Gabon's economy is dominated by oil. Oil revenues comprise roughly 46% of the government's budget. Oil production is now declining rapidly since 1997. Some estimates suggest that Gabonese oil will be expended by 2025. In spite of the decreasing oil revenues, planning is only now beginning for an after-oil scenario. Gabonese public expenditures from the years of significant oil revenues were not spent efficiently. Overspending on the Trans-Gabon Railway, the oil price shock of 1986, the CFA franc devaluation of 1994, and low oil prices in the late 1990s caused serious debt problems that still affect the country.
However, in September 2005, Gabon successfully concluded a 15-month Stand-By Arrangement with the IMF. Another 3-year Stand-By Arrangement with the IMF was approved in May 2007. Because of the financial crisis and social developments surrounding the death of President Omar Bongo and the elections, Gabon was unable to meet its economic goals under the Stand-By Arrangement in 2009.
Gabon's oil revenues have given it a strong GDP per capita, extremely high for the region. However the income distribution is unequal and social indicators show poor values. The richest smaller group of the population earn over 90% of the income while about a third of the Gabonese population lives in poverty.
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