Africa > Gabon > Economy

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Agriculture > products cocoa, coffee, sugar, palm oil, rubber; cattle; okoume (a tropical softwood); fish
Aid as % of GDP	0.2%		[119th of 129]
Debt > External	$4,895,000,000.00		[93rd of 136]
Economic freedom	1.85		[92nd of 156]
Economy > Overview Gabon enjoys a per capita income four times that of most of 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 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. The devaluation of the CFA franc - its currency - by 50% in January 1994 sparked a one-time inflationary surge, to 35%; the rate dropped to 6% in 1996. The IMF provided a one-year standby arrangement in 1994-95, a three-year Enhanced Financing Facility (EFF) at near commercial rates beginning in late 1995, and stand-by credit of $119 million in October 2000. Those agreements mandated progress in privatization and fiscal discipline. France provided additional financial support in January 1997 after Gabon met IMF targets for mid-1996. 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 2004, and received Paris Club debt rescheduling later that year. Short-term progress depends on an upbeat world economy and fiscal and other adjustments in line with IMF policies.
Exchange rates Communaute Financiere Africaine francs (XAF) per US dollar - 528.29 (2004), 581.2 (2003), 696.99 (2002), 733.04 (2001), 711.98 (2000)
Exports	$6,956,000,000.00		[91st of 189]
Exports to US	$503,800,000.00		[57th of 224]
GDP	$9,545,985,000.00		[98th of 203]
GDP (purchasing power parity)	$20,440,000,000.00		[119th of 187]
GDP > PPP	$9,227,000,000.00		[127th of 163]
GDP > Real growth rate	6.2%		[70th of 198]
GDP growth > annual %	2.2 annual %		[142nd of 187]
GDP per capita, PPP > current international $	6,954.08 PPP $		[74th of 169]
Gross National Income	$3,989,590,000.00		[109th of 172]
Gross national income > constant LCU	1858550000000
Human Development Index	0.635		[124th of 178]
Inflation rate (consumer prices)	5%		[96th of 192]
Public debt	52.8 % of GDP		[35th of 121]
Tourist arrivals	167,000		[104th of 152]

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