How rich is Gabon and why?

The economy of Gabon is characterized by strong links with France, large foreign investments, dependence on skilled foreign labor, and decline of agriculture. Gabon enjoys a per capita income four times that of most nations of sub-Saharan Africa, its reliance on resource extraction industry releasing much of the population from extreme poverty.

The country is rich in natural resources such as timber, manganese and oil. The country is the fifth largest oil producing nation in Africa, which has helped drive its strong growth in the later 20th century.

The oil sector now accounts for 50% of GDP and 80% of exports. Although there have been recent offshore finds, oil production is now declining from its peak of 370,000 barrels per day (59,000 m3/d) in 1997, and periods of low oil prices have had a negative impact on government revenues and the economy. In 2012 there were six active oil rigs in Gabon.

The government has plans to diversify its economy away from its dwindling oil reserves. The government announced in 2012 that it would reassess exactly how much iron ore the Belinga site contains before awarding the concession to a mining company, most likely to be China's CMEC, which temporarily secured the rights to the ore in 2007.

Around 80% of Gabonese live in cities. The capital city, Libreville is home to 59% of the total population. The remainder of the country is still sparsely populated, as those areas remain densely forested.

Gabon's per capita income is four times that of most nations of sub-Saharan Africa. Owing to an abundance of natural resources such as timber, manganese and oil, its resource extraction industry has thrived. This has helped raise the living standards of the population.