Diplomatic representation in the US:
chief of mission: Ambassador Paul BOUNDOUKOU-LATHA
chancery: Suite 200, 2034 20th Street NW, Washington, DC 20009
consulate(s): New York
Diplomatic representation from the US:
chief of mission: Ambassador James V. LEDESMA
embassy: Boulevard de la Mer, Libreville
mailing address: B. P. 4000, Libreville
Flag description: three equal horizontal bands of green (top),
yellow, and blue
Economy
Economy—overview: Gabon enjoys a per capita income four times that of most nations of sub-Saharan Africa. This has supported a sharp decline in extreme poverty; yet because of high income inequality a large proportion of the population remains poor. Gabon depended on timber and manganese until oil was discovered offshore in the early 1970s. The oil sector now accounts for 50% of GDP. Gabon continues to face fluctuating prices for its oil, timber, manganese, and uranium exports. Despite the abundance of natural wealth, 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 6% in 1996. The IMF provided a one-year standby arrangement in 1994-95 and a three-year Enhanced Financing Facility (EFF) at near commercial rates beginning in late 1995. Those agreements mandate progress in privatization and fiscal discipline. France provided additional financial support in January 1997 after Gabon had met IMF targets for mid-1996. In 1997, an IMF mission to Gabon criticized the government for overspending on off-budget items, overborrowing from the central bank, and slipping on its schedule for privatization and administrative reform. Growth in 1999 will depend mainly on how world oil prices move.
GDP: purchasing power parity—$7.7 billion (1998 est.)
GDP—real growth rate: 1.7% (1998 est.)
GDP—per capita: purchasing power parity?$6,400 (1998 est.)
GDP—composition by sector: agriculture: 8% industry: 67% services: 25% (1997 est.)
Population below poverty line: NA%