International organization participation:
ACCT, ACP, AfDB, BDEAC, CEEAC, CEMAC, ECA, FAO, FZ, G-24, G-77,
IAEA, IBRD, ICAO, ICCt, ICFTU, IDA, IDB, IFAD, IFC, IFRCS, ILO, IMF,
IMO, Interpol, IOC, ITU, NAM, OAU, OIC, OPCW, UN, UNCTAD, UNESCO,
UNIDO, UPU, WCL, WCO, WHO, WIPO, WMO, WToO, WTrO
Diplomatic representation in the US:
chief of mission: Ambassador Jules Marius OGOUEBANDJA
consulate(s): New York
FAX: [1] (202) 332-0668
telephone: [1] (202) 797-1000
chancery: Suite 200, 2034 20th Street NW, Washington, DC 20009
Diplomatic representation from the US:
chief of mission: Ambassador Kenneth P. MOOREFIELD
embassy: Boulevard de la Mer, Libreville
mailing address: Centre Ville, B. P. 4000, Libreville
telephone: [241] 76 20 03 through 76 20 04, after hours - 74 34 92
FAX: [241] 74 55 07
Flag description:
three equal horizontal bands of green (top), yellow, and blue
Economy Gabon
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, and manganese exports. Despite the
abundance of natural wealth, poor fiscal management hobbles the
economy. 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, a three-year Enhanced Financing Facility
(EFF) at near commercial rates beginning in late 1995, and stand-by
credit of $119 million in October 2000. 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. The rebound of oil prices
in 1999-2000 helped growth, but drops in production hampered Gabon
from fully realizing potential gains. In December 2000, Gabon signed
a new agreement with the Paris Club to reschedule its official debt.
A follow-up bilateral repayment agreement with the US was signed in
December 2001. Short-term progress depends on an upbeat world
economy and fiscal and other adjustments in line with IMF policies.
GDP:
purchasing power parity - $8.354 billion (2002 est.)
GDP - real growth rate:
0.2% (2002 est.)
GDP - per capita:
purchasing power parity - $6,500 (2002 est.)
GDP - composition by sector:
agriculture: 15%
industry: 60%
services: 25% (2001 est.)