What key industry which contribute to Gabon GDP per capital income growth
Introduction
Gabon’s GDP per capita growth is primarily driven by several key industries.
Oil and Petroleum
The oil sector accounts for approximately 45% of Gabon’s GDP and 60% of fiscal revenue.
Gabon is the fifth-largest oil producer in Africa, with the petroleum industry playing a significant role in the country’s economic growth.
Mining
Manganese mining is a major contributor to Gabon’s economy.
The country has untapped potential in other minerals such as iron, gold, uranium, diamonds, copper, zinc, and rare-earth metals.
Forestry and Timber
Gabon has extensive forest cover, accounting for about 77% of its total land area.
The forest industry is the second most crucial sector after petroleum in export earnings.
The country produces world-famous hardwood trees like mahogany, ebony, and kevazingo.
Agriculture
While currently accounting for only about 5.64% of GDP, the agricultural sector is targeted for growth and diversification.
Palm oil production is notable, with the country owning about 18,500 acres of palm oil plantations.
Services
The services sector contributed about 33.19% to Gabon’s GDP in 2022.
Tourism, particularly ecotourism, and financial services are focus areas for development.
Conclusion
Despite these key industries, Gabon faces challenges in economic diversification and reducing its dependence on oil. The government’s Emerging Strategic Plan 2025 aims to develop sectors such as agriculture, sustainable forestry, and services to create a more balanced economy and sustain GDP per capita growth.
