gton, DC 20009
telephone: [1] (202) 797-1000
FAX: [1] (202) 332-0668
consulate(s): New York

Diplomatic representation from the US:
chief of mission: Ambassador Elizabeth RASPOLIC
embassy: Boulevard de la Mer, Libreville
mailing address: B. P. 4000, Libreville
telephone: [241] 76 20 03 through 76 20 04, 74 34 92
FAX: [241] 74 55 07

Flag description: three equal horizontal bands of green (top), yellow,
and blue

@Gabon:Economy

Economy-overview: Gabon enjoys a per capita income four times that of
most nations of sub-Saharan Africa. This has supported a sharp decline
in extreme poverty but because of high income inequality a large
proportion of the population remains poor. Gabon depended on timber
and manganese until oil was discovered offshore in the early 1970s.
The oil sector now accounts for 50% of GDP. Gabon continues to face
fluctuating prices for its oil, timber, manganese, and uranium
exports. Despite the abundance of natural wealth and a manageable rate
of population growth, the economy is hobbled by poor fiscal
management. In 1992, the fiscal deficit widened to 2.4% of GDP, and
Gabon failed to settle arrears on its bilateral debt, leading to a
cancellation of rescheduling agreements with official and private
creditors. Devaluation of its Francophone currency by 50% on 12
January 1994 sparked a one-time inflationary surge, to 35%; the rate
dropped to 6% in 1996. The IMF provided a one-year standby arrangement
in 1994-95 and a three-year Enhanced Financing Facility (EFF) at near
commercial rates beginning in late 1995. Those agreements mandate
progress in privatization and fiscal discipline. France provided
additional financial support in January 1997 after Gabon had met IMF
targets for mid-1996. In 1997, an IMF mission to Gabon chastened the
government for overspending on off-budget items, overborrowing from
the central bank, and slipping on its schedule for privatization and
administrative reform (such as reduced public sector employment and
salary growth).

GDP: purchasing power parity-$6 billion (1996 est.)

GDP-real growth rate: 3% (1996 est.)

GDP-per capita: purchasing power parity-$5,000 (1996 est.)

GDP-composition by sector:
agriculture: 7.1%
industry: 54.6%
services: 38.3% (1996)

Inflation rate-consumer price index: 6.2% (1996 est.)

Labor force: NA
by occupation: agriculture 65%, industry and commerce, services

Unemployment rate: 10%-14% (1993 est.)

Budget:
revenues: $1.5 bi