Gabon, with a population of 2,388,992, is ranked 139th in the world, just behind Moldova. Located in Central Africa, it covers 267,670 square kilometers, ranking 74th globally, just below New Zealand.
Gabon's economic position in 2022 shows a GDP of $21,071,739,224.89, ranking it 114th globally. It is closely behind Yemen, which has a GDP of $21,890,000,000. In terms of GDP per capita, Gabon ranks 81st with $8,820.35. It lags behind Brazil, which has a GDP per capita of $8,917.67.
Gabon's economy is characterized by its reliance on oil exports, which account for a significant portion of its GDP. The country faces challenges in diversifying its economy and reducing its dependence on oil to ensure long-term sustainable growth.
What are the economic activities of Gabon?
- Primary activities: 5% of GDP.
- Secondary activities: 44.7% of GDP.
- Tertiary activities: 50.4% of GDP.
Primary Sector of Gabon
Gabon’s primary sector, particularly agriculture, thrives due to its tropical climate and abundant natural resources. With 8.36% of the land used for agriculture, the country produces a variety of crops like plantains, cassava, sugarcane, yams, and more. Although agriculture contributes 5% to the GDP, it plays a crucial role in providing food security and employment.
The diverse range of crops and animal products highlights the sector’s significance in sustaining the country’s agricultural economy.
With its diverse geological landscape, the primary sector thrives on abundant natural resources like petroleum, natural gas, diamonds, niobium, manganese, uranium, gold, timber, iron ore, and hydropower. This wealth fuels the economy and drives growth in various industries.
Gabon’s gas production of 378 million m³ in 2020 contributes significantly to its economic activity, securing its position as the 75th largest natural gas producer globally.
Secondary Sector of Gabon
What is the secondary sector or what are secondary activities?
The secondary sector encompasses industries that transform raw materials from primary activities into finished goods for consumption. In Gabon, the main industrial products include petroleum extraction and refining, manganese, gold, chemicals, ship repair, food and beverages, textiles, lumbering and plywood, and cement.
In 2023, Gabon’s total exports are dominated by natural resources like oil, making the contribution of manufactures relatively insignificant, reflecting the country’s heavy reliance on extractive industries.
Tertiary sector of Gabon
What is the tertiary sector or what are tertiary activities?
The tertiary sector in Gabon encompasses various services that enhance productivity and meet needs. Key activities include healthcare, education, banking, communication, tourism, transportation, and security. These sectors offer intangible goods like expertise, advice, and attention, contributing significantly to the country’s economic development.
In particular, Gabon’s economy heavily relies on tourism, with its stunning natural attractions drawing numerous annual visitors. The Lopé National Park, a UNESCO World Heritage Site, and the breathtaking Kongou Falls are among the country’s most popular destinations, enticing tourists from around the globe. With tourist arrivals accounting for a significant portion of its population, the tourism industry plays a crucial role in Gabon’s economic growth and development.
Another example of tertiary economic activity is the mobile cellular sector, with nearly 3 million subscriptions, equating to 125 per 100 inhabitants. This connectivity fosters technological growth, enhancing digital services and innovation.
Military Activities and Economic Sectors of Gabon
The military is a good example of many economic activities working together. In Gabon, the military uses resources from the primary sector, like minerals, for its needs. The secondary sector helps by making military equipment. The tertiary sector includes services like healthcare for soldiers. The quaternary sector focuses on research and development for better technology, while the quinary sector involves high-level decisions and strategies for military actions.
In 2023, Gabon’s military expenditure was 265.1 million US dollars, which is 1.25% of its GDP. The active military force has 4,700 personnel, giving a ratio of 3.2 active military members for every 1,000 people in the country.
International Trade of Gabon
Import Activities of Gabon
Gabon’s import activities play a crucial role, accounting for 16.6% of its GDP in 2023, totaling 349,888,983.26 USD.
Gabon’s key import activities involve a diverse range of commodities including poultry, plastic products, iron pipes, fish, and excavation machinery. The country’s major import partners are China (22%), France (21%), UAE (5%), US (5%), and Belgium (4%). These imports play a crucial role in meeting the domestic demand and supporting various sectors of the economy.
Exports Activities of Gabon
Gabon’s total exports in 2023 amounted to $12,934,645,029.99, representing 61.38% of its GDP. This high percentage underscores the critical importance of export activities in driving the country’s economy.
Gabon’s export activities are dominated by crude petroleum, manganese ore, wood, veneer sheets, and refined petroleum. Its top export partners are China (43%), South Korea (8%), Italy (7%), India (7%), and Indonesia (5%).
Gabon economy challenges in 2024
In 2024, Gabon faces challenges post-military coup. Despite natural resources, poverty and unemployment remain high. Uncertainty hampers institutional and development reforms.
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