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.

GDP: purchasing power parity - $7.7 billion (2000 est.)

GDP - real growth rate: 1.2% (2000 est.)

GDP - per capita: purchasing power parity - $6,300 (2000 est.)

GDP - composition by sector: agriculture: 10%

industry: 60%

services: 30% (1999 est.)

Population below poverty line: NA%

Household income or consumption by percentage share: lowest 10%: NA%

highest 10%: NA%

Inflation rate (consumer prices): 1.5% (2000 est.)

Labor force: 600,000

Labor force - by occupation: agriculture 60%, services and
government 25%, industry and commerce 15%

Unemployment rate: 21% (1997 est.)

Budget: revenues: $1.5 billion

expenditures: $1.3 billion, including capital expenditures of $302
million (1996 est.)