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Economy of Gabon

Gabon is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Gabon may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Gabon exports around $9.78 billion and imports roughly $3.93 billion. 19.6% of population in the country are unemployed. The total number of unemployed people in Gabon is 405,242. In Gabon, 34% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Gabon is fairly high, but is not reason for complete concern with regard to investments. Potential financial backers should look at other economic markers, including GDP, urbanization rate, and strength of currency, before making any decisions regarding investments. Government expenditure on education is 3.8% of GDP. The Gini Index of the country is 60. Gabon is experiencing bad inequality. The gap between the richest and poorest citizens in this country is plainly obvious and highly significant, resulting in a dramatically different standard of living for rich and poor citizens. Gabon has a Human Development Index (HDI) of 0.674. Gabon has an upper medium HDI score. This indicates that the majority of citizens will be able to attain a desirable life, though some citizens will not be able to achieve high living standards. The Global Peace Index (GPI) for Gabon is 1.904. Due to strong law enforcement presence and high social responsibility, Gabon is very safe by international standards. The strength of legal rights index for Gabon is 6. Overall, it is considered to be rather adequate - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders at least decently; credit information is msotly sufficient and generally available.

Currency

The currency of Gabon is Central African CFA Franc. The plural form of the word Central African CFA Franc is CFA francs. The symbol used for this currency is Fr, and it is abbreviated as XAF. The Central African CFA Franc is divided into Centime; there are 100 in one CFA Franc.

Credit rating

The depth of credit information index for Gabon is 2, which means that information is usually insufficient, although still able to provide a certain degree of clarity; accesibility is still a major problem. According to the S&P credit-rating agency, Gabon has a credit rating score of BB-, and the prospects of this rating are stable. According to the Fitch credit-rating agency, Gabon has a credit rating score of BB-, and the prospects of this rating are stable.

Central bank

In Gabon, the institution that manages the state's currency, money supply, and interest rates is called Bank of Central African States. Locally, the central bank of Gabon is called Banque des États de l'Afrique Centrale, BEAC. The average deposit interest rate offered by local banks in Gabon is 2.6%.

Public debt

Gabon has a government debt of 39.72% of the country's Gross Domestic Product (GDP), as assessed in 2014.

Tax information

The corporate tax in Gabon is set at 35%. Personal income tax ranges from 5% to 35%, depending on your specific situation and income level. VAT in Gabon is 18%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Gabon is $32912 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Gabon was last recorded at $16 million. PPP in Gabon is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Gabon is 16,970 billion. Based on this statistic, Gabon is considered to have a medium economy. Countries with medium economies support an average number of industries and opportunities for investment. It should not be too difficult to find worthwhile investment opportunities in medium economies. The Gross Domestic Product (GDP) per capita in Gabon was last recorded at $8 million. The average citizen in Gabon has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Gabon averaged 5.1% in 2014. According to this percentage, Gabon is currently experiencing significant growth. Countries that are experiencing significant growth offer the best chance for a substantial return on investment, as GDP growth rate is the most important indicator of economic health. As GDP grows, business, jobs, and personal income grow as well. To read more about financial information click on finances of Gabon.

Industry

Major industries in the country are petroleum extraction and refining, manganese, gold, chemicals, ship repair, food and beverages, textiles, lumbering and plywood, cement. The total labor force of Gabon is 667,600 people, wherein 19.6% of population in the country are unemployed. The total number of unemployed people in Gabon is 405,242. The Industrial Production growth rate of Gabon is 4.8%.To read more about industrial information within Gabon click on industry of Gabon.

Agriculture

There are 3118 km2 of arable land in Gabon, and it comprises 1% of the country's total territory. There are 4767 km2 of cultivated land in Gabon. The country's major agricultural crops and products are cocoa, coffee, sugar, palm oil, rubber, cattle, okoume, fish.To read more about agriculture click on agriculture of Gabon.