.)

Electricity - imports: 0 kWh (1998)

Agriculture - products: cocoa, coffee, sugar, palm oil, rubber; cattle; okoume (a tropical hardwood); fish

Current account - balance $591 million (2010 est.)

Currency: 1 Communauté financière africaine franc (CFAF) = 100 centimes

Exchange rates: Communauté financière africaine francs (CFAF) per US$1 – 507.71 (2010), 472.19 (2009), 447.81 (2008), 481.83 (2007), 522.89 (2006), 647.25 (January 2000), 615.70 (1999), 589.95 (1998), 583.67 (1997), 511.55 (1996), 499.15 (1995)
note: since 1 January 1999, the CFAF is pegged to the euro at a rate of 655.957 CFA francs per euro

Statistics table

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The following table shows the main economic indicators in 1980–2017.[18]

Year GDP

(in bil. US$ PPP)

GDP per capita

(in US$ PPP)

GDP

(in bil. US$ nominal)

GDP growth
(real) 		Inflation
(in Percent) 		Government debt
(Percentage of GDP)
1980 6.78 9,056 4.56 ... 12.3% ...
1985 9.89 11,853 3.74 5.8% 7.3% ...
1990 12.00 12,903 6.34 5.1% 15.4% 90%
1995 15.76 14,788 5.28 5.0% 9.6% 73%
2000 17.35 14,395 5.40 −1.9% 0.5% 72%
2005 20.35 14,923 9.47 −0.8% 1.2% 49%
2006 20.58 14,720 10.16 −1.9% −1.4% 40%
2007 22.46 15,601 12.46 6.3% −1.0% 39%
2008 23.30 15,590 15.57 1.7% −5.3% 20%
2009 22.94 14,789 12.19 −2.3% 1.9% 26%
2010 24.68 15,326 14.38 6.3% 1.4% 21%
2011 26.97 16,138 18.21 7.1% 1.3% 21%
2012 28.91 16,665 17.18 5.3% 2.7% 21%
2013 31.00 17,196 17.60 5.5% 0.5% 31%
2014 32.96 18,020 18.21 4.4% 4.5% 34%
2015 34.61 18,655 14.39 3.9% −0.1% 45%
2016 35.78 19,017 14.02 2.1% 2.1% 64%
2017 36.73 19,254 14.92 0.8% 3.0% 61%
2018 40.78 20,123 16.83 0.4% 2.0% 62%

See also

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References

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  1. ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.
  2. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
  3. ^ "Population, total – Gabon". data.worldbank.org. World Bank. Retrieved 17 November 2024.
  4. ^ a b c d e "World Economic Outlook Database". IMF.org. International Monetary Fund. Retrieved 8 December 2024.
  5. ^ "Global Economic Prospects, June 2019: Heightened Tensions, Subdued Investment. p. 127" (PDF). openknowledge.worldbank.org. World Bank. Archived (PDF) from the original on 5 June 2019. Retrieved 8 December 2019.
  6. ^ "Poverty headcount ratio at national poverty lines (% of population) - Gabon | Data". data.worldbank.org. Retrieved 14 July 2020.
  7. ^ "Poverty headcount ratio at $5.50 a day (2011 PPP) (% of population) - Gabon | Data". data.worldbank.org. Retrieved 14 July 2020.
  8. ^ a b c d e f https://www.cia.gov/the-world-factbook/countries/gabon/
  9. ^ "Import Partners of Gabon". CIA World Factbook. 2023. Retrieved 30 August 2023.
  10. ^ "Sovereigns rating list". Standard & Poor's. Retrieved 26 May 2011.
  11. ^ "Gabon". Encyclopaedia Britannica. Retrieved 29 October 2019.
  12. ^ a b c "Overview". World Bank. Retrieved 29 June 2022.
  13. ^ Pura Vida Energy (6 March 2013). "20.0 MM[million]BO CONTINGENT RESOURCE AT LOBA M 1 DISCOVERY OFFSHORE GABON, WEST AFRICA". AAPG Bulletin. 71 (10): 190–225. doi:10.1306/703C817D-1707-11D7-8645000102C1865D.
  14. ^ "Gabon: FirstAfrica completes offshore EOV development drilling program". 9 September 2006.
  15. ^ Geological Survey (2015). Minerals Yearbook - Area Reports; International Review: 2012 Africa and the Middle East. Government Printing Office. ISBN 978-1411336773 – via Google Books.
  16. ^ Bousso, Ron (30 August 2023). "Gabon's Assala Energy says oil production unaffected by coup". Reuters. Retrieved 4 December 2023.
  17. ^ Reuters, "Gabon's Belinga iron-ore deal to be awarded as late as 2014", Mining Weekly (30 August 2012)
  18. ^ "Report for Selected Countries and Subjects". Retrieved 5 September 2018.
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