Economy of Gabon

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Economy of Gabon

Libreville is the capital and financial center of Gabon
Currency	1 Central African CFA franc (XAF) = 100 centimes
Fiscal year	calendar year
Trade organisations	AU, AfCFTA, WTO
Country group	Developing/Emerging[1] Upper-middle income economy[2]
Statistics
GDP	$16.875 billion (nominal, 2018)[3] $37.840 billion (PPP, 2018)[3]
GDP growth	2.1% (2016) 0.5% (2017) 0.8% (2018e) 2.8% (2019f)[4]
GDP per capita	$9.420 (nominal, 2023 est.)[3] $19,834 (PPP, 2023 est.)[3]
GDP by sector	agriculture: 4.5%; industry: 62.7%; services: 32.8% (2010 est.)
Inflation (CPI)	4.777% (2018)[3]
Population below poverty line	33.4% (2017)[5] 32.2% on less than $5.50/day (2017)[6]
Labour force	712,000 (2010 est.)
Labour force by occupation	agriculture: 60%; industry: 15%; services: 25% (2000 est.)
Unemployment	27% (2012 est.)
Main industries	petroleum extraction and refining; manganese, gold; chemicals, ship repair, food and beverages, textiles, lumbering and plywood, cement
External
Exports	$6.803 billion (2010 est.)
Export goods	crude oil 70%, timber, manganese, uranium
Main export partners	China 63%  Singapore 5% (2019 est.)[7]
Imports	$2.973 billion (2015 est.)
Import goods	machinery and equipment, foodstuffs, chemicals, construction materials
Main import partners	France 22%  China 17%  Belgium 6%  United States 6%  United Arab Emirates 5% (2019 est.)[8]
Gross external debt	$2.374 billion (31 December 2010 est.)
Public finances
Government debt	25.8% of GDP (2010 est.)
Revenues	$4.057 billion (2015 est.)
Expenses	$3.645 billion (2015 est.)
Economic aid	recipient: $331 million (1995)
Credit rating	Standard & Poor's:[9] BB- (Domestic) BB- (Foreign) BBB- (T&C Assessment)
Foreign reserves	$3.202 billion (31 December 2015 est.)
Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars.

The economy of Gabon is characterized by strong links with France, large foreign investments, dependence on skilled foreign labor, and decline of agriculture.^[10] 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).