Gabon

Economics, Political, and Trade Overview

Source: Feb 10, 2022 Economist Intelligence Unit

Gabon - In Short.

Overview of Gabon

Gabon, a sparsely populated country known for its dense rainforests and vast petroleum reserves, is one of the most prosperous and stable countries in central Africa. Approximately 40 ethnic groups are represented, the largest of which is the Fang, a group that covers the northern third of Gabon and expands north into Equatorial Guinea and Cameroon. From about the early 1300s, various kingdoms emerged in and surrounding present-day Gabon, including the Kingdoms of Loango and Orungu. Because most early Bantu languages spoken in these kingdoms did not have a written form, historical traditions were passed on orally, resulting in much of Gabon’s early history being lost over time. Portuguese traders who arrived in the mid-1400s gave the area its name of Gabon. At that time, indigenous trade networks began to engage with European traders, exchanging goods such as ivory and wood. For a century beginning in the 1760s, trade came to focus mostly on enslaved people. While many groups in Gabon participated in the slave trade, the Fang were a notable exception. As the slave trade declined in the late 1800s, France colonized the country and directed a widespread extraction of Gabonese resources. Anti-colonial rhetoric by Gabon’s educated elites increased significantly in the early 1900s, but no widespread rebellion materialized. French decolonization following World War II led to the country’s independence in 1960. Within a year of independence, the government changed from a parliamentary to a presidential system, and Leon M’BA won the first presidential election in 1961. El Hadj Omar BONGO Ondimba – one of the longest ruling heads of state in history – was M’BA’s vice president and assumed the presidency after M’BA’s death in 1967. BONGO went on to dominate the country’s political scene for four decades (1967-2009). In 1968, he declared Gabon a single-party state and created the Parti Democratique Gabonais (PDG), which remains the predominant party in Gabonese politics today. In the early 1990s, he reintroduced a multiparty system under a new constitution after he was confronted with growing political opposition. He was reelected by wide margins in 1995, 1998, 2002, and 2005 against a divided opposition and amidst allegations of fraud. Following President BONGO’s death in 2009, a new election brought his son, Ali BONGO Ondimba, to power. President Ali BONGO Ondimba was reelected in 2016 in a close election against a united opposition. Gabon’s Constitutional Court reviewed the contested election results and ruled in his favor.
Value
Country Full Name
Gabon
Country Code
GAB
Region
Sub-Saharan Africa
Income Group
Upper middle income
Currency Unit
GDP
15316826192
Population
2225728
Land Area
257670
Net National Income Per Capita
4331.517238
GDP per Capita (PPP)
15106.36638

2020 GDP Growth Rate (Current USD)

2020 GDP Per Capita (Current USD)

2020 Urbanization Rate (%)

2020 Total Fertility Rate (Birth Per Woman)

Doing Business Score (100= Most Friendly)

Gabon - Economic

Economy of Gabon

Gabon enjoys a per capita income four times that of most Sub-Saharan African nations, but because of high income inequality, a large proportion of the population remains poor. Gabon relied on timber and manganese exports until oil was discovered offshore in the early 1970s. From 2010 to 2016, oil accounted for approximately 80% of Gabon’s exports, 45% of its GDP, and 60% of its state budget revenues.Gabon faces fluctuating international prices for its oil, timber, and manganese exports. A rebound of oil prices from 2001 to 2013 helped growth, but declining production, as some fields passed their peak production, has hampered Gabon from fully realizing potential gains. GDP grew nearly 6% per year over the 2010-14 period, but slowed significantly from 2014 to just 1% in 2017 as oil prices declined. Low oil prices also weakened government revenue and negatively affected the trade and current account balances. In the wake of lower revenue, Gabon signed a 3-year agreement with the IMF in June 2017.Despite an abundance of natural wealth, poor fiscal management and over-reliance on oil has stifled the economy. Power cuts and water shortages are frequent. Gabon is reliant on imports and the government heavily subsidizes commodities, including food, but will be hard pressed to tamp down public frustration with unemployment and corruption.

Unemployment Rate

Inflation Rate

Gabon - GDP Composition

GDP Composiiton & Value Added of Gabon

Last Updated: Jan, 2021, Updated For 2020.

Gabon - GDP, Value Added

Demographics of Gabon

the relatively small population is spread in pockets throughout the country; the largest urban center is the capital of Libreville, located along the Atlantic coast in the northwest as shown in this population distribution map
Geographic Location

Central Africa, bordering the Atlantic Ocean at the Equator, between Republic of the Congo and Equatorial Guinea

Races

Gabonese-born 80.1% (includes Fang 23.2%, Shira-Punu/Vili 18.9%, Nzabi-Duma 11.3%, Mbede-Teke 6.9%, Myene 5%, Kota-Kele 4.9%, Okande-Tsogo 2.1%, Pygmy .3%, other 7.5%), Cameroonian 4.6%, Malian 2.4%, Beninese 2.1%, acquired Gabonese nationality 1.6%, Togolese 1.6%, Senegalese 1.1%, Congolese (Brazzaville) 1%, other 5.5% (includes Congolese (Kinshasa), Equatorial Guinean, Nigerian) (2012)

Languages

French (official), Fang, Myene, Nzebi, Bapounou/Eschira, Bandjabi

Religion

Roman Catholic 42.3%, Protestant 12.3%, other Christian 27.4%, Muslim 9.8%, animist 0.6%, other 0.5%, none/no answer 7.1% (2012 est.)

Dependency & Expectancy of Gabon

Last Updated: Jan, 2021

Dependency Ratio

Expectancy

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Gabon - Social Media Briefing

Gabon - Social Media & Social Commerce

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Politics & Policies of Gabon

2021 Policies Overview

Updated Coming in March 2021 after our team finish summarizing countries policy.

International Organizations

ACP, AfDB, AU, BDEAC, CEMAC, FAO, FZ, G-24, G-77, IAEA, IBRD, ICAO, ICCt, ICRM, IDA, IDB, IFAD, IFC, IFRCS, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC (NGOs), MIGA, NAM, OIC, OIF, OPCW, UN, UNCTAD, UNESCO, UNIDO, UNWTO, UPU, WCO, WHO, WIPO, WMO, WTO

Import of Gabon

Export of Gabon

Import Destination

Export Destination