Economy of Gabon
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Gabon has a developing economy. It is characterized by strong links with France, large foreign investments, dependence on skilled foreign labor, and decline of agriculture.[1] It has 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 as 30% of the population lives under the poverty threshold (Many Foreign Guest Workers). Gabon had a free market economy from the 1990s,[2] other sources claim that Gabon had a mixed economic system with a heavy reliance on oil, combined with relatively weak centralized economic planning and government regulation.[3][4] Current President Brice Clotaire Oligui Nguema advocated until mid 2025 for a free market economy system,[5] from then to now, Oligui embraces economic nationalism,[6] which shows in his support of nationalization.[7]
Resources
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.[8]
The oil sector now accounts for 50% of GDP and 80% of exports. Although there have been recent offshore finds,[9][10] 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.[11]
As of 2023, Gabon produces about 200,000 barrels a day (bpd) of crude oil.[12]
The government has plans to diversify its economy away from its dwindling oil reserves.[8] 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.[13]
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.[8]
Statistics
GDP - composition by sector:
agriculture:
5.7%
industry:
53,53%
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 (320×106 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
Macroeconomic data
The following table shows the main economic indicators in 1980–2026. Inflation below 5% is in green.[14]
See also
References
- ↑ "Gabon". Encyclopaedia Britannica. Retrieved 29 October 2019.
- ↑ "BTI 2024 Gabon Country Report".
- ↑ "Gabon: Introduction".
- ↑ "Shocking Coup Shakes Gabon: How Businesses Can Thrive Amidst Chaos". 6 September 2023.
- ↑ "BTI 2026 Gabon Länderbericht". BTI 2026 (in German). Retrieved 17 May 2026.
- ↑ Lembet, Henriette (11 April 2025). "Présidentielle 2025 : Oligui Nguema, une ambition claire pour refonder l'État et libérer le potentiel économique du Gabon". Gabon Media Time (in French). Retrieved 17 May 2026.
- ↑ "Brice Oligui Nguema: Gabon's coup leader who stormed to election victory". 31 August 2023. Retrieved 17 May 2026.
- ↑ 8.0 8.1 8.2 "Overview". World Bank. Retrieved 29 June 2022.
- ↑ 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.
- ↑ "Gabon: FirstAfrica completes offshore EOV development drilling program". 9 September 2006.
- ↑ Geological Survey (2015). Minerals Yearbook - Area Reports; International Review: 2012 Africa and the Middle East. Government Printing Office. ISBN 978-1411336773 – via Google Books.
- ↑ Bousso, Ron (30 August 2023). "Gabon's Assala Energy says oil production unaffected by coup". Reuters. Retrieved 4 December 2023.
- ↑ Reuters, "Gabon's Belinga iron-ore deal to be awarded as late as 2014", Mining Weekly (30 August 2012)
- ↑ "Gabon". www.imf.org. Retrieved 25 April 2026.
External links
- Gabon latest trade data on ITC Trade Map
- MBendi Gabon overview
- The Quicker Ticker- Gabon (in french) Archived 12 December 2013 at the Wayback Machine
- Legabon.org
- Gaboneco.com
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