Economy

Since the 1970s the Gabonese economy has been centered on the oil industry, which has provided it with the highest per capita income in sub-Saharan Africa and accounts for 80% of its export income. Gabon's economy is subject to fluctuating oil prices, and it must contend with diminishing reserves. Decreases in production since the mid-1990s have hurt the economy. The exploitation of forest products and the mining of manganese, which formed the backbone of the economy until oil became predominant, remain relatively important today. The country's most significant forest products are okume (a softwood used in making plywood), mahogany, and ebony. Other minerals extracted are uranium ores, gold, and iron.

The chief manufactures of Gabon's industrial sector include refined petroleum, food and beverages, timber and plywood, cement, and textiles. Despite this economic activity, the majority of Gabonese workers are engaged in subsistence farming, with cassava, plantains, taro, and sugarcane the chief crops. However, food must be imported to meet the country's needs. Cocoa, coffee, and palm products are produced for export. Few animals are raised, partly because of the prevalence of the tsetse fly.

Gabon's main exports are crude petroleum, forest products, manganese and uranium ores, and cocoa; the principal imports are foodstuffs, chemical and petroleum products, construction materials, and machinery. The leading trade partners are France, the United States, Côte d'Ivoire, and Japan. Gabon's limited transportation network was improved with the construction (1986) of the Trans-Gabon railway, which links the new deepwater port of Owendo with iron ore and manganese deposits. Gabon is a member of the Franc Zone.

The Columbia Electronic Encyclopedia, 6th ed. Copyright © 2007, Columbia University Press. All rights reserved.

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