The CIA World Factbook Every edition, 1990 to 2025 Africa
Economic overview Gabon, in 36 editions.
The entry for Gabon published Economic overview in 36 editions of 36, from 1990 to 2025. The text changed in 29 editions. Each is shown as published. Economic overview in every entry.
- editions changed the text
- 29
- the first edition with it
- 1990
- the latest edition with it
- 2025
Published as “Overview” (1990 to 1995), “Economic overview” (1996 to 2025), “Economy - overview” (1997 to 2019), “Economy-overview” (1998) and “Economy--overview” (1999).
field in that editiontext changed from the edition beforenot in that editionthe edition shownChoose an edition on the strip beside the text, or step through them with the arrows. Mark changes compares it with the edition before: the marks are ours, words added and words removed.
2025 edition
Same as 2024Published as “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.
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.
Published as “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.
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 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, accounting except for only 8% and 10%, respectively, of GDP in 1986. oil.
Published as “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 posted strong growth despite serious strikes, but debt servicing problems are hindering economic advancement. The agricultural and industrial sectors are relatively underdeveloped, except for oil.
The economy, dependent on timber and manganese until the early 1970s, is now
dominated by the oil sector. During the period 1981-85 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, posted strong growth despite serious strikes, but debt servicing
problems are hindering economic advancement. The agricultural and industrial
sectors are relatively underdeveloped, except for oil.
Published as “Overview”
The economy, dependent on timber and manganese until the early 1970s, is now dominated by the oil sector. In 1981-85, oil accounted for about 45% of GDP, 80% 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 national 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 subsequent slide of Gabon's economy, which began with falling oil prices in 1985, was reversed in 1989-90, but debt servicing obligations continue to limit prospects for further domestic development. Real growth in 1991-92 was weak because of a combination of an overstaffed bureaucracy, a large budget deficit, and the continued underdevelopment of the whole economy outside the petroleum sector.
The economy, dependent on timber and manganese until the early 1970s, is now
dominated by the oil sector. During the period In 1981-85, oil accounted for46% 45% of GDP, 83%
80% of export earnings, and 65% of government revenues on
oil prices of the early 1980s contributed to a substantial
capita national income, stimulated domestic demand, reinforced
from rural to urban areas, and raised the level of real wages to
highest in Sub-Saharan Africa. The three-year subsequent slide of Gabon's
which began with falling oil prices in 1985, was reversed in 1989 1989-90, but
debt servicing obligations continue to limit prospects for further domestic
development. Real growth in 1991-92 was weak because of a near doubling combination of oil prices over their 1988 lows. In 1990 the an
economy posted strong growth despite serious strikes, but debt servicingproblems are hindering economic advancement. The agricultural overstaffed bureaucracy, a large budget deficit, and industrial the continuedsectors are relatively underdeveloped, except for oil. underdevelopment of the whole economy outside the petroleum sector.
Published as “Overview”
Notwithstanding its serious ongoing economic problems, Gabon enjoys a per capita income more than twice that of most nations of sub-Saharan Africa. Gabon depended on timber and manganese until oil was discovered offshore in the early 1970s. The oil sector now accounts for 50% of GNP. Real growth was feeble in 1992 and Gabon continues to face weak prices for its timber, manganese, and uranium exports. Despite an abundance of natural wealth, and a manageable rate of population growth, the economy is hobbled by poor fiscal management.
In 1992, the fiscal deficit widened to 2.4% of GDP, and Gabon failed to settled arrears on its bilateral debt, leading to a cancellation of rescheduling agreements with official and private creditors. Devaluation of the local currency by 50% in January 1994 could set off an inflationary spiral if the government fails to reign in spending and grants large wage increases to an already overpaid public sector workforce.
Rewritten: too little of the 1993 text remains to mark the changes.
Notwithstanding its serious ongoing economic problems, Gabon enjoys a
per capita income more than twice that of most nations of sub-Saharan
Africa. Gabon depended on timber and manganese until oil was
discovered offshore in the early 1970s. The oil sector now accounts
for 50% of GNP. Real growth was feeble in 1992 and Gabon continues to
face weak prices for its timber, manganese, and uranium exports.
Despite an abundance of natural wealth, and a manageable rate of
population growth, the economy is hobbled by poor fiscal management.
In 1992, the fiscal deficit widened to 2.4% of GDP, and Gabon failed
to settled arrears on its bilateral debt, leading to a cancellation of
rescheduling agreements with official and private creditors.
Devaluation of the local currency by 50% in January 1994 could set off
an inflationary spiral if the government fails to reign in spending
and grants large wage increases to an already overpaid public sector
workforce.
Published as “Overview”
Notwithstanding its serious ongoing economic problems, Gabon enjoys a per capita income more than twice that of most nations of sub-Saharan Africa. Gabon depended on timber and manganese until oil was discovered offshore in the early 1970s. The oil sector now accounts for 50% of GDP. Real growth was feeble in 1992 and Gabon continues to face the problem of fluctuating prices for its oil, timber, manganese, and uranium exports.
Despite an abundance of natural wealth, and a manageable rate of population growth, the economy is hobbled by poor fiscal management. In 1992, the fiscal deficit widened to 2.4% of GDP, and Gabon failed to settle arrears on its bilateral debt, leading to a cancellation of rescheduling agreements with official and private creditors. Devaluation of its Francophone currency by 50% in January 1994 did not set off an expected inflationary spiral but the government must continue to keep a tight reign on spending and wage increases.
Notwithstanding its serious ongoing economic problems, Gabon
enjoys asub-Saharan
sub-Saharan Africa. Gabon depended on timber and manganese until oil was
was discovered offshore in the early 1970s. The oil sector now accounts
accounts for 50% of GNP. GDP. Real growth was feeble in 1992 and Gabon
continues toweak the problem of fluctuating prices for its oil,
timber, manganese, and uranium exports.
natural wealth, and a manageable rate of
economy is hobbled by poor fiscal management.
deficit widened to 2.4% of GDP, and Gabon failedsettled settle arrears on
its bilateral debt, leading to a cancellation of
agreements with official and private creditors.the local its
Francophone currency by 50% in January 1994 could did not set off
expected inflationary spiral if but the government fails must continue to keep
a tight reign in on spendinggrants large wage increases to an already overpaid public sector increases.
workforce.
Notwithstanding its serious ongoing economic problems, Gabon enjoys a per capita income more than three times that of most nations of sub-Saharan Africa. Gabon depended on timber and manganese until oil was discovered offshore in the early 1970s. The oil sector now accounts for 50% of GDP. Real GDP growth has been feeble since 1992 and Gabon continues to face the problem of fluctuating prices for its oil, timber, manganese, and uranium exports.
Despite an abundance of natural wealth, and a manageable rate of population growth, the economy is hobbled by poor fiscal management. In 1992, the fiscal deficit widened to 2.4% of GDP, and Gabon failed to settle arrears on its bilateral debt, leading to a cancellation of rescheduling agreements with official and private creditors. Devaluation of its Francophone currency by 50% on 12 January 1994 sparked a one-time inflationary surge, to 35%; the rate dropped to 15% in 1995.
Nevertheless, the government must continue to keep a tight rein on spending and wage increases. The IMF and France are considering offering financial assistance in 1996 if Gabon shows progress in privatization and fiscal discipline.
Notwithstanding its serious ongoing economic
problems, Gabontwice three times
that of most nations of
and manganese until oil
The oil sector nowwas has been
feeble in since 1992 and Gabon
fluctuating prices for its oil,
exports. Despite an abundance of
rate of population growth, the
management. In 1992, the fiscal
Gabon failed to settle arrears on
cancellation of rescheduling
creditors. Devaluation of itsin on 12
January 1994 did not set off an sparked a one-time inflationary
expectedspiral but surge, to 35%; the rate
dropped to 15% in 1995. Nevertheless, the government must continue
to keepreign rein on spending and wage increases. The IMF and
France are considering offering financial assistance in 1996 if
Gabon shows progress in privatization and fiscal discipline.
Published as “Economy - overview”
Notwithstanding its serious ongoing economic problems, Gabon enjoys a per capita income three times that of most nations of sub-Saharan Africa. Gabon depended on timber and manganese until oil was discovered offshore in the early 1970s. The oil sector now accounts for 50% of GDP. Real GDP growth has been feeble since 1991 and Gabon continues to face fluctuating prices for its oil, timber, manganese, and uranium exports.
Despite an abundance of natural wealth and a manageable rate of population growth, the economy is hobbled by poor fiscal management. In 1992, the fiscal deficit widened to 2.4% of GDP, and Gabon failed to settle arrears on its bilateral debt, leading to a cancellation of rescheduling agreements with official and private creditors. Devaluation of its Francophone currency by 50% on 12 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 and a three-year Enhanced Financing Facility (EFF) at near commercial rates beginning in late 1995. Those agreements mandate progress in privatization and fiscal discipline. France provided additional financial support in January 1997 after Gabon had met IMF targets for mid-1996.
Notwithstanding its serious ongoing economic
problems, Gabon enjoys a per capita income more than three times
nations of sub-Saharan Africa. Gabon depended on timber
until oil was discovered offshore in the early 1970s.
now accounts for 50% of GDP. Real GDP growth has been1992
1991 and Gabon continues to face the problem offluctuating prices for its oil,
timber, manganese, and uranium
natural wealth, wealth and a manageable
is hobbled by poor fiscal
widened to 2.4% of GDP, and
bilateral debt, leading to a
with official and private
currency by 50% on 12
surge, to 35%; the rate15% 6% in 1995. Nevertheless, the government must continue 1996. The IMF provided a
to keep a tight rein on spending and wage increases.
one-year standby arrangement in 1994-95 and a three-year EnhancedFrance are considering offering financial assistance Financing Facility (EFF) at near commercial rates beginning in 1996 if lateGabon shows 1995. Those agreements mandate progress in privatization and fiscal
discipline. France provided additional financial support in January
1997 after Gabon had met IMF targets for mid-1996.
Published as “Economy-overview”
Gabon enjoys a per capita income four times that of most nations of sub-Saharan Africa. This has supported a sharp decline in extreme poverty 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, manganese, and uranium exports.
Despite the abundance of natural wealth and a manageable rate of population growth, the economy is hobbled by poor fiscal management. In 1992, the fiscal deficit widened to 2.4% of GDP, and Gabon failed to settle arrears on its bilateral debt, leading to a cancellation of rescheduling agreements with official and private creditors. Devaluation of its Francophone currency by 50% on 12 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 and a three-year Enhanced Financing Facility (EFF) at near commercial rates beginning in late 1995. Those agreements mandate progress in privatization and fiscal discipline. France provided additional financial support in January 1997 after Gabon had met IMF targets for mid-1996. In 1997, an IMF mission to Gabon chastened the government for overspending on off-budget items, overborrowing from the central bank, and slipping on its schedule for privatization and administrative reform (such as reduced public sector employment and salary growth).
Notwithstanding its serious ongoing economic Gabon enjoys a per capita income
problems,three four times that of most
most nations of sub-Saharan Africa. This has supported a sharp decline
in extreme poverty but because of high income inequality a large
proportion of the population remains poor. Gabon depended on timber
and manganese
The oil sectorReal GDP growth has been feeble since Gabon continues to face
1991 and
fluctuating prices for its oil,
exports. Despite an the abundance of
of population growth, the economy
management. In 1992, the fiscal deficit
Gabon failed to settle arrears on its
cancellation of rescheduling agreements
creditors. Devaluation of its Francophone
January 1994 sparked a one-time inflationary
dropped to 6% in 1996. The IMF provided a
in 1994-95 and a three-year Enhanced
commercial rates beginning in late
progress in privatization and fiscal
additional financial support in January
targets for mid-1996. In 1997, an IMF mission to Gabon chastened the
government for overspending on off-budget items, overborrowing from
the central bank, and slipping on its schedule for privatization and
administrative reform (such as reduced public sector employment and
salary growth).
Published as “Economy--overview”
Gabon enjoys a per capita income four times that of most nations of sub-Saharan Africa. This has supported a sharp decline in extreme poverty; yet 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, manganese, and uranium exports.
Despite the abundance of natural wealth, the economy is hobbled by poor fiscal management. In 1992, the fiscal deficit widened to 2.4% of GDP, and Gabon failed to settle arrears on its bilateral debt, leading to a cancellation of rescheduling agreements with official and private creditors. Devaluation of its Francophone currency by 50% on 12 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 and a three-year Enhanced Financing Facility (EFF) at near commercial rates beginning in late 1995. Those agreements mandate progress in privatization and fiscal discipline. France provided additional financial support in January 1997 after Gabon had 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. Growth in 1999 will depend mainly on how world oil prices move.
Gabon enjoys a per capita income four times
that of
sharp declinepoverty but poverty; yet because of high income
inequality a large
depended on timber
in the early 1970s.
Gabon continues to face
manganese, and uraniumwealth and a manageable rateof population growth, wealth, the economy is hobbled by poor fiscal
the fiscal deficit widened to 2.4% of GDP, and
settle arrears on its bilateral debt, leading to a
rescheduling agreements with official and private
Devaluation of its Francophone currency by 50% on 12
sparked a one-time inflationary surge, to 35%; the rate
6% in 1996. The IMF provided a one-year standby arrangement
1994-95 and a three-year Enhanced Financing Facility (EFF) at near
commercial rates beginning in late 1995. Those agreements mandate
progress in privatization and fiscal discipline. France provided
additional financial support in January 1997 after Gabon had met IMF
targets for mid-1996. In 1997, an IMF mission to Gabon chastened the criticized
the government for overspending on off-budget items, overborrowing from
from the central bank, and slipping on its schedule for
privatization andreform (such as reduced public sector employment and reform. Growth in 1999 will dependsalary growth). mainly on how world oil prices move.
Published as “Economy - overview”
Gabon enjoys a per capita income four times that of most nations of sub-Saharan Africa. This has supported a sharp decline in extreme poverty; yet 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, manganese, and uranium exports.
Despite the abundance of natural wealth, the economy is hobbled by poor fiscal management. In 1992, the fiscal deficit widened to 2.4% of GDP, and Gabon failed to settle arrears on its bilateral debt, leading to a cancellation of rescheduling agreements with official and private creditors. Devaluation of its Francophone currency by 50% on 12 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 and a three-year Enhanced Financing Facility (EFF) at near commercial rates beginning in late 1995. Those agreements mandate progress in privatization and fiscal discipline. France provided additional financial support in January 1997 after Gabon had 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 in 1999 helped growth, but drops in production hampered Gabon from fully realizing potential gains. With support from higher oil prices, growth will move up in 2000-01.
Gabon enjoys a per capita income four timesGrowth The rebound of oil prices in 1999 will depend helped growth, but drops in production hampered Gabon from fully realizing potential gains. With support from higher oil
mainly on how worldprices move. prices, growth will move up in 2000-01.
Published as “Economy - overview”
Gabon enjoys a per capita income four times that of most nations of sub-Saharan Africa. This has supported a sharp decline in extreme poverty; yet 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, manganese, and uranium exports.
Despite the abundance of natural wealth, the economy is hobbled by poor fiscal management. In 1992, the fiscal deficit widened to 2.4% of GDP, and Gabon failed to settle arrears on its bilateral debt, leading to a cancellation of rescheduling agreements with official and private creditors. Devaluation of its Francophone currency by 50% on 12 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 mandate progress in privatization and fiscal discipline. France provided additional financial support in January 1997 after Gabon had 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 in 1999-2000 helped growth, but drops in production hampered Gabon from fully realizing potential gains. An expected decline in oil output may lead to contraction in GDP in 2001-02.
Gabon enjoys a per capita income four times that of most nations of sub-Saharan Africa. This has supported a sharp decline in extreme poverty; yet 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, manganese, and uranium exports. Despite the abundance of natural wealth, the economy is hobbled by poor fiscal management. In 1992, the fiscal deficit widened to 2.4% of GDP, and Gabon failed to settle arrears on its bilateral debt, leading to a cancellation of rescheduling agreements with official and private creditors. Devaluation of its Francophone currency by 50% on 12 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 and 1994-95, a three-year Enhanced Financing Facility (EFF) at near commercial rates beginning in late 1995. 1995, and stand-by credit of $119 million in October 2000. Those agreements mandate progress in privatization and fiscal discipline. France provided additional financial support in January 1997 after Gabon had 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 in 1999 1999-2000 helped growth, but drops in production hampered Gabon from fully realizing potential gains. With support from higher An expected decline in oil prices, growth will move up output may lead to contraction in 2000-01. GDP in 2001-02.
Published as “Economy - overview”
Gabon enjoys a per capita income four times that of most nations of sub-Saharan Africa. This has supported a sharp decline in extreme poverty; yet 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, the economy is hobbled by poor fiscal management. In 1992, the fiscal deficit widened to 2.4% of GDP, and Gabon failed to settle arrears on its bilateral debt, leading to a cancellation of rescheduling agreements with official and private creditors. Devaluation of its Francophone currency by 50% on 12 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 mandate progress in privatization and fiscal discipline. France provided additional financial support in January 1997 after Gabon had 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 in 1999-2000 helped growth, but drops in production hampered Gabon from fully realizing potential gains. 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 enjoys a per capita income four times that of most nations of sub-Saharan Africa. This has supported a sharp decline in extreme poverty; yet 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, manganese, and uranium manganese exports. Despite the abundance of natural wealth, the economy is hobbled by poor fiscal management. In 1992, the fiscal deficit widened to 2.4% of GDP, and Gabon failed to settle arrears on its bilateral debt, leading to a cancellation of rescheduling agreements with official and private creditors. Devaluation of its Francophone currency by 50% on 12 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 mandate progress in privatization and fiscal discipline. France provided additional financial support in January 1997 after Gabon had 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 in 1999-2000 helped growth, but drops in production hampered Gabon from fully realizing potential gains. An expected decline in oil output may lead In December 2000, Gabon signed a new agreement with the Paris Club to contraction in GDP reschedule its official debt. A follow-up bilateral repayment agreement with the US was signed in 2001-02. December 2001.
The same text in 2003 and 2004.
Published as “Economy - overview”
Gabon enjoys a per capita income four times that of most nations of sub-Saharan Africa. This has supported a sharp decline in extreme poverty; yet 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. Devaluation of its Francophone currency by 50% on 12 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 mandate progress in privatization and fiscal discipline. France provided additional financial support in January 1997 after Gabon had 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 in 1999-2000 helped growth, but drops in production hampered Gabon from fully realizing potential gains.
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. Short-term progress depends on an upbeat world economy and fiscal and other adjustments in line with IMF policies.
Gabon enjoys a per capita income four times that of most nations of sub-Saharan Africa. This has supported a sharp decline in extreme poverty; yet 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, the economy is hobbled by poor fiscal management. In 1992, management hobbles the fiscal deficit widened to 2.4% of GDP, and Gabon failed to settle arrears on its bilateral debt, leading to a cancellation of rescheduling agreements with official and private creditors. economy. Devaluation of its Francophone currency by 50% on 12 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 mandate progress in privatization and fiscal discipline. France provided additional financial support in January 1997 after Gabon had 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 in 1999-2000 helped growth, but drops in production hampered Gabon from fully realizing potential gains. 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. Short-term progress depends on an upbeat world economy and fiscal and other adjustments in line with IMF policies.
Published as “Economy - overview”
Gabon enjoys a per capita income four times that of most of sub-Saharan African nations. This has supported a sharp decline in extreme poverty; yet 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. Devaluation of 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 mandate progress in privatization and fiscal discipline. France provided additional financial support in January 1997 after Gabon had 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 in 1999-2000 helped growth, but drops in production hampered Gabon from fully realizing potential gains.
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.
Gabon enjoys a per capita income four times that of most nations of sub-Saharan Africa. African nations. This has supported a sharp decline in extreme poverty; yet 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. Devaluation of its Francophone currency by 50% on 12 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 mandate progress in privatization and fiscal discipline. France provided additional financial support in January 1997 after Gabon had 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 in 1999-2000 helped growth, but drops in production hampered Gabon from fully realizing potential gains. 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.
The same text in 2006 and 2007.
Published as “Economy - overview”
Gabon enjoys a per capita income four times that of most of sub-Saharan African nations. This has supported a sharp decline in extreme poverty; yet, 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. Devaluation of 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 in 1999-2000 helped growth, but drops in production hampered Gabon from fully realizing potential gains.
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.
Gabon enjoys a per capita income four times that of most of sub-Saharan African nations. This has supported a sharp decline in extreme poverty; yet yet, because of high income inequality 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. Devaluation of 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 mandate mandated progress in privatization and fiscal discipline. France provided additional financial support in January 1997 after Gabon had 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 in 1999-2000 helped growth, but drops in production hampered Gabon from fully realizing potential gains. 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 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.
Published as “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.
Gabon enjoys a per capita income four times that of most of sub-Saharan African nations. This has supported a sharp decline in extreme poverty; yet, 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. Devaluation 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 in 1999-2000 since 1999 have helped growth, but drops in production have hampered Gabon from fully realizing potential gains. 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.
Published as “Economy - overview”
Gabon enjoys a per capita income four times that of most 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 more than 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.
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 2007, and received Paris Club debt rescheduling later that year.
Gabon enjoys a per capita income four times that of most of sub-Saharan African nations. 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 more than 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, 2007, 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.
The same text in 2010 and 2011.
Published as “Economy - overview”
Gabon enjoys a per capita income four times that of most 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 more than 50% of GDP although the industry is in decline as fields pass their peak production. Gabon continues to face fluctuating prices for its oil, timber, and manganese exports and the global recession led to a GDP contraction of 1.4% in 2009.
Despite the abundance of natural wealth, poor fiscal management hobbles the economy. 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 from 1999 to 2008 helped growth, but drops in production have hampered Gabon from fully realizing potential gains. Gabon signed a 14-month Stand-By Arrangement with the IMF in May 2007, and later that year issued a $1 billion sovereign bond to buy back a sizable portion of its Paris Club debt.
Gabon enjoys a per capita income four times that of most 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 more than 50% of GDP. GDP although the industry is in decline as fields pass their peak production. Gabon continues to face fluctuating prices for its oil, timber, and manganese exports. exports and the global recession led to a GDP contraction of 1.4% in 2009. Despite the abundance of natural wealth, poor fiscal management hobbles the economy. 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 from 1999 have to 2008 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. gains. Gabon signed a 14-month Stand-By Arrangement with the IMF in May 2007, and received Paris Club debt rescheduling later that year. year issued a $1 billion sovereign bond to buy back a sizable portion of its Paris Club debt.
Published as “Economy - overview”
Gabon enjoys a per capita income four times that of most 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 economy was reliant on oil for about 50% of its GDP, about 70% of revenues, and 87% of goods exports for 2010, although some fields have passed their peak production.
A rebound of oil prices from 1999 to 2008 helped growth, but declining production has hampered Gabon from fully realizing potential gains. Gabon signed a 14-month Stand-By Arrangement with the IMF in May 2007, and later that year issued a $1 billion sovereign bond to buy back a sizable portion of its Paris Club debt. Gabon continues to face fluctuating prices for its oil, timber, and manganese exports. Despite the abundance of natural wealth, poor fiscal management has stifled the economy.
However, President BONGO has made efforts to increase transparency and is taking steps to make Gabon a more attractive investment destination to diversify the economy. BONGO has attempted to boost growth by increasing government investment in human resources and infrastructure. GDP grew more than 6% per year over the 2010-12 period.
Gabon enjoys a per capita income four times that of most 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 economy was reliant on oil sector now accounts for more than about 50% of GDP its GDP, about 70% of revenues, and 87% of goods exports for 2010, although the industry is in decline as some fields pass have passed their peak production. Gabon continues to face fluctuating prices for its oil, timber, and manganese exports and the global recession led to a GDP contraction of 1.4% in 2009. Despite the abundance of natural wealth, poor fiscal management hobbles the economy. 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 A rebound of oil prices from 1999 to 2008 helped growth, but drops in declining production have has hampered Gabon from fully realizing potential gains. Gabon signed a 14-month Stand-By Arrangement with the IMF in May 2007, and later that year issued a $1 billion sovereign bond to buy back a sizable portion of its Paris Club debt. Gabon continues to face fluctuating prices for its oil, timber, and manganese exports. Despite the abundance of natural wealth, poor fiscal management has stifled the economy. However, President BONGO has made efforts to increase transparency and is taking steps to make Gabon a more attractive investment destination to diversify the economy. BONGO has attempted to boost growth by increasing government investment in human resources and infrastructure. GDP grew more than 6% per year over the 2010-12 period.
Published as “Economy - overview”
Gabon enjoys a per capita income four times that of most 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 economy was reliant on oil for about 50% of its GDP, about 70% of revenues, and 87% of goods exports for 2010, although some fields have passed their peak production.
A rebound of oil prices from 1999 to 2008 helped growth, but declining production has hampered Gabon from fully realizing potential gains. Gabon signed a 14-month Stand-By Arrangement with the IMF in May 2007, and later that year issued a $1 billion sovereign bond to buy back a sizable portion of its Paris Club debt. Gabon continues to face fluctuating prices for its oil, timber, and manganese exports. Despite the abundance of natural wealth, poor fiscal management has stifled the economy.
However, President BONGO ONDIMBA has made efforts to increase transparency and is taking steps to make Gabon a more attractive investment destination to diversify the economy. BONGO ONDIMBA has attempted to boost growth by increasing government investment in human resources and infrastructure. GDP grew more than 6% per year over the 2010-12 period.
Gabon enjoys a per capita income four times that of most 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 economy was reliant on oil for about 50% of its GDP, about 70% of revenues, and 87% of goods exports for 2010, although some fields have passed their peak production. A rebound of oil prices from 1999 to 2008 helped growth, but declining production has hampered Gabon from fully realizing potential gains. Gabon signed a 14-month Stand-By Arrangement with the IMF in May 2007, and later that year issued a $1 billion sovereign bond to buy back a sizable portion of its Paris Club debt. Gabon continues to face fluctuating prices for its oil, timber, and manganese exports. Despite the abundance of natural wealth, poor fiscal management has stifled the economy. However, President BONGO ONDIMBA has made efforts to increase transparency and is taking steps to make Gabon a more attractive investment destination to diversify the economy. BONGO ONDIMBA has attempted to boost growth by increasing government investment in human resources and infrastructure. GDP grew more than 6% per year over the 2010-12 period.
Published as “Economy - overview”
Gabon enjoys a per capita income four times that of most 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 economy was reliant on oil for about 50% of its GDP, about 70% of revenues, and 87% of goods exports for 2010, although some fields have passed their peak production.
A rebound of oil prices from 1999 to 2008 helped growth, but declining production has hampered Gabon from fully realizing potential gains. Gabon signed a 14-month Stand-By Arrangement with the IMF in May 2007, and later that year issued a $1 billion sovereign bond to buy back a sizable portion of its Paris Club debt. Gabon continues to face fluctuating prices for its oil, timber, and manganese exports. Despite the abundance of natural wealth, poor fiscal management has stifled the economy.
However, President BONGO ONDIMBA has made efforts to increase transparency and is taking steps to make Gabon a more attractive investment destination to diversify the economy. BONGO ONDIMBA has attempted to boost growth by increasing government investment in human resources and infrastructure. GDP grew more than 6% per year over the 2010-13 period.
Gabon enjoys a per capita income four times that of most 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 economy was reliant on oil for about 50% of its GDP, about 70% of revenues, and 87% of goods exports for 2010, although some fields have passed their peak production. A rebound of oil prices from 1999 to 2008 helped growth, but declining production has hampered Gabon from fully realizing potential gains. Gabon signed a 14-month Stand-By Arrangement with the IMF in May 2007, and later that year issued a $1 billion sovereign bond to buy back a sizable portion of its Paris Club debt. Gabon continues to face fluctuating prices for its oil, timber, and manganese exports. Despite the abundance of natural wealth, poor fiscal management has stifled the economy. However, President BONGO ONDIMBA has made efforts to increase transparency and is taking steps to make Gabon a more attractive investment destination to diversify the economy. BONGO ONDIMBA has attempted to boost growth by increasing government investment in human resources and infrastructure. GDP grew more than 6% per year over the 2010-12 2010-13 period.
Published as “Economy - overview”
Gabon enjoys a per capita income four times that of most 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 economy was reliant on oil for about 50% of its GDP, about 70% of revenues, and 87% of goods exports for 2010, although some fields have passed their peak production.
A rebound of oil prices from 1999 to 2013 helped growth, but declining production has hampered Gabon from fully realizing potential gains. Gabon signed a 14-month Stand-By Arrangement with the IMF in May 2007, and later that year issued a $1 billion sovereign bond to buy back a sizable portion of its Paris Club debt. Gabon continues to face fluctuating prices for its oil, timber, and manganese exports. Despite the abundance of natural wealth, poor fiscal management has stifled the economy.
However, President BONGO has made efforts to increase transparency and is taking steps to make Gabon a more attractive investment destination to diversify the economy. BONGO has attempted to boost growth by increasing government investment in human resources and infrastructure. GDP grew nearly 6% per year over the 2010-14 period.
Gabon enjoys a per capita income four times that of most 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 economy was reliant on oil for about 50% of its GDP, about 70% of revenues, and 87% of goods exports for 2010, although some fields have passed their peak production. A rebound of oil prices from 1999 to 2008 2013 helped growth, but declining production has hampered Gabon from fully realizing potential gains. Gabon signed a 14-month Stand-By Arrangement with the IMF in May 2007, and later that year issued a $1 billion sovereign bond to buy back a sizable portion of its Paris Club debt. Gabon continues to face fluctuating prices for its oil, timber, and manganese exports. Despite the abundance of natural wealth, poor fiscal management has stifled the economy. However, President BONGO ONDIMBA has made efforts to increase transparency and is taking steps to make Gabon a more attractive investment destination to diversify the economy. BONGO ONDIMBA has attempted to boost growth by increasing government investment in human resources and infrastructure. GDP grew more than nearly 6% per year over the 2010-13 2010-14 period.
Published as “Economy - overview”
Gabon enjoys a per capita income four times that of most sub-Saharan African nations, but because of high income inequality, a large proportion of the population remains poor. Gabon relied on timber and manganese exports until oil was discovered offshore in the early 1970s. From 2010 to 2014, oil accounted for approximately 80% of Gabon’s exports, 45% of its GDP, and 60% of its state budget revenues.
Gabon faces fluctuating prices for its oil, timber, and manganese exports. A rebound of oil prices from 2001 to 2013 helped growth, but declining production, as some fields passed their peak production, has hampered Gabon from fully realizing potential gains. GDP grew nearly 6% per year over the 2010-14 period, but slowed significantly in 2015 as oil prices declined. Low oil prices also weakened government revenue and negatively affected the trade and current account balances.
Despite an abundance of natural wealth, poor fiscal management and over-reliance on oil has stifled the economy. There are frequent power cuts and water shortages. However, President BONGO has made efforts to increase transparency and is taking steps to make Gabon a more attractive investment destination to diversify the economy. BONGO has attempted to boost growth by increasing government investment in human resources and infrastructure.
Gabon enjoys a per capita income four times that of most sub-Saharan African nations, but because of high income inequality, a large proportion of the population remains poor. Gabon depended relied on timber and manganese exports until oil was discovered offshore in the early 1970s. The economy was reliant on From 2010 to 2014, oil accounted for about 50% approximately 80% of Gabon’s exports, 45% of its GDP, about 70% of revenues, and 87% 60% of goods exports its state budget revenues.
Gabon faces fluctuating prices for 2010, although some fields have passed their peak production. its oil, timber, and manganese exports. A rebound of oil prices from 1999 2001 to 2013 helped growth, but declining production production, as some fields passed their peak production, has hampered Gabon from fully realizing potential gains. Gabon signed a 14-month Stand-By Arrangement with GDP grew nearly 6% per year over the IMF 2010-14 period, but slowed significantly in May 2007, and later that year issued a $1 billion sovereign bond to buy back a sizable portion of its Paris Club debt. Gabon continues to face fluctuating 2015 as oil prices for its oil, timber, declined. Low oil prices also weakened government revenue and manganese exports. Despite negatively affected the trade and current account balances.
Despite an abundance of natural wealth, poor fiscal management and over-reliance on oil has stifled the economy. There are frequent power cuts and water shortages. However, President BONGO has made efforts to increase transparency and is taking steps to make Gabon a more attractive investment destination to diversify the economy. BONGO has attempted to boost growth by increasing government investment in human resources and infrastructure. GDP grew nearly 6% per year over the 2010-14 period.
Published as “Economy - overview”
Gabon enjoys a per capita income four times that of most sub-Saharan African nations, but because of high income inequality, a large proportion of the population remains poor. Gabon relied on timber and manganese exports until oil was discovered offshore in the early 1970s. From 2010 to 2016, oil accounted for approximately 80% of Gabon’s exports, 45% of its GDP, and 60% of its state budget revenues.
Gabon faces fluctuating prices for its oil, timber, and manganese exports. A rebound of oil prices from 2001 to 2013 helped growth, but declining production, as some fields passed their peak production, has hampered Gabon from fully realizing potential gains. GDP grew nearly 6% per year over the 2010-14 period, but slowed significantly in 2015 as oil prices declined. Low oil prices also weakened government revenue and negatively affected the trade and current account balances.
Despite an abundance of natural wealth, poor fiscal management and over-reliance on oil has stifled the economy. Power cuts and water shortages are frequent. Significant cuts in budget expenditures - Gabon’s budget has contracted for four years in a row - have not extended to the government’s priority projects, like a new stadium for the Africa Cup of Nations.
Gabon enjoys a per capita income four times that of most sub-Saharan African nations, but because of high income inequality, a large proportion of the population remains poor. Gabon relied on timber and manganese exports until oil was discovered offshore in the early 1970s. From 2010 to 2014, 2016, oil accounted for approximately 80% of Gabon’s exports, 45% of its GDP, and 60% of its state budget revenues.
Gabon faces fluctuating prices for its oil, timber, and manganese exports. A rebound of oil prices from 2001 to 2013 helped growth, but declining production, as some fields passed their peak production, has hampered Gabon from fully realizing potential gains. GDP grew nearly 6% per year over the 2010-14 period, but slowed significantly in 2015 as oil prices declined. Low oil prices also weakened government revenue and negatively affected the trade and current account balances.
Despite an abundance of natural wealth, poor fiscal management and over-reliance on oil has stifled the economy. There are frequent power Power cuts and water shortages. However, President BONGO shortages are frequent. Significant cuts in budget expenditures - Gabon’s budget has made efforts to increase transparency and is taking steps to make Gabon contracted for four years in a more attractive investment destination row - have not extended to diversify the economy. BONGO has attempted to boost growth by increasing government investment in human resources and infrastructure. government’s priority projects, like a new stadium for the Africa Cup of Nations.
The same text in 2018 and 2019.
Published as “Economy - overview”
Gabon enjoys a per capita income four times that of most sub-Saharan African nations, but because of high income inequality, a large proportion of the population remains poor. Gabon relied on timber and manganese exports until oil was discovered offshore in the early 1970s. From 2010 to 2016, oil accounted for approximately 80% of Gabon’s exports, 45% of its GDP, and 60% of its state budget revenues. Gabon faces fluctuating international prices for its oil, timber, and manganese exports.
A rebound of oil prices from 2001 to 2013 helped growth, but declining production, as some fields passed their peak production, has hampered Gabon from fully realizing potential gains. GDP grew nearly 6% per year over the 2010-14 period, but slowed significantly from 2014 to just 1% in 2017 as oil prices declined. Low oil prices also weakened government revenue and negatively affected the trade and current account balances.
In the wake of lower revenue, Gabon signed a 3-year agreement with the IMF in June 2017. Despite an abundance of natural wealth, poor fiscal management and over-reliance on oil has stifled the economy. Power cuts and water shortages are frequent. Gabon is reliant on imports and the government heavily subsidizes commodities, including food, but will be hard pressed to tamp down public frustration with unemployment and corruption.
Gabon enjoys a per capita income four times that of most sub-Saharan African nations, but because of high income inequality, a large proportion of the population remains poor. Gabon relied on timber and manganese exports until oil was discovered offshore in the early 1970s. From 2010 to 2016, oil accounted for approximately 80% of Gabon’s exports, 45% of its GDP, and 60% of its state budget revenues.2015 2017 as oil prices declined. Low oil prices also weakened government revenue and negatively affected the trade and current account balances.Significant cuts in budget expenditures - Gabon’s budget has contracted for four years in a row - have not extended to the government’s priority projects, like a new stadium for Gabon is reliant on imports and the Africa Cup of Nations. government heavily subsidizes commodities, including food, but will be hard pressed to tamp down public frustration with unemployment and corruption.
Gabon enjoys a per capita income four times that of most Sub-Saharan African nations, but because of high income inequality, a large proportion of the population remains poor. Gabon relied on timber and manganese exports until oil was discovered offshore in the early 1970s. From 2010 to 2016, oil accounted for approximately 80% of Gabon’s exports, 45% of its GDP, and 60% of its state budget revenues. Gabon faces fluctuating international prices for its oil, timber, and manganese exports.
A rebound of oil prices from 2001 to 2013 helped growth, but declining production, as some fields passed their peak production, has hampered Gabon from fully realizing potential gains. GDP grew nearly 6% per year over the 2010-14 period, but slowed significantly from 2014 to just 1% in 2017 as oil prices declined. Low oil prices also weakened government revenue and negatively affected the trade and current account balances.
In the wake of lower revenue, Gabon signed a 3-year agreement with the IMF in June 2017. Despite an abundance of natural wealth, poor fiscal management and over-reliance on oil has stifled the economy. Power cuts and water shortages are frequent. Gabon is reliant on imports and the government heavily subsidizes commodities, including food, but will be hard pressed to tamp down public frustration with unemployment and corruption.
Gabon enjoys a per capita income four times that of most sub-Saharan Sub-Saharan African nations, but because of high income inequality, a large proportion of the population remains poor. Gabon relied on timber and manganese exports until oil was discovered offshore in the early 1970s. From 2010 to 2016, oil accounted for approximately 80% of Gabon’s exports, 45% of its GDP, and 60% of its state budget revenues. Gabon faces fluctuating international prices for its oil, timber, and manganese exports. A rebound of oil prices from 2001 to 2013 helped growth, but declining production, as some fields passed their peak production, has hampered Gabon from fully realizing potential gains. GDP grew nearly 6% per year over the 2010-14 period, but slowed significantly from 2014 to just 1% in 2017 as oil prices declined. Low oil prices also weakened government revenue and negatively affected the trade and current account balances. In the wake of lower revenue, Gabon signed a 3-year agreement with the IMF in June 2017. Despite an abundance of natural wealth, poor fiscal management and over-reliance on oil has stifled the economy. Power cuts and water shortages are frequent. Gabon is reliant on imports and the government heavily subsidizes commodities, including food, but will be hard pressed to tamp down public frustration with unemployment and corruption.
The same text in 2021 and 2022.
Gabon enjoys a per capita income four times that of most Sub-Saharan African nations, but because of high income inequality, a large proportion of the population remains poor. Gabon relied on timber and manganese exports until oil was discovered offshore in the early 1970s. From 2010 to 2016, oil accounted for approximately 80% of Gabon’s exports, 45% of its GDP, and 60% of its state budget revenues.
Gabon faces fluctuating international prices for its oil, timber, and manganese exports. A rebound of oil prices from 2001 to 2013 helped growth, but declining production, as some fields passed their peak production, has hampered Gabon from fully realizing potential gains. GDP grew nearly 6% per year over the 2010-14 period, but slowed significantly from 2014 to just 1% in 2017 as oil prices declined. Low oil prices also weakened government revenue and negatively affected the trade and current account balances. In the wake of lower revenue, Gabon signed a 3-year agreement with the IMF in June 2017.
Despite an abundance of natural wealth, poor fiscal management and over-reliance on oil has stifled the economy. Power cuts and water shortages are frequent. Gabon is reliant on imports and the government heavily subsidizes commodities, including food, but will be hard pressed to tamp down public frustration with unemployment and corruption.
Gabon enjoys a per capita income four times that of most Sub-Saharan African nations, but because of high income inequality, a large proportion of the population remains poor. Gabon relied on timber and manganese exports until oil was discovered offshore in the early 1970s. From 2010 to 2016, oil accounted for approximately 80% of Gabon’s exports, 45% of its GDP, and 60% of its state budget revenues.
Gabon faces fluctuating international prices for its oil, timber, and manganese exports. A rebound of oil prices from 2001 to 2013 helped growth, but declining production, as some fields passed their peak production, has hampered Gabon from fully realizing potential gains. GDP grew nearly 6% per year over the 2010-14 period, but slowed significantly from 2014 to just 1% in 2017 as oil prices declined. Low oil prices also weakened government revenue and negatively affected the trade and current account balances. In the wake of lower revenue, Gabon signed a 3-year agreement with the IMF in June 2017.
Despite an abundance of natural wealth, poor fiscal management and over-reliance on oil has stifled the economy. Power cuts and water shortages are frequent. Gabon is reliant on imports and the government heavily subsidizes commodities, including food, but will be hard pressed to tamp down public frustration with unemployment and corruption.
- natural resource-rich, upper-middle-income, Central African economy;
- sparsely populated but high urbanization;
- young labor force;
- oil, manganese, and rubber exporter;
- foreign investment dependent;
- data integrity issue on poverty and income
Rewritten: too little of the 2022 text remains to mark the changes.
natural resource-rich, upper-middle-income, Central African economy; sparsely populated but high urbanization; young labor force; oil, manganese, and rubber exporter; foreign investment dependent; data integrity issue on poverty and income
The same text in 2024 and 2025.
- natural-resource-rich, upper-middle-income, Central African economy;
- significant reliance on oil and mineral exports;
- highly urbanized population;
- high levels of poverty and unemployment;
- uncertainty on institutional and development reform progress following 2023 military coup
Rewritten: too little of the 2023 text remains to mark the changes.
natural-resource-rich, upper-middle-income, Central African economy; significant reliance on oil and mineral exports; highly urbanized population; high levels of poverty and unemployment; uncertainty on institutional and development reform progress following 2023 military coup
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Cite this page
Central Intelligence Agency. “Gabon: Economic overview.” The World Factbook, 1990–2025 editions. Archived by The Factbook, thefactbook.org/gabon/economic-overview.