Final Exam Part 1 - Bermingham 1 Hailey Bermingham Joan Qazi Geography 100 03 December 2018 Gabon Report Gabon’s per capita income is four times the

Final Exam Part 1 - Bermingham 1 Hailey Bermingham Joan...

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Bermingham 1 Hailey Bermingham Joan Qazi Geography 100 03 December 2018 Gabon Report Gabon’s per capita income is four times the amount of most sub-Saharan countries, with a GDP of $18,100 per capita. However, because there is high-income inequality, 34.3% of the population is living under the poverty line. Gabon relies on crude oil, timber, manganese, and uranium as exports, with oil being their most valuable. From 2010 to 2016, crude oil accounted for 80% of Gabon’s exports, 45% of its GDP, and 60% of its state budget revenues. Gabon faces fluctuating international prices for its crude oil, timber, and manganese exports. Oil prices rebounded from 2001 to 2013, which helped growth, but production declined due to fields passing their peak production, which has hampered Gabon from fully reaching their potential gains. GDP grew about 6% per year over 2010 to 2016 but slowly declined to 1% in 2017 as oil prices dropped. Low oil prices weakened the government's revenue, negatively affected trade and current account balances. Due to the low revenue, Gabon signed a three-year agreement with the International Monetary Fund in 2017. Despite having an abundance of natural wealth, poor budgetary management and over-reliance on crude oil suppressed the economy. France, being their biggest import partner, accounts for 23.6% of their imports, followed by Belgium at 19.6% and China at 15.2%. Gabon is very reliant on their imports, receiving things such as machinery and equipment, foodstuffs, chemicals, and construction materials. The government “heavily
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  • Fall '18
  • Joan Qazi
  • Central Intelligence Agency

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