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, was reversed in 1989 because of a near doubling of oil prices over their 1988 lows. In 1990 the economy continued to grow, but debt servicing problems are hindering economic advancement. The agricultural and industrial sectors are relatively underdeveloped, except for oil.

GDP: $3.3 billion, per capita $3,090; real growth rate 13% (1990 est.)

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

Unemployment rate: NA%

Budget: revenues $1.1 billion; expenditures $1.5 billion, including capital expenditures of $277 million (1990 est.)

Exports: $1.16 billion (f.o.b., 1989); commodities--crude oil 70%, manganese 11%, wood 12%, uranium 6%; partners--France 53%, US 22%, FRG, Japan

Imports: $0.78 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: $3.4 billion (December 1990 est.)

Industrial production: growth rate - 10% (1988 est.)

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

Industries: petroleum, food and beverages, timber, cement plywood, textiles, mining--manganese, uranium, gold)

Agriculture: accounts for 10% 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

Economic aid: US commitments, including Ex-Im (FY70-89), $66 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-88), $1.9 billion; Communist countries (1970-89), $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--253.32 (December 1990), 171.26 (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 1991 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Gabon Economy 1991 information contained here. All suggestions for corrections of any errors about Gabon Economy 1991 should be addressed to the CIA.