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 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.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): Gross national saving: GDP - composition, by end use: GDP - composition, by sector of origin: Agriculture - products: Industries: Industrial production growth rate: Labor force: Labor force - by occupation: Unemployment rate: Population below poverty line: Household income or consumption by percentage share: Budget: Taxes and other revenues: Budget surplus (+) or deficit (-): Public debt: Fiscal year: Inflation rate (consumer prices): Central bank discount rate: Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Current account balance: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Exchange rates:
$36.75 billion (2017 est.)
$36.4 billion (2016 est.)
$35.66 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 124
$14.47 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]
1% (2017 est.)
2.1% (2016 est.)
3.9% (2015 est.)
country comparison to the world: 188
[see also: GDP - real growth rate country ranks ]
$19,300 (2017 est.)
$19,400 (2016 est.)
$19,200 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 91
24.6% of GDP (2017 est.)
24% of GDP (2016 est.)
29.3% of GDP (2015 est.)
country comparison to the world: 54
[see also: Gross national saving country ranks ]
household consumption: 39.9%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 15.5%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 28.3%
[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: 45.2%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -28.9% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]
agriculture: 4.5%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 44%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 51.5% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]
cocoa, coffee, sugar, palm oil, rubber; cattle; okoume (a tropical softwood); fish
petroleum extraction and refining; manganese, gold; chemicals, ship repair, food and beverages, textiles, lumbering and plywood, cement
2% (2017 est.)
country comparison to the world: 130
[see also: Industrial production growth rate country ranks ]
557,800 (2017 est.)
country comparison to the world: 156
[see also: Labor force country ranks ]
agriculture: 64%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 12%
[see also: Labor force - by occupation - industry country ranks ]
services: 24% (2005 est.)
[see also: Labor force - by occupation - services country ranks ]
28% (2015 est.)
20.4% (2014 est.)
country comparison to the world: 199
[see also: Unemployment rate country ranks ]
34.3% (2015 est.)
[see also: Population below poverty line country ranks ]
lowest 10%: 2.5%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 32.7% (2005)
revenues: $3.122 billion
[see also: Budget - revenues country ranks ]
expenditures: $3.991 billion (2017 est.)
[see also: Budget - expenditures country ranks ]
21.6% of GDP (2017 est.)
country comparison to the world: 138
[see also: Taxes and other revenues country ranks ]
-6% of GDP (2017 est.)
country comparison to the world: 175
[see also: Budget surplus (+) or deficit (-) country ranks ]
42.8% of GDP (2017 est.)
42.6% of GDP (2016 est.)
country comparison to the world: 127
[see also: Public debt country ranks ]
calendar year
2.5% (2017 est.)
2.1% (2016 est.)
country comparison to the world: 112
[see also: Inflation rate (consumer prices) country ranks ]
3% (31 December 2010)
4.25% (31 December 2009)
country comparison to the world: 109
[see also: Central bank discount rate country ranks ]
15.5% (31 December 2017 est.)
15.5% (31 December 2016 est.)
country comparison to the world: 39
[see also: Commercial bank prime lending rate country ranks ]
$2.17 billion (31 December 2017 est.)
$2.053 billion (31 December 2016 est.)
country comparison to the world: 130
[see also: Stock of narrow money country ranks ]
$3.372 billion (31 December 2017 est.)
$3.207 billion (31 December 2016 est.)
country comparison to the world: 142
[see also: Stock of broad money country ranks ]
$2.915 billion (31 December 2017 est.)
$3.097 billion (31 December 2016 est.)
country comparison to the world: 140
[see also: Stock of domestic credit country ranks ]
$NA
[see also: Market value of publicly traded shares country ranks ]
-$1.348 billion (2017 est.)
-$1.432 billion (2016 est.)
country comparison to the world: 141
[see also: Current account balance country ranks ]
$5.078 billion (2017 est.)
$4.364 billion (2016 est.)
country comparison to the world: 109
[see also: Exports country ranks ]
crude oil, timber, manganese, uranium
US 45.7%, China 14.6%, South Korea 6.6%, Ireland 5.5%, Italy 5.1% (2016)
$3.224 billion (2017 est.)
$3.19 billion (2016 est.)
country comparison to the world: 142
[see also: Imports country ranks ]
machinery and equipment, foodstuffs, chemicals, construction materials
France 24.7%, Belgium 14.7%, China 12.8%, Australia 6.7% (2016)
$834.9 million (31 December 2017 est.)
$804.1 million (31 December 2016 est.)
country comparison to the world: 131
[see also: Reserves of foreign exchange and gold country ranks ]
$5.599 billion (31 December 2017 est.)
$5.321 billion (31 December 2016 est.)
country comparison to the world: 132
[see also: Debt - external country ranks ]
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.)