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Gabon Economy 2010
https://workmall.com/wfb2010/gabon/gabon_economy.html
SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES

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Gabon Economy 2010
SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 28, 2010

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 depended on timber and manganese until oil was discovered offshore in the early 1970s. The oil sector now accounts for more than 50% of GDP. Gabon continues to face fluctuating prices for its oil, timber, and manganese exports. Despite the abundance of natural wealth, poor fiscal management hobbles the economy. In 1997, an IMF mission to Gabon criticized the government for overspending on off-budget items, overborrowing from the central bank, and slipping on its schedule for privatization and administrative reform. The rebound of oil prices since 1999 have helped growth, but drops in production have hampered Gabon from fully realizing potential gains, and will continue to temper the gains for most of this decade. In December 2000, Gabon signed a new agreement with the Paris Club to reschedule its official debt. A follow-up bilateral repayment agreement with the US was signed in December 2001. Gabon signed a 14-month Stand-By Arrangement with the IMF in May 2007, and received Paris Club debt rescheduling later that year.

GDP (purchasing power parity):
$20.81 billion (2009 est.)

$21.41 billion (2008 est.)
$20.99 billion (2007 est.)
note: data are in 2009 US dollars

GDP (official exchange rate):
$10.94 billion (2009 est.)

GDP - real growth rate:
-2.8% (2009 est.)

2% (2008 est.)
5.6% (2007 est.)

GDP - per capita (PPP):
$13,700 (2009 est.)

$14,400 (2008 est.)
$14,400 (2007 est.)
note: data are in 2009 US dollars

GDP - composition by sector:
agriculture: 5.4%
industry: 56.7%
services: 37.9% (2009 est.)

Labor force:
633,000 (2009 est.)

Labor force - by occupation:
agriculture: 60%
industry: 15%
services: 25% (2000 est.)

Unemployment rate:
21% (2006 est.) est.)

NA%

Population below poverty line:
NA%

Household income or consumption by percentage share:
lowest 10%: 2.5%
highest 10%: 32.7%

Investment (gross fixed):
33.7% of GDP (2009 est.)

Budget:
revenues: $3.141 billion
expenditures: $2.877 billion (2009 est.)

Public debt:
34.7% of GDP (2009 est.)

24.7% of GDP (2008 est.)

Inflation rate (consumer prices):
3% (2009 est.)

5.3% (2008 est.)

Central bank discount rate:
4.75% (31 December 2008)

5.25% (31 December 2007)

Commercial bank prime lending rate:
NA% (31 December 2008)

15% (31 December 2007)

Stock of money:
$NA (31 December 2008)

$1.547 billion (31 December 2007)

Stock of quasi money:
$NA (31 December 2008)

$799.3 million (31 December 2007)

Stock of domestic credit:
$NA (31 December 2008)

$359.8 million (31 December 2007)

Market value of publicly traded shares:
$NA

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

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

Industrial production growth rate:
-5% (2009 est.)

Electricity - production:
1.774 billion kWh (2007 est.)

Electricity - consumption:
1.446 billion kWh (2007 est.)

Electricity - exports:
0 kWh (2008 est.)

Electricity - imports:
0 kWh (2008 est.)

Oil - production:
247,800 bbl/day (2008 est.)

Oil - consumption:
14,000 bbl/day (2008 est.)

Oil - exports:
227,300 bbl/day (2007 est.)

Oil - imports:
4,185 bbl/day (2007 est.)

Oil - proved reserves:
2 billion bbl (1 January 2009 est.)

Natural gas - production:
90 million cu m (2008 est.)

Natural gas - consumption:
90 million cu m (2008 est.)

Natural gas - exports:
0 cu m (2008 est.)

Natural gas - imports:
0 cu m (2008 est.)

Natural gas - proved reserves:
28.32 billion cu m (1 January 2009 est.)

Current account balance:
$537 million (2009 est.)

$2.727 billion (2008 est.)

Exports:
$5.868 billion (2009 est.)

$9.333 billion (2008 est.)

Exports - commodities:
crude oil 70%, timber, manganese, uranium

Exports - partners:
US 25.4%, China 19.1%, Japan 10.2%, France 5.4%, Spain 4% (2008)

Imports:
$2.296 billion (2009 est.)

$2.577 billion (2008 est.)

Imports - commodities:
machinery and equipment, foodstuffs, chemicals, construction materials

Imports - partners:
France 32.2%, US 11.1%, China 5.4%, Belgium 4.7%, Cameroon 4.4%, Netherlands 4.2% (2008)

Reserves of foreign exchange and gold:
$2.327 billion (31 December 2009 est.)

$1.925 billion (31 December 2008 est.)

Debt - external:
$3.065 billion (31 December 2009 est.)

$2.986 billion (31 December 2008 est.)

Exchange rates:
Cooperation Financiere en Afrique Centrale francs (XAF) per US dollar - 481.35 (2009), 447.81 (2008), 481.83 (2007), 522.89 (2006), 527.47 (2005)
note: since 1 January 1999, the Central African CFA franc (XAF) has been pegged to the euro at a rate of 655.957 CFA francs per euro; Central African CFA franc (XAF) coins and banknotes are not accepted in countries using West African CFA francs (XOF), and vice versa, even though the two currencies trade at par


NOTE: The information regarding Gabon on this page is re-published from the 2010 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Gabon Economy 2010 information contained here. All suggestions for corrections of any errors about Gabon Economy 2010 should be addressed to the CIA.






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