Gabon is regarded as an upper middle income nation. Gabon boasts of having the highest per capita incomes in the Sub Saharan African region. The reason can be attributed to the fact that Gabon has a small population and has rich petroleum reserves. Owing to the high per capita income, poverty has been controlled to a large extent.
However, due to the unequal income distribution of income, a large part of the it has remained poor.
Facts about Gabon’s economy:
Gross domestic product:
The gross domestic product (purchasing power parity) in 2006 was USD$10.21 billion.
The gross domestic product real growth rate in 2006 was 2.8%.
The gross domestic product -per capita- purchasing power parity in 2006 was USD7,200
The agriculture sector contributed 5.9% of the total GDP in 2006.
The service sector contributed 34.4% of the total GDP in 2006.
The industrial sector contributed 59.7% of the total GDP in 2006.
Total work force in 2006 comprised 581,000 workers.
The agriculture sector engaged 60% of the work force.
The industrial sector employed 15% of the work force.
The service sector engaged 25% of the work force.
Unemployment rate in 1997, was 21%.
Public debt in 2006 was 28.6% of the gross domestic product.
Inflation rate was 2.2% in 2006.
The chief agricultural products comprise rubber, cocoa, sugar, coffee, palm oil, okume.
The industrial sector constitutes the following industries:
Repairing ships, chemicals, food, beverage, gold, extraction of petroleum and refining, textiles, cement, lumbering, plywood, lumbering.
Gabon export commodities (2001):
Manganese, timber, uranium, crude oil.
Export partners (2005):
China, USA, France.
Gabon import commodities:
Chemicals, food products, machinery, equipments, materials for construction.
Import partners (2005):
Cameroon, USA, France.
External debt in 2006 was USD$3.971 billion.
Currency of Gabon is Communaute Financiere Africaine franc. Code is XAF.
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Last Updated on : 7th August 2013