Flag: three equal horizontal bands of green (top), yellow, and blue
@Gabon:Economy
Overview: Notwithstanding its serious ongoing economic problems, Gabon enjoys a per capita income more than twice 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 growth was feeble in 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% in January 1994 did not set off an expected inflationary spiral but the government must continue to keep a tight reign on spending and wage increases.
National product: GDP - purchasing power parity - $5.6 billion (1994 est.)
National product real growth rate: 1.9% (1994 est.)
National product per capita: $4,900 (1994 est.)
Inflation rate (consumer prices): 35% (1994 est.)
Unemployment rate: NA%
Budget:
revenues: $1.3 billion
expenditures: $1.6 billion, including capital expenditures of $311
million (1993 est.)
Exports: $2.1 billion (f.o.b., 1993 est) commodities: crude oil 80%, timber 10%, manganese 6%, uranium 2% partners: US 38%, France 26%, Japan, Germany