Gabon

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.

GDP (purchasing power parity):
$7.966 billion (2004 est.)

GDP - real growth rate:
1.9% (2004 est.)

GDP - per capita:
purchasing power parity - $5,900 (2004 est.)

GDP - composition by sector:
agriculture: 7.4%
industry: 46.7%
services: 45.9% (2004 est.)

Labor force:
650,000 (2004 est.)

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

Unemployment rate:
21% (1997 est.)

Population below poverty line:
NA

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