Doing Business in Gabon

Gabon’s biggest industries are petroleum, minerals (mostly manganese) and timber. It is also attempting to develop its agricultural sector and an ecotourism industry.
The economy remains heavily dependent on oil, despite the decline in production from its 1997 peak.
Gabon continues to have one of the highest per capita income figures in sub-Saharan Africa, behind Equatorial Guinea with an estimated Gross National Income (GNI) per capita of USD $12,270 in 2009 (source: World Bank, report of October 2009).
However, its income distribution is extremely skewed and its ranking on human social indicators is well below its ranking by GNI per capita. The UN's IRIN news service notes that 30 percent of the population lives under the official poverty line, and that "according to the International Monetary Fund, Gabon's social indicators are more in line with those of low-income countries in sub-Saharan Africa."
Gabon belongs to the Economic and Monetary Community of Central Africa (Communauté Economique et Monétaire de l’Afrique Centrale, CEMAC).
As a CEMAC member, it uses the Central African franc (CFA), which is pegged to the euro (CFA 656 = € 1).
The economy remains heavily dependent on the extractive industries including oil, manganese and timber.
Economic diversification remains a key priority for the Government. However, high labor costs, various non-tariff trade barriers, corruption, and lack of skilled labor and entrepreneurial experience have hindered previous investment and diversification efforts.
The decline in oil production which began in 1997 continued through 2009, as no significant new offshore exploitable deposits were found. Although the country is currently the sixth largest producer of oil in sub-Saharan Africa, production is expected to continue a gradual downward slope.
Gabon's dependence on the export of raw materials leaves it vulnerable to external factors such as the current worldwide economic recession.

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