Overview: The economy, dependent on timber and manganese until the early 1970s, is now dominated by the oil sector. During the period 1981-85 oil accounted for about 46% of GDP, 83% of export earnings, and 65% of government revenues on average. The high oil prices of the early 1980s contributed to a substantial increase in per capita income, stimulated domestic demand, reinforced migration from rural to urban areas, and raised the level of real wages to among the highest in Sub-Saharan Africa. The three-year slide of Gabon's economy, which began with falling oil prices in 1985, stabilized in 1989 because of a near doubling of oil prices over their 1988 lows. The agricultural and industrial sectors are relatively underdeveloped, accounting for only 8% and 10%, respectively, of GDP in 1986.

GDP: $3.2 billion, per capita $3,200; real growth rate 0% (1989)

Inflation rate (consumer prices): 3% (1989)

Unemployment rate: NA%

Budget: revenues $927 million; expenditures $1.2 billion, including capital expenditures of $33 million (1988)

Exports: $1.14 billion (f.o.b., 1989 est.); commodities--crude oil 70%, manganese 11%, wood 12%, uranium 6%; partners--France 53%, US 22%, FRG, Japan

Imports: $0.76 billion (c.i.f., 1989); commodities--foodstuffs, chemical products, petroleum products, construction materials, manufactures, machinery; partners--France 48%, US 2.6%, FRG, Japan, UK

External debt: $2.0 billion (October 1989)

Industrial production: growth rate 1.7% (1986)

Electricity: 310,000 kW capacity; 980 million kWh produced, 920 kWh per capita (1989)

Industries: sawmills, petroleum, food and beverages; mining of increasing importance (especially manganese and uranium)

Agriculture: accounts for 8% of GDP (including fishing and forestry); cash crops--cocoa, coffee, palm oil; livestock not developed; importer of food; small fishing operations provide a catch of about 20,000 metric tons; okoume (a tropical softwood) is the most important timber product

Aid: US commitments, including Ex-Im (FY70-88), $64 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-87), $1.7 billion; Communist countries (1970-88), $27 million

Currency: Communaute Financiere Africaine franc (plural--francs); 1 CFA franc (CFAF) = 100 centimes

Exchange rates: Communaute Financiere Africaine francs (CFAF) per US$1--287.99 (January 1990), 319.01 (1989), 297.85 (1988), 300.54 (1987), 346.30 (1986), 449.26 (1985)

Fiscal year: calendar year

NOTE: The information regarding Gabon on this page is re-published from the 1990 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Gabon Economy 1990 information contained here. All suggestions for corrections of any errors about Gabon Economy 1990 should be addressed to the CIA.