Economy of Gabon

The economy of Gabon is characterized by strong links with France, large foreign investments, dependence on skilled foreign labor, and decline of agriculture. Gabon on paper enjoys a per capita income four times that of most nations of 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).

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.

The oil sector now accounts for 50% of GDP and 80% of exports. Although there have been recent offshore finds, oil production is now declining from its peak of 370000 oilbbl/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.

As of 2023, Gabon produces about 200,000 barrels a day (bpd) of crude oil.

The government has plans to diversify its economy away from its dwindling oil reserves. 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.

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.

Statistics
GDP - composition by sector: agriculture: 5.7% industry: 57.2% services: 37% (2008 est.)

Population below poverty line: NA%

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

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

Labour force: 592,000 (2008 est.)

Labour force - by occupation: agriculture 60%, services and government 25%, industry and commerce 15% (2000 est.)

Unemployment rate: 21% (2006 est.)

Budget: revenues: $4.46 billion expenditures: $2.75 billion (2008 est.)

Industries: food and beverage; textile; lumbering and plywood; cement; petroleum extraction and refining; manganese, uranium, and gold mining; chemical production; ship repair

Industrial production growth rate: 1.5% (2008)

Oil - production 244000 oilbbl/d (2007 est.)

Oil - consumption 13170 oilbbl/d (2007 est.)

Oil - exports 255000 oilbbl/d (2005 est.)

Oil - imports 2485 oilbbl/d (2005 est.)

Oil - proven reserves 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: fossil fuel: 27.8% hydro: 72.2% nuclear: 0% other: 0% (1998)

Electricity - consumption: 1.365 GWh (2006 est.)

Electricity - exports: 0 kWh (2006 est.)

Electricity - imports: 0 kWh (1998)

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

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

Currency: 1 Communauté financière africaine franc (CFAF) = 100 centimes

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) 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.