Diplomatic representation in US:
chief of mission: Ambassador Paul BOUNDOUKOU-LATHA
chancery: Suite 200, 2034 20th Street NW, Washington, DC 20009
telephone: [1] (202) 797-1000
FAX: [1] (202) 332-0668
US diplomatic representation: chief of mission: Ambassador Elizabeth RASPOLIC embassy: Boulevard de la Mer, Libreville mailing address: B. P. 4000, Libreville telephone: [241] 76 20 03 through 76 20 04, 74 34 92 FAX: [241] 74 55 07
Flag: three equal horizontal bands of green (top), yellow, and blue
Economy ———-
Economic overview: Notwithstanding its serious ongoing economic problems, Gabon enjoys a per capita 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.)