The Report: Gabon 2016

Gabon benefits from considerable hydrocarbons reserves, with the World Bank citing Gabon as the fifth-largest oil producer in Africa. Oil accounted for 70% of exports, 20% of GDP, and 40% of budget revenues in 2015. However, declining production and lower oil prices have seen economic growth slow. Diversifying the economy is therefore a priority for the Bongo Ondimba administration, as evidenced by recent efforts to boost production of palm oil, iron ore and manganese. Thousands of kilometers of dense jungle rich in minerals and timber, decades of political stability and strong ties with both the EU and Gabon’s regional neighbours should help the country withstand near-term oil shocks.