Economy

Classified by the World Bank as an upper-middle income country, Gabon enjoys an average per capita income – estimated at €8950 in 2013 – that is far higher than the sub-Saharan Africa developing country average of €1212.

Oil revenues have sustained the economy, accounting for 56% of total government revenues and 80% of total exports by value, according to US Energy Information Administration (EIA) statistics for 2011. In addition to the hydrocarbons sector, mining and timber activities are major contributors to the economy, primarily through the export of raw materials. With Gabon’s existing oil fields reaching maturity, authorities are looking to minimise the impact of declining oil revenues on the economy, therefore they are embarking on a programme of economic diversification and industrialisation that should also lead to a more inclusive, job-creating pattern of growth. Expansion of the forestry sector, with an emphasis on domestic processing, has the potential to catalyse a more inclusive growth pattern. It is estimated that the economy could grow as much as 6.5% in 2014, following 5.5% growth in 2013 and a 5.7% expansion in 2012.

This chapter contains interviews with Magloire Ngambia, Minister of Investment Promotion, Infrastructures, Housing and Territory Planning; Nina Abouna, Director-General, Agency for the Promotion of Investment and Exports; and Serge Thierry Mickoto, Managing Director, Gabonese Strategic Investment Fund.