Gabon: Economic Outline

Economic Indicators

Due to its low degree of diversification, the Gabonese economy was badly hit by the contraction of demand and the decline in foreign trade in 2009, leading to negative growth (-1.4%). Thanks to an increase in public investment and a recovery in mining activities, growth has increased in 2010, reaching 4.5% and should strenghten in 2011.

Gabon obtains more than 70% of its income from oil. The authorities are trying to turn Gabon into an emerging market by diversify the economy, thus making it less dependent on oil, and by improving the business climate. The government has recently committed itself it to promote the development of eco-tourism and the improvement of transportation infrastructures. The IMF has emphasized the necessity to balance state finances, accelerate the country's economic growth in order to prepare the country to a post-oil period and to reform the financial sector.

With the per capita GDP being significantly above the region's average, Gabon is considered a middle-income country. However, the country's social indicaters do not correspond to its level of wealth. The rate of poverty is very high (35%), especially in the country side and unemployment affects 25% of the workforce.

Main Indicators	2009	2010	2011	2012 (e)	2013 (e)
GDP (billions USD)	10.94	13.14e	16.68	17.03	17.18
GDP (Constant Prices, Annual % Change)	-1.4e	5.7e	5.6e	3.3	1.6
GDP per Capita (USD)	7,420	8,779	10,982	11,056	10,995
General Government Gross Debt (in % of GDP)	26.4	25.1	21.8	20.1	19.5
Inflation Rate (%)	1.9e	1.4e	2.3	3.4	3.1
Current Account (billions USD)	0.66	1.37e	2.48	2.09	1.44
Current Account (in % of GDP)	6.1	10.5	14.8	8.4	-

Source: IMF - World Economic Outlook Database - Last Available Data.

Note: (e) Estimated Data

Monetary Indicators	2008	2009	2010
Foreign Debt (million USD)	2,173	2,130	-
CFA Franc BEAC (XAF) - Average Annual Exchange Rate For 1 USD	447.81	472.19	495.28

Source: World Bank - Last Available Data.

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Main Sectors of Industry

Breakdown of Economic Activity By Sector	Agriculture	Industry	Services
Employment By Sector (in % of Total Employment)	24.2	11.8	64.0
Value Added (in % of GDP)	4.4	53.5	42.1
Value Added (Annual % Change)	3.8	2.9	7.9