Gabon


Country Economic Snapshot
2020-08-07
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. However, as the country is facing a decline in its oil reserves, the Gabonese government has decided to diversify its economy.
Gabon's fiscal position worsened in 2015, with the country recording a fiscal deficit for the first time since 1998. Despite the government's attempts to rein in expenditure and offset the decline in oil revenue, Gabon's economy stalled in 2017 and was projected to grow by 0.8% in 2018 compared to 0.5% in 2017.
This trend is attributable to limited expansion of the secondary and tertiary sectors, impacted by the decline in public expenditure. However, higher prices for crude oil, manganese, and rubber - exported by the country - contributed to growth in the primary sector. Growth could rebound to 2.9% in 2019, driven by non-extractive sectors like agribusiness and upgraded transport and communication networks.
The government has launched an audit of the public service payroll: its initial steps included the decision to pay civil servants with vouchers and to carry out physical-presence checks to identify ghost workers. The cabinets of the President and the Prime Minister have reduced their staff by 40%. The government also extended the hiring freeze for another three years' except for social sectors.
Source : World Bank
Info
Capital | Libreville |
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Currency (Name, Abbreviation, Symbol) | CFA franc , XAF , BEAC |
Area | 267,667 sq km |
Type of Government | republic; multiparty presidential regime |
Languages | French (official), Fang, Myene, Nzebi, Bapounou/Eschira, Bandjabi |
Natural Resources | petroleum, natural gas, diamond, niobium, manganese, uranium, gold, timber, iron ore, hydropower |
Type of Industry | petroleum extraction and refining; manganese, gold; chemicals, ship repair, food and beverages, textiles, lumbering and plywood, cement |
Stock Exchange | Bourse Rgionale des Valeurs Mobilires d'Afrique Centrale |
Stock Exchange Location | Libreville, Gabon. |
Stock Exchange Founded | 1998 |
Tax Rate: Corporate | 30% |
Tax Rate: Individual | 35% |
Natural Resources | petroleum, natural gas, diamond, niobium, manganese, uranium, gold, timber, iron ore, hydropower |
Latest available information as sourced from:
African Markets
Trading Economics
Economy Watch
The World Fact Book
KPMG Tax Tables
Company Profile
There is no data available at the moment
Sector Research
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Sector Research
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Top Gabon Reports
Mining in West Africa
R 1 900.00(ZAR) estimated $ 115.16 (USD)*

