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The Economy of Gabon |
| Background |
| For many years Gabon has benefited from remarkable political stability
and prosperity thanks to its rich natural resources. Libreville, the
capital, is testimony to its dynamic economy. The Government’s
pro French policies have attracted much foreign investment from France,
the World Bank and private sources and the economy is dominated by
oil, and manganese and uranium are of increasing importance. The exploitation
of timber has grown since the building of the Trans-Gabon railroad
and Gabon has become the largest plywood producer in the world. However,
agriculture has not been developed due to the lack of food and labour
and it concentrates essentially on local consumption.
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| Economic Overview |
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| Internet Links |
| www.gabon-export.com |
With
only a rudimentary industrial base and limited transportation infrastructure,
Gabon is highly dependent on narrowly concentrated but substantial
French interests dating back to its colonial period. Gabon’s
economy underwent an enormous shock during 1993 when this sub-Saharan
nation devalued its currency by half in response to a combination
of massive foreign debt and deceases in petroleum export revenues.
This move doubled import prices, hurt domestic sales, and temporarily
shifted the marked away from its traditional suppliers and toward
lower-priced goods from Spain, North Africa, and Asia. Despite the
havoc of 1993- from which the economy is only slowly recovering-
and the resulting unemployment levels in the 20 percent range, Gabon
has one of the highest per capita incomes in Africa, even thought
this is based largely on the number of French expatriates within
its borders.
