Gabon is an upper-middle-income country. The fifth largest oil producer in Africa, it has had strong economic growth over the past decade, driven by its production of oil and manganese. The oil sector has accounted for 80% of exports, 45% of GDP, and 60% of fiscal revenue on average over the past five years.
What are the main imports in Gabon?
Gabon’s main imports are: machinery, construction materials, cereals and other foodstuffs. Gabon’s main import partner is France with over 30 percent of total imports. Others include: Belgium, China, United States and Cameroon.
How is the economy doing in Gabon?
The Gabonese economy should rebound if the pandemic improves in the second half of 2021. Real GDP is expected to grow 2.1% in 2021 and 3.8% in 2022. Better mobilization of nonoil revenue and control of current expenditure will lead to a decrease in the budget deficit to 3.4% of GDP in 2021 and 1.7% in 2022.
Is Gabon a good place to live?
Unlike many other African nations in the vicinity, Gabon enjoys a relatively stable political system, as well as prosperous economy. In spite of this, many Gabonese people still live in poverty. However, the relative safety of the nation is a plus for any expatriates thinking of living in Gabon.
What kind of economy does Gabon have in Africa?
Gabon enjoys a per capita income four times that of most nations of sub-Saharan Africa, its reliance on resource extraction industry releasing much of the population from extreme poverty . Gabon depended on timber and manganese until oil was discovered offshore in the early 1970s. The oil sector now accounts for 50% of GDP and 80% of exports.
Where are the natural resources located in Gabon?
The country’s northeastern region is home to huge iron ore deposits, another crucial natural resource to Gabon’s economy. The country has the sixth largest proven deposits of oil on the continent, having an estimated 3.68 billion barrels of oil reserves.
What was the inflation rate in Gabon in 2020?
Real GDP contracted 2.7% in 2020, after growing 3.9% in 2019—reflecting a 21% drop in national oil production, a fall in oil prices and a slowdown in nonoil sector activity that resulted from measures to contain the spread of COVID–19. Inflation increased to 3% in 2020 from 2% in 2019, largely due to supply disruptions.
How much oil does Gabon produce a day?
The country has tapped into its immense oil deposits and has a daily production of oil estimated at 0.244 million barrels. Gabon only consumes a tiny fraction of its oil production (the country’s daily consumption is 0.013 million barrels), with the bulk of the oil produced being sold to the foreign markets.
