Gabon WT/TPR/S/188/Rev.1 
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I. ECONOMIC ENVIRONMENT1 
(1) MAIN FEATURES OF THE ECONOMY  
1. With its surface area of 267,667 km2 and population of around 1.4 million in 2006, Gabon is a 
sparsely populated African nation, despite estimated  demographic growth of 2.5 per cent per annum;  
approximately three quarters of the population lives in an urban environment.  Gabon has 
800 kilometres of coastline (on the Atlantic Ocea n) and an exclusive economic zone (EEZ) of 
213,000 km2.  It shares borders with Equatorial Gu inea and Cameroon to the north, and with the 
Republic of the Congo to the east and south.  Gabo n and its neighbours are members of the Central 
African Economic and Monetary Community (CEMAC ), which has a shared goal of customs union 
(Chapter II(3)(ii)(c)). 
2. Gabon's GNP in 2006 was estimated at around CFAF 5,057 billion (which includes the 
modest contribution of the informal sector).  The per capita gross domestic product (GDP) was 
estimated at US$6,778 in 2006, but Gabon's human deve lopment index is relatively low;  in 2004 the 
country was classed 124th (out of 177 countries) in the UNDP ranking2, and one third of households 
were living below the poverty line in 2005.3  In 2004, life expectancy in Gabon was 54 years and 
literacy stood at 71 per cent of the adult popula tion.  The contrast between average per capita GDP 
and the social indicators, particularly the poverty le vel, highlights a serious problem in the distribution 
of national income.  In view of the poverty le vel, in December 2005 Gabon adopted a Growth and 
Poverty Reduction Strategy Paper (GPRSP).4 
3. The Gabonese economy is founded essentially on oil (approximately 45 per cent of nominal 
GDP) (Table I.1), followed by wood and manganese.  The services sector contributes approximately 
one quarter of nominal GDP, while industry is underdeveloped and the agricultural sector is 
struggling to establish itself, despite Gabon's enormous potential in each of these areas.  
Diversification of the economic base remains the ke y objective of the authorities but is taking a long 
time to achieve.  Indeed, without other substantia l production activities, oil revenue, together with 
numerous monopolies (public or private, de facto or de jure ), various import barriers and basic 
infrastructure problems, keep both prices and production costs at fairly high levels, in spite of the 
various selective advantages granted by the State through enterprise establishment agreements.  The 
privatization programme has not enabled these monopoli es to be dismantled, but rather has transferred 
them to the private sector which, in such an opera ting environment, does not feel the need to improve 
the competitiveness of its products.  In addition, bot h the mechanism for financing diversification and 
the environment for its encouragement are still lacking.  A number of outline projects have been 
formulated towards that end but th ey are subject to lengthy lead ti mes.  Gabon is likely to continue 
feeling the effects of "Dutch disease" for some time to  come, in spite of the inexorable depletion of its 
oil reserves. 
4. The public sector is officially the largest employer in Gabon.  The civil service and semi-
public companies employed 50.8 and 12.3 per cent, respectively, of the 111,642 workers captured by 
census in 2005, followed by private companies with 37 per cent.  The official rate of unemployment is 
estimated at 25 per cent of the workforce.  The la rgest sector in terms of employment in Gabon is the 
services sector, including transport and telecommuni cations (20 per cent of workers), and forestry 
(16 per cent). 
                                                      
1 This chapter is based principally on documents provided by the authorities and on:  IMF (2007c);  
IMF (2006b);  IMF (2005a). 
2 UNDP (undated). 
3 UNDP-Gabon (2006). 
4 Ministry of Planning and Development Programming (2005). WT/TPR/S/188/Rev.1 Trade Policy Review 
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Table I.1 
Gabon in figures, 2000-2006 
  2000 2001 2002 2003 2004 2005 2006 
Population (thousand) 1,272.1  1,297.1  1,320.0 1,341.3 1,362.3 1,383.8  1,426.7  
Total GDP (CFAF billion, at current 
prices) 3,618.3  3,448.5 3,448.9 3,518.9 3,818.0 4,593.7  5,056.6  
GDP per capita (US$) 3,995.0 3,626.7 3,748.8 4,513.9 5,304.9 6,293.3  6,778.2  
Share of GDP at current prices   
Agriculture, livestock, hunting and 
fishing 3.8 4.2 4.3 4.3 4.1 3.6  3.5  
Forestry 2.4 2.2 1.8 1.7 1.5 1.3  1.4  
Crude oil 47.2 40.3 39.6 40.6  43.7  50.7  50.5  
Mining 1.3 1.4 1.6 1.7 2.5  2.5  2.5  
Agri-food industries 1.1 1.3 1.4 1.4 1.3 1.2  1.2  
Timber industry 0.4 0.6 0.7 0.9 0.9  0.9  1.0  
Other industries 2.2 2.6 2.7 2.5 2.3 2.1  1.9  
Refineries 0.4 0.4 0.5 0.5 0.4 0.5  0.4  
Water and electricity 0.9 1.1 1.3 1.4 1.4 1.2  1.2  
Services 33.4 38.5 39.1 38.0 35.0 30.4  30.6  
   Building and public works 1.5 2.3 2.5 2.0 2.0 1.7  1.8  
   Petroleum services 1.2 1.3 1.3 1.2 0.7 0.6  0.6  
   Transport and communications 4.6 5.4 5.6 5.6 5.4 4.6  4.6  
   Commerce 6.7 7.5 7.0 7.0 6.3 5.6  5.6  
   Banking and insurance 0.5 0.6 0.6 0.6 0.5 0.5  0.4  
   Non-tradable services 8.1 8.5 8.5 8.6 7.9 6.6  6.7  
   Other services 10.9 13.0 13.6 13.0 12.2 10.8  10.8  
GDP at factor cost 93.2 92.6 93.1 92.9 93.2 94.3  94.2  
Duties and indirect taxes 6.8 7.4 6.9 7.1 6.8 5.7  5.8  
Source : IMF (2005), Gabon:  Selected Issues  and Statistical Appendix, Country Report No. 05/147. Consulted at:  
http://www.imf.org/external/pubs/f t/scr/2005/cr05147.pdf [12 May 2007] and IMF (2005), Gabon:  Fourth Review 
Under the Stand-By Arrangement and Re view of Financing Assurances – Staf f Report;  Staff Statement;  Press 
Release on the Executive Board Discussion;  and Statem ent by the Executive Director for Gabon, Country Report 
No. 05/261.  Consulted at:  http://www.imf.org/extern al/pubs/ft/scr/2005/cr05261.pdf [12 June 2007].  Gabon, 
Directorate General for Statistics and Economic  Studies (DGSEE) online at: http://www.stat-
gabon.ga/Donnees/index-data.htm;  and Ministry of Planning and Development Programming (2007), Cadrage 
Macroéconomique du document de stratégie de croissance et de réduction de la pauvreté (Scénario de référence), 
Libreville. 
5. Gabon is a member of the Central African Monetary Union (UMAC) (Chapter II(3)(ii)(c)). 
UMAC Members have common monetary and exchange policies, administered by the Bank of 
Central African States (BEAC).  The currency unit, the CFA franc (Franc of Financial Cooperation in 
Central Africa), is pegged to the euro at a fi xed exchange rate:  CFAF 1,000 = €1,524.  On 
1 June 1996 Gabon accepted Article VIII of the IMF's Articles of Agreement.5  The main exchange 
restriction implemented at the CEMAC level concerns  the outflow of capital to third countries, which 
is subject to administrative control by the Ministry of Finance and the BEAC.6  Exports must be 
declared to the Ministry, and those involving an amount exceeding CFAF 5 million must be domiciled 
                                                      
5 IMF (2006a). 
6 In accordance with Regulation No. 02/00/CEMAC/ UMAC/CM, payments relating to international 
transactions can be made freely and capital movement s are free with some exceptio ns which are subject to 
administrative control (certain types of borrowing, ce rtain loans, certain transactions relating to foreign 
securities exceeding CFAF 10 million).  The import and export of gold and precious stones are subject to special 
regulations:  such transactions w ithin the CEMAC are unrestricted, bu t outside the CEMAC they require 
authorization by the competent authorities. Gabon WT/TPR/S/188/Rev.1 
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with a CEMAC-approved bank.  Export earnings must be repatriated within 30 days following 
completion of the transaction and surrendered to the BEAC.  Specific exchange regimes can feature in 
company establishment agreements in Gabon. 
(2) RECENT ECONOMIC DEVELOPMENTS  
6. Between 2001 and 2004, the Gabonese economy  experienced average annual growth 
(estimated from real GDP) of approximately 1.2 per cent (Table I.2);  growth reached 3 per cent in 
2005, before falling to 1.2 per cent in 2006.  This fall is linked mainly to the 10 per cent fall in oil 
production, despite the timid emergence of non oil-related activities.  Between 2004 and 2006, 
agricultural production (with the exception of fo restry), mining production (of manganese), timber 
processing, building and public works, and tr ansport and telecommunications services grew. 
Table I.2 
Main economic and financial indicators, 1999 and 2000-2006 
 1999 2000 2001 2002 2003 2004 2005a 2006b 
National accounts Annual variation, in per cent 
Real GDP at market prices -8.9 -1.9 2.1 -0.3 2.5 1.4 3.0 1.2 
Agriculture, livestock, hunting and fishing -5.8 2.1 3.5 2.1 2.4 2.2 3.2 3.6 
Forestry 18.6 13.2 1.8 -20.4 -1.1 -2.0 -1.1 2.3 
Crude oil -11.7 -12.9 -5.4 -2.5 6.9 0.4 -1.3 -10.3 
Mining -42.2 -10.0 4.9 3.8 4.9 23.0 12.1 8.2 
Agri-food industries -6.9 -2.9 11.3 3.5 -0.2 2.6 5.8 5.5 
Timber industry 0.0 -28.9 33.3 19.4 19.4 3.9 10.0 9.7 
Other industries -13.1 5.4 13.4 1.8 -3.2 0.1 6.7 -9.2 
Refineries 46.1 8.8 -10.5 4.6 -5.0 4.0 5.5 -6.3 
Water and electricity 3.9 1.3 6.6 21.4 3.7 10.3 2.5 6.1 
Services -7.7 0.4 4.2 0.7 1.8 0.5 4.3 5.0 
   Building and public works -52.8 -24.4 37.3 3.3 -6.3 4.2 2.1 6.3 
   Petroleum services 111.0 3.1 0.0 3.0 22.3 -22.5 2.4 6.1 
   Transport and communications -5.8 3.2 3.1 2.4 3.0 3.1 4.5 4.8 
   Commerce -24.9 3.1 2.0 -7.8 1.6 -0.6 5.6 5.3 
   Banking and insurance 10.6 1.9 2.4 6.0 2.6 -5.5 3.1 5.2 
   Non-tradable services 3.5 0.3 0.3 -0.4 2.5 2.0 2.5 4.0 
   Other services 5.3 2.8 4.4 3.3 0.2 1.5 5.8 5.4 
GDP at factor cost -8.0 -3.1 1.8 0.3 2.7 1.3 3.0 0.5 
         
Duties and indirect taxes -27.2 28.6 8.2 -11.1 -2.8 1.4 2.4 15.2 
 As a percentage of GDP  
Gross domestic demand 78.5 63.3 73.5 79.9 79.1 76.7 65.4 .. 
   Consumption 54.6 41.7 44.8 49.5 52.9 51.1 44.5 .. 
     Private 42.8 32.0 33.1 38.4 42.7 41.7 36.1 .. 
     Public 11.8 9.7 11.7 11.1 10.2 9.4 8.4 .. 
   Gross investment 23.9 21.6 28.7 30.4 26.2 25.7 20.9 19.6 
      Gross fixed capital formation  23.9 21.3 28.2 30.1 25.8 25.4 20.6 .. 
        Private 19.8 18.4 23.4 24.0 22.0 21.1 17.2 .. 
        Public 4.1 2.9 4.8 6.0 3.8 4.3 3.4 .. 
     Change in inventories 0.0 0.3 0.5 0.4 0.3 0.3 0.2 .. 
Exports of goods and non-factor services, 
f.o.b. 59.6 69.7 60.3 57.0 56.2 58.7 65.3 .. 
Imports of goods and non-factor services, 
f.o.b. -38.1 -33.0 -33.7 -36.9 -35.3 -35.4 -30.6 .. 
Table 1.2 (cont'd)WT/TPR/S/188/Rev.1 Trade Policy Review 
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 1999 2000 2001 2002 2003 2004 2005a 2006b 
Domestic savings 46.4  58.3 55.2 50.5 47.1 48.9 55.5 59.8  
National savings 34.2  42.8 41.0 37.4 34.3 33.6 37.2 37.4  
Money and credit (end of period) Annual variation as a percentage 
Money supply (M2) -1.6 16.6 8.5 5.9 -1.1 10.8 26.7 25.5 
Prices and interest rates Percentage 
Inflation (consumer prices-125 articles-
annual average) -0.7 0.5 2.1 0.2 2.3 0.4 -0.2 4.0 
Exchange rate         
CFA franc/US$ (annual average) 615.7 712.0 733.0 697.0 581.2 528.3 527.5 522.9 
Real effective exchange rate (- = 
depreciation, %) -4.4 -6.9 1.1 2.5 5.7 -1.2 -5.2 7.4 
Public finances Percentage of GDP unless otherwise indicated 
Total revenue 27.5 33.5 34.0 30.1 30.4 29.6 30.2 28.2 
   Oil revenue 12.9 22.6 21.8 18.0 16.5 16.0 18.5 18.0 
   Non-oil revenue 14.6 10.9 12.2 12.1 13.9 13.6 11.6 10.3 
Total expenditure 27.7 21.8 30.1 28.1 23.0 21.9 20.7 17.3 
   Current expenditure 23.5 18.7 25.3 22.0 19.2 17.7 17.1 13.6 
   Capital expenditure 4.1 3.1 4.7 6.0 3.8 4.2 3.5 3.7 
Primary fiscal balance (deficit (-)) 7.7 18.2 13.4 7.1 11.9 12.1 12.6 13.3 
Basic fiscal balance (deficit (-)) 0.9 12.3 4.2 2.6 7.7 8.1 9.7 11.3 
Fiscal balance, commitments basis, not 
including grants (deficit (-)) -0.2 11.7 3.9 2.0 7.4 7.7 9.5 10.9 
Fiscal balance, commitments basis including grants (deficit (-)) -0.2 11.7 3.9 2.1 7.5 7.8 9.6 11.0 
External sector         
Current account balance (including official 
grants, deficit (-)) 8.4 19.8 10.4 7.0 9.7 13.0 15.0 15.1 
Current account balance (not including 
official grants, deficit (-)) 7.9 20.0 10.2 7.6 10.4 13.9 15.4 15.6 
Outstanding external debt/GDP 80. 0 62.2 59.6 60.7 55.7 47.5 36.3 26.7 
Debt servicing/fiscal revenue ratio  46.4 35.6 48.6 35.6 30.5 35.8 23.4 21.1 
Debt servicing to export of goods and non-
factor services ratio 21.4 17.2 28.0 19.3 16.5 17.8 10.7 8.5 
External reserves (in months of imports 
c.i.f.) 0.2 2.4 0.2 1.3 1.7 3.3 5.1 7.7 
Terms of trade (annual variation, 
percentage) 43.0 51.2 -14.5 4.3 4.2 14.9 28.0 22.1 
.. Not available. 
a Estimate. 
b Forecast. 
Source : BEAC, information on line.  Consulted at:  http://www.beac.int/index.html;  IMF (2005b), Gabon: Selected Issues 
and Statistical Appendix , Country Report No. 05/147. Consulted a t: http://www.imf.org/external/pubs/ft/ 
scr/2005/cr05147.pdf [12 May 2007];  and Ministry of Planning and Devel opment Programming (2007), Cadrage 
Macroéconomique du document de stratégie de croissance et de réduction de la pauvreté (Scénario de référence), 
Libreville. 
7. Consumption has been sustained by the progression of public sector spending, particularly in 
the period 2005-2006, according to the political cale ndar of Gabon (Chapter II(1)).  Such spending 
reached an average of approximately 16.6 per cen t of GDP during the period 2002-2005, and in the 
case of transfers and subsidies it doubled between 2004 and 2005 due to the price stabilization policy 
for oil products on the domestic market, introduced in 2002 at a time when world prices were soaring.  Gabon WT/TPR/S/188/Rev.1 
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The oil price subsidy, equivalent to approximately 3 per cent of GDP in 20057, has been significantly 
reduced since March 2007 because of the 26 per cent price increase for oil products 
(Chapter IV(3)(ii)).  However, public investment  has slowed and only represented 4.2 per cent of 
GDP in 2005, despite being badly needed;  sustaine d prestige spending, such as that linked to the 
organization of " fêtes tournantes " (rotating regional celebrations) to mark Gabon's independence, has 
not helped the situation8;  reforms to address that issue are planned for the 2008 fiscal year.9 
8. The evolution of Gabon's fiscal revenue generally  follows that of oil revenue, of which 
approximately 36 per cent (according to the authoriti es) is returned to the St ate through the tax on oil 
company revenue, the proportional mining tax a nd State participation in oil exploration 
(Chapter IV(3)(ii)).  Thus, the rise in oil revenue since 2003, influenced by soaring world prices, has 
resulted in a substantial increase in State revenue, about half of which was spent and the other half 
saved in 2005.  The primary fiscal surplus of about  10.4 per cent of GDP in 2005 meant that arrears 
could be paid and the public debt was reduced;  the ratio of the stock of total public debt to GDP was 
reduced from 76.9 per cent in 2004 to 44.1 per cen t in 2006.  Progress has been made towards 
transparency in the management of oil income, with Gabon's accession, in 2005, to the Extractive 
Industries Transparency Initiative  (EITI) (Chapter II(2));  the 2006 fiscal year enabled some 
shortcomings to be corrected.10  In addition, the progressive impl ementation of the new Government 
Procurement Code provides a legal framework for public procurement which, in principle, favours 
competitive bidding (Chapter III(4)(v)). 
9. Exhaustion of deposits and the accompanying drop  in oil production require prudent fiscal 
management to make Government finance viable in  the medium term.  There are several conceivable 
scenarios for oil revenue, though a significant rise in  non-oil revenue is unlikely.  Such revenue is 
made up of customs duties (40 per cent), other char ges on goods and services (21 per cent), and direct 
taxes (29 per cent).  If this were the only revenue used to finance State spending, the primary fiscal 
deficit would have been around 12 per cent of GDP in 2005.11 
10. To prepare the economy for the post-oil era and to make decisive progress in poverty 
reduction, on 7 May 2007 Gabon signed a three-year  stand-by arrangement with the IMF for its 
economic programme.12  The programme rests on three pillars:  "making significant progress toward a 
permanently-sustainable fiscal position, with the aim of avoiding harmful, oil revenue-related boom-
bust cycles and preparing for the eventual exhaustion of oil reserves;  strengthening oil revenue administration and public financial management, with the objective of raising the quality and 
effectiveness of public spending to ensure a higher return on physical infrastructure investment and 
improve social services;  and removing structural  obstacles to private sector-led non-oil growth, by 
improving the business climate, including through enhanced governance and transparency".
13 
11. The monetary policy of CEMAC member countries (including Gabon) is formulated and 
implemented by the BEAC whose statutes make currency stability a priority.14  For each of its 
members, the BEAC sets targets for net external ass ets, for growth in lending to the economy and for 
                                                      
7 IMF (2006d). 
8 IMF (2006d). 
9 IMF (2007b). 
10 IMF (2006a). 
11 IMF (2006d). 
12 "Statement by the IMF Resident Representative in Gabon", IMF Press Release No. 07/120 of 
6 June 2007.  Consulted at:  www.imf.org [12 June 2007]. 
13 IMF (2007a):  Press Release on the Executive Bo ard Discussion and Stat ement by the Executive 
Director for Gabon.  IMF Report No. 07/174.  Consulted at:  www.imf.org [15 June 2007]. 
14 BEAC (undated b). WT/TPR/S/188/Rev.1 Trade Policy Review 
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the money supply (M2).  Monetary planning is c onducted on an annual basis taking into account the 
overall financing needs of the economy concerned a nd the appropriate means of meeting those needs, 
as determined by each National Credit Council a nd National Monetary and Financial Committee. 
12. The BEAC's monetary policy influences banki ng liquidity in Gabon through refinancing and 
obligatory reserves (currently 10.25 per cent of demand deposits and 8. 25 per cent of time deposits in 
Gabon's case).  Refinancing policy, through the money market, is the BEAC's main mode of 
intervention, and takes two forms:  one geared to quantity (with a refinancing target set at 
CFAF 8 billion for Gabon in 2007 as in 2006), and one geared to interest rates, particularly the bid 
interest rate (TIAO) (i.e. the refinancing rate for ba nks submitting bids).  This key interest rate, having 
remained unchanged between the end of 2002  and 2004, was gradually lowered between 
January 2005 and March 2006, from 6.0 per cent to  5.25 per cent, with a view to encouraging 
investment.15  In addition, two bank rates are regulated  by the BEAC – the minimum borrowing or 
deposit rate (for small savers, defined as those holdi ng deposits of CFAF 5 million or less) and the 
maximum lending rate, which have stood at 4.25 per cent and 15 per cent, respectively, since 
March 2006.  The issue of treasury bonds by BEAC  member governments, initially planned for 2004, 
has been postponed. 
13. The BEAC's generally restrictive monetary policy has kept inflation under control.  
Moreover, Gabon maintained the prices of oil produc ts at their 2002 rates until March 2007.  The final 
household consumer price index rose by about 1.1 per cent per year on average during the period 
2001-2005, but spiked to 4 per cent in 2006 (Table I.2). 
14. To ensure consistency between their national fiscal policies and the common monetary policy, 
CEMAC member countries have established macroec onomic convergence criteria and indicators, and 
set up a multilateral monitoring system under the responsibility of the CEMAC Executive Secretariat.
16  In 2006, Gabon met all the CEMAC's firs t-tier economic convergence criteria, apart 
from the criterion for inflation.17 
(3) TRADE AND INVESTMENT  
(i) Trade in goods and services 
15. The ratio of trade to nominal GDP in Gabon was around 93 per cent in 2006, which is 
approximately the same level as at the time of its fi rst trade policy review in 2001.  This ratio reflects 
the importance of trade for the Gabonese econom y, which has recently benefited from an 
improvement in its terms of trade due to the soari ng world price for crude oil, its principal export. 
                                                      
15 BEAC (undated a). 
16 Directive No. 01/00/UEAC-064-CM-04 on the establishment of multilateral monitoring of 
macroeconomic policies within CEMAC member States;  Decision No. 02/01-UEAC-090-CM-06 of 
3 August 2001 on participation by the Executive Secretariat in negotiations between member States and the 
Bretton Woods institutions;  Decision No. 01/00/UEAC-064-CM-04 on setting the timetable for the introduction 
of multilateral monitoring of macroeconomic policies within CEMAC member States;  and Directive No. 01/01/UEAC-094-CM-06 of 3 August 2001 establishing the criteria and macroeconomic indicators for 
multilateral monitoring. 
17 "Réunion des Ministres de l'économie et des finances de la Zone franc à Lomé le 5 avril 2007".  
Consulted at: www.izf.net [15 June 2007].  The first-tier criteria are:  a basic fiscal balance to nominal GDP 
ratio of zero or more;  an annual inflation rate of less than 3 per cent;  a public debt ratio (internal and external) 
of 70 per cent or less;  and non-accumulation by the State of internal or external arrears in day-to-day operations. Gabon WT/TPR/S/188/Rev.1 
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16. Between 2001 and 2005, the value of oil exports  doubled, while imports grew by only 55 per 
cent.  As a result, the trade bala nce has risen significantly since 2004 (Table I.3).  However, Gabon is 
a net importer of services;  the deficit on the ser vices account has substantially worsened since 2004, 
partly due to the rise in the cost of oil and trad e services, as Gabon depends largely on other countries 
for their provision. 
17. The structure of trade in Gabon has not change d much since 2001.  Oil is by far the most 
important export (85 per cent of the total value of exports in 2006), followed by timber (7 per cent) 
(Chart I.1 and Table AI.1).  The structure of impor ts has also remained largely stable;  Gabon imports 
most of its food products, medicines and other consumer goods, as well as materials and equipment 
(Chart I.1 and Table AI.2). 
18. The United States is the primary destination fo r Gabonese exports (mainly oil products);  a 
strong increase in exports (mainly oil products, und ressed timber and manganese) to China enabled 
the latter to jump to second place, ahead of France, in 2006.  The European Union (EU) is the main 
supplier of Gabon's imports (Chart I. 2 and Tables AI.3 and AI.4);  within the EU, France is the main 
source, followed by Belgium and Luxembourg.  The Un ited States is the main non-European supplier.  
Trade between Gabon and other CEMAC countries (apart from Cameroon) remains limited. 
Table I.3 
Balance of payments, 2001-2006 
(US$ millions)  
 2001 2002 2003 2004 2005a 2006b 
Current account balance (including tran sfers) 517.4 338.0 728.7 758.5 1 383.8 1 896.0 
Trade balance 1,766.3 1,620.5 2,135.6 2,881.2 4 028.3 4 464.0 
   Exports, f.o.b. 2,613.8 2,555.6 3,178.1 4,249.0 5 345.5 5 875.8 
      Oil products 2,095.2 2,059.4 2,673.1 3,408.9 4 496.7 4 924.9 
      Other sectors 518.5 496.1 504.8 839.9 848.8 950.9 
   Imports, f.o.b. -847.4 -935.0 -1,042.5 -1,367.6 -1 317.4 -1 411.8 
      Oil products -292.1 -234.3 -213.9 -409.4 -310.3 -573.4 
      Non-oil private sector  -555.2 -700.6 -828.5 -958.0 -1 006.9 -838.0 
Services (net) -1,170.6 -1,151.4 -1,226.1 -1,930.6 -2 454.7 -2 368.2 
 Of which        
   Interest on public debt (gross) -358.8 -170.6 -197.4 -231.1 -189.0 -173.3 
   Profits (net) -181.3 -288.8 -348.8 -515.8 -936.7 -874.2 
Current transfers (net) -78.3 -131.1 -180.8 -192.1 -189.8 -199.7 
Capital accounts -786.2 -536.7 -821.1 -770.4 -1 195.3 -1 099.8 
   Medium- and long-term capital -390.7 -306.6 -326.2 -128.0 -374.8 -211.1 
   Short-term capital -398.1 -232.7 -538.0 -647.6 -827.3 -895.4 
      Net errors and omissions -115.0 -138.7 -163.5 0.0 16.5 0.0 
Overall balance -268.7 -198.7 -92.4 -11.9 188.4 796.2 
Financing 268.7 198.7 92.4 11.9 -188.4 -796.2 
  Central Bank, net external assets,  
  (-=increase)  162.5 -132.0 -36.0 -184.9 -320.2 -796.2 
  Debt rescheduling  0.0 1.9 0.0 481.0 137.6 0.0 
  Debt cancellation (and ot her) 23.2 17.1 19.1 5.1 0.0 0.0 
  Variations in arrears (-=reduction) 83.1 311.9 109.3 -618.8 -5.9 0.0 
  Other exceptional financi ng 0.0 0.0 0.0 329.6 0.0 0.0 
a Preliminary. 
b Forecast. 
Source : IMF (2005), Gabon:  Fourth Review Under the Stand-By  Arrangement and Review of Financing Assurances – 
Staff Report;  Staff Statement;  Press Release on the Executive Board Discussion;  and Statement by the Executive 
Director for Gabon, Country Repor t No. 05/261.  Consulted at:  
http://www.imf.org/external/pubs/f t/scr/2005/cr05261.pdf [12 June 2007]. WT/TPR/S/188/Rev.1 Trade Policy Review 
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(ii) Investment 
19. Other than in the area of natural resource exploitation, the overall business climate in Gabon 
does not appear to be favourable to foreign direct  investment (FDI), despite the existence of an 
incentive framework (Chapter II(4)) and an ambitious  privatization programme (Chapter III(4)(iv)).  
Some of the dissuasive elements are governance, high factor costs of production, including basic 
inputs and/or their inaccessibility, the narrowness of the national market18, as well as the closure of a 
number of sectors of activity to investment due to the presence of de jure  or de facto monopolies 
(Chapter III(4)(iii)). 
20. Gabon attracted approximately US$300 million of FDI in 2004 and 2005, particularly in oil 
companies (Chapter IV(3)(ii))19, and to a lesser degree in forestry.  The stock of FDI in 2005 was 
estimated at US$542 million (compared to US$1,208 million in 1990).20 
                                                      
18 U.S. Department of State (2007). 
19 UNCTAD (2006), Annex Table B.1. 
20 UNCTAD (2006), Annex Table B.2.  Gabon WT/TPR/S/188/Rev.1 
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0%10%20%30%40%50%60%70%80%90%100%
2000 2001 2002 2003 2004 2005 2006
0%10%20%30%40%50%60%70%80%90%100%
2000 2001 2002 2003 2004 2005 2006Chart I.1
Structure of trade in goods, 2000-2006
(a) Exports (f.o.b.)
(b) Imports (c.i.f.)
Source: WTO Secretariat calculations, based on data from the COMTRADE database, UNSD (SITC, Rev.3).Other Agricultural raw materialsOther primary products Crude petroleum oils
Manganese ores
Electrical machinery ChemicalsFood products Transport equipment § Other semi-finished products
Non-electrical machinery Iron and steel Other
 WT/TPR/S/188/Rev.1 Trade Policy Review 
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0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%2000200120022003200420052006Chart I.2
Direction of trade in goods, 2000-2006
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%2000200120022003200420052006(a) Exports
(b) Imports
Source: WTO Secretariat calculations, based on data from the COMTRADE database, UNSD (SITC, Rev. 3).Switzerland France Other African countriesSingaporeSpain United States South Africa China Other
Spain France Other African countriesThailandBelgiumChinaUnited States Other European 
countriesOther
Other countries of the Americas
CameroonNetherlands Japan
 Gabon WT/TPR/S/188/Rev.1 
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(4) OUTLOOK21 
21. In the medium term, with high world oil prices and stagnant domestic production, the 
economic performance of Gabon could improve.  In fact, with the implementation of the 
macroeconomic stabilization programme and structural reforms supported by the IMF, the rate of real 
economic growth could reach 5.6 per cent in 2007 (partly making up for the weakness recorded in 
2006), in a slightly inflationary context (5.5 per cent)22, remaining at around 4 per cent until 2009.  
This forecast is based on the hypotheses of continued growth or renewed impetus in most sectors of 
the economy, with double-digit figures for the timber industry (as has been the case for three years), 
building and public works (due to the planned measur es to improve infrastructure) and other services 
activities (as a substitute for the oil subsector).23 
22. The planned reforms, as well as those already under way, aim to prepare Gabon for the post-
oil era, to reduce poverty, to stabilize the na tional budget and the business environment, and to 
improve the administration of oil revenue.  The di scipline needed to push the programme through may 
help maintain the budget surplus at its current leve l and gradually reduce the level of external debt.  
However, if oil reserves are exhausted and/or pr ices stacked, a reduction in the external current 
account surplus and in the growth rate of real GDP is possible in the medium term. 
                                                      
21 "Réunion des Ministres de l'économie et des finances de la Zone franc à Lomé le 5 avril 2007".  
Consulted at:  www.izf.net [15 June 2007]. 
22 Inflationary pressure caused by excess liquidity and the resulting rise in prices of oil products.  
IMF (2007c). 
23 Ministry of Planning and Development Programming (2007).