Between 2022 and 2023, Gabon's economic growth declined from 3.0% to 2.4%. The country's oil and agricultural sectors remained robust, but global demand fluctuations, increased fuel costs, and weather-induced railway damages adversely impacted wood and manganese production. Although the trade surplus was substantial in 2023, it was influenced by declining oil prices and weaker performance in wood and manganese exports.
Despite these challenges, Gabon showed resilience against global economic pressures and political events. Inflationary pressures eased due to strict monetary policies by the regional central bank, price controls, and a decrease in global inflation. However, moderate growth has not significantly reduced poverty levels.
Fiscal revenues rose to 23.4% of GDP in 2023, supported by strong oil production, high corporate income tax receipts from record profits in the oil industry during 2022, and improved tax collection efforts. Looking forward, Gabon's modest growth is expected to continue amidst challenges like potential depletion of oil reserves, rising borrowing costs, and increasing social demands that could strain fiscal positions.
The report emphasizes the need for improvements in public finance management, basic public service quality and access, as well as key transport and energy infrastructure to ensure robust growth.
A significant focus is on sustainable forestry policies. Gabonese forests absorb around 140 million tons of CO2 annually due to conservation policies. Gabon became the first African nation to receive $150 million for emission reductions through the UN-led Central African Forest Initiative.
Gabon developed an important wood industry by imposing a log export ban and establishing the Nkok special economic zone in 2010. This led timber to become a crucial economic pillar accounting for 3.2% of GDP and providing almost 15,000 jobs as the leading private sector employer.
In terms of fiscal contributions, the forestry sector added approximately 41.9 billion CFA francs (0.3% of GDP) to the national budget in 2023—almost four times more than in 2016.
To promote sustainable forestry further while boosting public finances, reforms are suggested for forestry tax policy including a planned revision of the forestry code aimed at increasing fiscal revenues while supporting sustainable practices.
Success depends on coherent cross-sectoral policies that include diverse stakeholders such as forest communities, civil society groups alongside forestry, agriculture, and mining firms.