Editing Economy of Gabon

{{Short description|none}}
{{more footnotes needed|date=June 2016}}
{{Use dmy dates|date=March 2020}}
{{Infobox economy
| country = Gabon
| image = Libreville immeubles.jpg
| image_size = 310px
| caption = [[Libreville]] is the capital and financial center of [[Gabon]]
| currency = 1 [[Central African CFA franc]] (XAF) = 100 [[centime]]s
| fixed exchange = 
| year = calendar year
| organs = [[African Union|AU]], [[African Continental Free Trade Agreement|AfCFTA]], [[World Trade Organization|WTO]]
| group = {{plainlist|
*[[Developing country|Developing/Emerging]]<ref>{{cite web |url=https://www.imf.org/external/pubs/ft/weo/2019/01/weodata/weoselco.aspx?g=2200&sg=All+countries+%2f+Emerging+market+and+developing+economies |title=World Economic Outlook Database, April 2019 |publisher=[[International Monetary Fund]] |website=IMF.org |access-date=29 September 2019}}</ref>
*Upper-middle income economy<ref>{{cite web |url=https://datahelpdesk.worldbank.org/knowledgebase/articles/906519-world-bank-country-and-lending-groups |title=World Bank Country and Lending Groups |publisher=[[World Bank]] |website=datahelpdesk.worldbank.org |access-date=29 September 2019}}</ref>}}
| rank = 
| population = {{IncreaseNeutral}} 2,484,789 (2023)<ref>{{cite web |url=https://data.worldbank.org/indicator/SP.POP.TOTL?locations=GA |title=Population, total – Gabon |publisher=[[World Bank]] |website=data.worldbank.org |access-date=November 17, 2024}}</ref>
| gdp = {{plainlist|
*{{increase}} $21.013 billion (nominal, 2024)<ref name="IMFWEOGA">{{cite web |url=https://www.imf.org/external/datamapper/profile/GAB |title=World Economic Outlook Database |publisher=[[International Monetary Fund]] |website=IMF.org |access-date=8 December 2024}}</ref>
*{{increase}} $54.47 billion ([[Purchasing power parity|PPP]], 2024)<ref name="IMFWEOGA"/>}}
| gdp rank = {{plainlist|
*[[List of countries by GDP (nominal)|125th (nominal, 2024)]]
*[[List of countries by GDP (PPP)|129th (PPP, 2024)]]}}
| growth = {{plainlist|
*3% (2022) 2.4% (2023)
*3.1% (2024e) 2.6% (2025f)<ref name=" World Bank">{{cite web |url=https://openknowledge.worldbank.org/bitstream/handle/10986/31655/9781464813986.pdf |archive-url=https://web.archive.org/web/20190605155709/https://openknowledge.worldbank.org/bitstream/handle/10986/31655/9781464813986.pdf |archive-date=2019-06-05 |url-status=live |title=Global Economic Prospects, June 2019: Heightened Tensions, Subdued Investment. p. 127 |publisher=[[World Bank]] |website=openknowledge.worldbank.org |access-date=8 December 2019}}</ref>}}
| per capita = {{plainlist|
*{{increase}} $9,257 (nominal, 2024 est.)<ref name="IMFWEOGA"/>
*{{increase}} $24,129 ([[Purchasing power parity|PPP]], 2024 est.)<ref name="IMFWEOGA"/>}}
| per capita rank = {{plainlist|
*[[List of countries by GDP (nominal) per capita|83rd (nominal, 2024)]]
*[[List of countries by GDP (PPP) per capita|78th (PPP, 2024)]]}}
| sectors = agriculture: 4.5%; industry: 62.7%; services: 32.8% (2010 est.)
| components = 
| inflation = 2.1% (2024)<ref name="IMFWEOGA"/>
| poverty = {{plainlist|
*{{increaseNegative}} 33.4% (2017)<ref>{{Cite web|title=Poverty headcount ratio at national poverty lines (% of population) - Gabon {{!}} Data|url=https://data.worldbank.org/indicator/SI.POV.NAHC?locations=GA|access-date=2020-07-14|website=data.worldbank.org}}</ref>
*{{decreasePositive}} 32.2% on less than $5.50/day (2017)<ref>{{Cite web|title=Poverty headcount ratio at $5.50 a day (2011 PPP) (% of population) - Gabon {{!}} Data|url=https://data.worldbank.org/indicator/SI.POV.UMIC?locations=GA|access-date=2020-07-14|website=data.worldbank.org|language=en-us}}</ref>}}
| gini = 
| labor = 771,230 (2023 est.)
| occupations = agriculture: 60%; industry: 15%; services: 25% (2000 est.)<ref name="CIAWFAO">https://www.cia.gov/the-world-factbook/countries/gabon/</ref>
| unemployment = 20.36% (2023 est.)
| average gross salary = 
| average net salary = 
| industries = petroleum extraction and refining; manganese, gold; chemicals, ship repair, food and beverages, textiles, lumbering and plywood, cement<ref name="CIAWFAO"/>
| edbr = {{steady}} [[Ease of doing business index#Ranking|169th (below average, 2020)]]<ref name=" World Bank and International Financial Corporation ">{{cite web |url=http://www.doingbusiness.org/data/exploreeconomies/gabon |title=Ease of Doing Business in Gabon |publisher=Doingbusiness.org |access-date=2017-01-24 }}</ref>
| exports = $12.935 billion (2022 est.)<ref name="CIAWFAO"/>
| export-goods = [[petroleum|crude oil]] 70%, [[lumber|timber]], [[manganese]]<ref name="CIAWFAO"/>
| export-partners = {{plainlist|
*{{flag|China}} 43%
*{{flag|South Korea}} 8%
*{{flag|Italy}} 7%
*{{flag|India}} 7%
*{{flag|Indonesia}} 5%
*(2022 est.)<ref name="CIAWFAO"/>}}
| imports = $3.499 billion (2022 est.)<ref name="CIAWFAO"/>
| import-goods = [[machinery]] and [[Heavy equipment (construction)|equipment]], [[foodstuff]]s, [[chemicals]], [[construction materials]]
| import-partners = {{plainlist|
*{{flag|China}} 22%
*{{flag|France}} 21%
*{{flag|United Arab Emirates}} 5%
*{{flag|United States}} 5%
*{{flag|Belgium}} 4% (2022 est.)<ref>{{cite web|url= https://www.cia.gov/the-world-factbook/countries/gabon/#economy 
|title=Import Partners of Gabon|publisher=[[CIA World Factbook]]|year=2023|access-date=2023-08-30}}</ref>}}
| FDI = 
| gross external debt = $6.06 billion (2022 est.)
| debt = 73.3% of GDP (2024 est.)
| deficit = 
| revenue = $2.939 billion (2021 est.)
| expenses = $2.732 billion (2021 est.)
| aid = '''recipient:''' $331 million (1995)
| credit = {{plainlist|
*[[Standard & Poor's]]:<ref>{{cite web |title= Sovereigns rating list |publisher=Standard & Poor's |url=http://www.standardandpoors.com/ratings/sovereigns/ratings-list/en/eu/?subSectorCode=39 |access-date=26 May 2011}}</ref>
*BB- (Domestic)
*BB- (Foreign)
*BBB- (T&C Assessment)}}
| reserves = $1.372 billion (2019 est.)
| cianame = gabon
| spelling = 
}}The '''economy of Gabon''' is characterized by strong links with [[France]], large foreign investments, dependence on skilled foreign labor, and decline of agriculture.<ref name = Britannica>{{cite web | title = Gabon | url = https://www.britannica.com/place/Equatorial-Guinea/Economy | website = Encyclopaedia Britannica | access-date = 29 October 2019}}</ref> [[Gabon]] on paper enjoys a [[per capita income]] four times that of most nations of [[List of African countries by GDP (PPP) per capita|Africa]], but its reliance on resource extraction industry fail to release much of the population from [[extreme poverty]], as much of 30% of the population lives under the poverty threshold (Many Foreign Guest Workers). [[Gabon]] has a [[Free markets|free market economy]],<ref>https://bti-project.org/en/reports/country-report/GAB</ref> while other sources claim that [[Gabon]] has a [[Mixed economy|mixed economic system]] with a heavy reliance on oil, combined with relatively weak centralized economic planning and government regulation.<ref>https://globaledge.msu.edu/countries/gabon</ref><ref>https://globaledge.msu.edu/blog/post/57283/shocking-coup-shakes-gabon--how-businesses-can-thrive-amidst-chaos</ref>

==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.<ref name=":0">{{Cite web |title=Overview |url=https://www.worldbank.org/en/country/gabon/overview |access-date=2022-06-29 |website=World Bank |language=en}}</ref>

The oil sector now accounts for 50% of [[Gross domestic product|GDP]] and 80% of exports. Although there have been recent offshore finds,<ref>{{cite journal|url=http://archives.datapages.com/data/bulletns/1986-87/data/pg/0071/010b/0150/0190.htm?doi=10.1306%2F703C817D-1707-11D7-8645000102C1865D|title=20.0 MM[million]BO CONTINGENT RESOURCE AT LOBA M 1 DISCOVERY OFFSHORE GABON, WEST AFRICA |author=Pura Vida Energy|journal=AAPG Bulletin | date=6 March 2013|volume=71 |issue=10 |pages=190–225 |doi=10.1306/703C817D-1707-11D7-8645000102C1865D |url-access=subscription }}</ref><ref>{{cite web|title=Gabon: FirstAfrica completes offshore EOV development drilling program |url=http://www.energy-pedia.com/news/gabon/firstafrica-completes-offshore-eov-development-drilling-program|date=9 September 2006}}</ref> oil production is now declining from its peak of {{convert|370000|oilbbl/d|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.<ref>{{cite book|url=https://books.google.com/books?id=sPAz7wrooUkC&pg=SA14-PA29|via=Google Books|title=Minerals Yearbook - Area Reports; International Review: 2012 Africa and the Middle East|author=Geological Survey|year=2015|isbn=978-1411336773|publisher=Government Printing Office|language=en}}</ref>

As of 2023, Gabon produces about 200,000 barrels a day (bpd) of crude oil.<ref>{{Cite news |date=August 30, 2023 |title=Gabon's Assala Energy says oil production unaffected by coup |first=Ron |last=Bousso |language=en-GB |work=Reuters |url=https://www.reuters.com/world/africa/gabons-assala-energy-says-oil-production-unaffected-by-coup-2023-08-30/ |access-date=2023-12-04}}</ref>

The government has plans to diversify its economy away from its dwindling oil reserves.<ref name=":0" /> 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.<ref>[http://www.miningweekly.com/article/gabons-belinga-iron-ore-deal-to-be-awarded-as-late-as-2014-2012-08-30 Reuters, "Gabon's Belinga iron-ore deal to be awarded as late as 2014", ''Mining Weekly'' (30 August 2012)]</ref>

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.<ref name=":0" />

==Statistics==
'''GDP - composition by sector:'''
<br>''agriculture:''
5.7%
<br>''industry:''
57.2%
<br>''services:''
37% (2008 est.)

'''Population below poverty line:'''
NA%

'''Household income or consumption by percentage share:'''
<br>''lowest 10%:''
NA%
<br>''highest 10%:''
NA%

'''Inflation rate (consumer prices):'''
5% (2008 est.)

'''Labour force:'''
592,000 (2008 est.)

'''Labour force - by occupation:'''
[[agriculture]] 60%, [[Tertiary sector of economic activity|services]] and [[Forms of government|government]] 25%, [[Industrial sector|industry]] and [[commerce]] 15% (2000 est.)

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

'''Budget:'''
<br>''revenues:''
$4.46 billion
<br>''expenditures:''
$2.75 billion (2008 est.)

'''Industries:'''
[[food]] and [[beverage]]; [[textile]]; [[lumbering]] and [[plywood]]; [[cement]]; [[petroleum extraction]] and [[oil refinery|refining]]; [[manganese]], [[uranium]], and [[gold mining]]; [[chemical industry|chemical production]]; [[ship repair]]

'''Industrial production growth rate:'''
1.5% (2008)

'''Oil - production'''
{{convert|244000|oilbbl/d|abbr=on}} (2007 est.)

'''Oil - consumption'''
{{convert|13170|oilbbl/d|abbr=on}} (2007 est.)

'''Oil - exports'''
{{convert|255000|oilbbl/d|abbr=on}} (2005 est.)

'''Oil - imports'''
{{convert|2485|oilbbl/d|abbr=on}} (2005 est.)

'''Oil - proven reserves'''
{{convert|2|Goilbbl}} (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:'''
<br>''fossil fuel:''
27.8%
<br>''hydro:''
72.2%
<br>''nuclear:''
0%
<br>''other:''
0% (1998)

'''Electricity - consumption:'''
1.365 GWh (2006 est.)

'''Electricity - exports:'''
0 kWh (2006 est.)

'''Electricity - imports:'''
0 kWh (1998)

'''Agriculture - products:'''
[[Cocoa bean|cocoa]], [[coffee]], [[sugar]], [[palm oil]], [[rubber]]; [[cattle]]; [[Aucoumea klaineana|okoume]] (a tropical [[hardwood]]); [[fish]]

'''Current account - balance'''
$591 million (2010 est.)

'''Currency:'''
1 Communauté financière africaine [[franc]] ([[CFAF]]) = 100 [[centime]]s

'''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)
<br>''note:''
since 1 January 1999, the CFAF is pegged to the euro at a rate of 655.957 CFA francs per euro

== Statistics table ==
The following table shows the main economic indicators in 1980–2017.<ref>{{cite web|title=Report for Selected Countries and Subjects|url=https://www.imf.org/external/pubs/ft/weo/2018/01/weodata/weorept.aspx?sy=1980&ey=2023&scsm=1&ssd=1&sort=country&ds=.&br=1&c=646&s=NGDP_RPCH,PPPGDP,PPPPC,PCPIPCH,GGXWDG_NGDP&grp=0&a=&pr.x=26&pr.y=1|access-date=2018-09-05|language=en-US}}</ref>
{| class="wikitable" style="text-align:center; vertical-align:middle;"
|- style="font-weight:bold;"
! Year
! GDP
(in bil. US$ PPP)
! GDP per capita
(in US$ PPP)
!GDP
(in bil. US$ nominal)
! GDP growth<br />(real)
! Inflation<br />(in Percent)
! Government debt<br />(Percentage of GDP)
|-
| style="font-weight:bold;" | 1980
| 6.78
| 9,056
|4.56
| ...
| 12.3%
| ...
|-
| style="font-weight:bold;" | 1985
| 9.89
| 11,853
|3.74
| 5.8%
| 7.3%
| ...
|-
| style="font-weight:bold;" | 1990
| 12.00
| 12,903
|6.34
| 5.1%
| 15.4%
| 90%
|-
| style="font-weight:bold;" | 1995
| 15.76
| 14,788
|5.28
| 5.0%
| 9.6%
| 73%
|-
| style="font-weight:bold;" | 2000
| 17.35
| 14,395
|5.40
| −1.9%
| 0.5%
| 72%
|-
| style="font-weight:bold;" | 2005
| 20.35
| 14,923
|9.47
| −0.8%
| 1.2%
| 49%
|-
| style="font-weight:bold;" | 2006
| 20.58
| 14,720
|10.16
| −1.9%
| −1.4%
| 40%
|-
| style="font-weight:bold;" | 2007
| 22.46
| 15,601
|12.46
| 6.3%
| −1.0%
| 39%
|-
| style="font-weight:bold;" | 2008
| 23.30
| 15,590
|15.57
| 1.7%
| −5.3%
| 20%
|-
| style="font-weight:bold;" | 2009
| 22.94
| 14,789
|12.19
| −2.3%
| 1.9%
| 26%
|-
| style="font-weight:bold;" | 2010
| 24.68
| 15,326
|14.38
| 6.3%
| 1.4%
| 21%
|-
| style="font-weight:bold;" | 2011
| 26.97
| 16,138
|18.21
| 7.1%
| 1.3%
| 21%
|-
| style="font-weight:bold;" | 2012
| 28.91
| 16,665
|17.18
| 5.3%
| 2.7%
| 21%
|-
| style="font-weight:bold;" | 2013
| 31.00
| 17,196
|17.60
| 5.5%
| 0.5%
| 31%
|-
| style="font-weight:bold;" | 2014
| 32.96
| 18,020
|18.21
| 4.4%
| 4.5%
| 34%
|-
| style="font-weight:bold;" | 2015
| 34.61
| 18,655
|14.39
| 3.9%
| −0.1%
| 45%
|-
| style="font-weight:bold;" | 2016
| 35.78
| 19,017
|14.02
| 2.1%
| 2.1%
| 64%
|-
| style="font-weight:bold;" | 2017
| 36.73
| 19,254
|14.92
| 0.8%
| 3.0%
| 61%
|-
| style="font-weight:bold;" | 2018
| 40.78
| 20,123
|16.83
| 0.4%
| 2.0%
| 62%
|}

==See also==
*[[Agriculture in Gabon]]
*[[Economy of Africa]]
*[[Forestry in Gabon]]
*[[List of companies based in Gabon]]
*[[Mining in Gabon]]
*[[Transport in Gabon]]
*[[Chronology of Gabon]]
* [[United Nations Economic Commission for Africa]]

==References==
{{reflist}}

==External links==
* [http://www.trademap.org/open_access/Index.aspx?proceed=true&reporter=266 Gabon latest trade data on ITC Trade Map]
* [https://web.archive.org/web/20060927091518/http://www.mbendi.co.za/land/af/ga/p0005.htm MBendi Gabon overview]
* [http://www.quickerticker.ga/ The Quicker Ticker- Gabon (in french)] {{Webarchive|url=https://web.archive.org/web/20131212065357/http://www.quickerticker.ga/ |date=12 December 2013 }}
* [https://web.archive.org/web/20070329043025/http://www.legabon.org/ Legabon.org]
* [http://www.gaboneco.com Gaboneco.com]

{{portal bar|Business and economics|Africa}}
{{Gabon topics}}
{{OPEC}}
{{World Trade Organization}}
{{Africa in topic|Economy of}}

{{DEFAULTSORT:Economy of Gabon}}
[[Category:Economy of Gabon| ]]
[[Category:World Trade Organization member economies|Gabon]]
[[Category:African Union member economies|Gabon]]
[[Category:OPEC|Gabon]]