apita 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.

GDP: purchasing power parity - $6 billion (1995 est.)

GDP real growth rate: 2% (1995 est.)

GDP per capita: $5,200 (1995 est.)

GDP composition by sector:
agriculture: 8.2%
industry: 44.7%
services: 47.1% (1993 est.)

Inflation rate (consumer prices): 15% (1995 est.)

Labor force: 120,000 salaried
by occupation: agriculture 65.0%, industry and commerce 30.0%,
services 2.5%, government 2.5%

Unemployment rate: 10%-14% (1993 est.)

Budget:
revenues: $1.3 billion
expenditures: $1.6 billion, including capital expenditures of $311
million (1993 est.)

Industries: food and beverage; textile; lumbering and plywood;
cement; petroleum extraction and refining; manganese, uranium, and
gold mining; chemicals; ship repair

Industrial production growth rate: -3% (1991)

Electricity:
capacity: 315,000 kW
production: 910 million kWh
consumption per capita: 757 kWh (1993)

Agriculture: cocoa, coffee, sugar, palm oil; rubber; okoume (a
tropical softwood); cattle; small fishing operations (provide a
catch of about 20,000 metric tons)

Exports: $2.1 billion (f.o.b., 1994 est.)
commodities: crude oil 80%, timber 14%, manganese 6%, uranium
partners: US 50%, France 16%, Japan 8%, Spain 6%, Germany NA (1994
est.)

Imports: $800 million (f.o.b., 1994 est.)
commodities: foodstuffs, c