About Gabon and Key Financial Statistics

About Gabon and Key Financial Statistics

Overview of Economy:

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 economy was reliant on oil for about 50% of its GDP, about 70% of revenues, and 87% of goods exports for 2010, although some fields have passed their peak production. A rebound of oil prices from 1999 to 2013 helped growth, but declining production has hampered Gabon from fully realizing potential gains. Gabon signed a 14-month Stand-By Arrangement with the IMF in May 2007, and later that year issued a $1 billion sovereign bond to buy back a sizable portion of its Paris Club debt. Gabon continues to face fluctuating prices for its oil, timber, and manganese exports. Despite the abundance of natural wealth, poor fiscal management has stifled the economy. However, President BONGO has made efforts to increase transparency and is taking steps to make Gabon a more attractive investment destination to diversify the economy. BONGO has attempted to boost growth by increasing government investment in human resources and infrastructure. GDP grew nearly 6% per year over the 2010-14 period.

Gross Domestic Product (In USD):

$32.91 billion (2014 est.)

$31.55 billion (2013 est.)

$29.87 billion (2012 est.)

Composition of Gross Domestic Product:

% Agricuture: 3.6

% Industry: 42.9

% Services: 53.5

Composition of Labor Force by Occupation:

% Agriculture: 60

% Industry: 15

% Services: 25

Per Capita Income:

$20,800 (2014 est.)

$19,900 (2013 est.)

$18,800 (2012 est.)

Exports:

$8.872 billion (2014 est.)

$8.946 billion (2013 est.)

Key Export Commodities:

crude oil, timber, manganese, uranium

Export Partners:

China 15.8%, Japan 14.6%, Australia 11%, US 7.9%, India 7.8%, South Korea 6.3%, Trinidad and Tobago 4.6%, Spain 4.4% (2014)

Imports:

$3.089 billion (2014 est.)

$2.938 billion (2013 est.)

Key Import Commodities:

machinery and equipment, foodstuffs, chemicals, construction materials

Import Partners:

France 20%, Cote d'Ivoire 15.3%, China 9.6%, US 9.3%, Algeria 5.1%, Belgium 4.5% (2014)

Inflation Rate (Consumer Price Index):

4.5% (2014 est.)

0.5% (2013 est.)

Exchange Rate to USD:

Cooperation Financiere en Afrique Centrale francs (XAF) per US dollar -

494.42 (2014 est.)

494.42 (2013 est.)

510.53 (2012 est.)

471.87 (2011 est.)

495.28 (2010 est.)

Unemployment Rate:

21% (2006 est.)

S&P Rating:

Standard & Poor's Ratings:

• • AAA: The best quality borrowers, reliable and stable

  • AA: Quality borrowers, a bit higher risk than AAA

  • A: Economic situation can affect finance

  • BBB: Medium class borrowers, which are satisfactory at the moment

  • BB: More prone to changes in the economy

  • B: Financial situation varies noticeably

  • CCC: An obligor rated currently vulnerable, and is dependent upon favorable business, financial, and economic conditions to meet its financial commitments.

Ref 2012-2014: CIA World Factbook, Wikipedia, PWC, EY, Standard & Poors ratings