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Gabon Economic Structure

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Economic Structure
Gabon's economy is dominated by oil. Oil revenues comprise roughly 46% of the government’s budget, 43% of gross domestic product (GDP), and 81% of exports.
Gabon's oil revenues have given it a strong per capita GDP of $8,600, extremely high for the region (Gabon enjoys a per capita income four times that of most sub-Saharan African nations). On the other hand, a skewed income distribution and poor social indicators misrepresent the situation if only GDP is taken into account. The richest 20% of the population receive over 90% of the income while about a third of all Gabonese live in poverty. Most of the population remains poor.
Many foreign and local observers have consistently lamented the lack of diversity in the Gabonese economy.
As oil reserves diminish, eco-tourism could grow in economic importance. Gabon's rainforests teem with wildlife, including lowland gorillas and forest elephants. National parks make up around one tenth of the land area.
Trade
Gabon's currency, the Communaute Financiere Africaine, is automatically converted into French francs, thus giving trading partners confidence in its security. The bulk of the crude oil goes to France, the United States, Brazil, and Argentina. Major export items include manganese, forest products, and oil. Overall, France receives more than one-third of Gabon's exports and contributes half of its imports. Gabon also trades with other European nations, the United States, and Japan.

Public and private enterprise

Legal issues
Gabon is member of regional organizations whose missions are to harmonize and unify the economic, monetary, banking, and business laws. A good number of such laws are already applicable in member countries including Gabon.
Regional Economic and Monetary Law
Gabon is member of CEMAC (Economic and Monetary Community of Central Africa States). Created in 1994, CEMAC is in fact a renovation of UDEAC, a custom union created in 1964. It has adopted a good number of common rules in the domain of custom law, anti-competition law, transport, maritime transport, etc. CEMAC has a regional court of justice. Most of these legal instruments and information can be easily downloaded from the CEMAC pages. For banking regulation and licensing in the CEMAC zone, there is COBAC, which is the banking Commission and a specialized institution.
Regional Business Law
Gabonese business law is part of the uniform business law produced by the organization for Harmonization of Business Law in Africa (in French, OHADA). Created in 1993, it involves all French speaking African states.
Insurance Law
Gabon is member of the Inter-African Conference on Insurance Markets (in French, CIMA). It is in charge of the regulation and licensing of insurance companies.
International Treaties Law
Gabon does not recognize the compulsory jurisdiction of ICJ. International treaties ratified by Gabon are applicable in administrations and courts without further incorporation in an act of Parliament. Such instruments are superior to national legislation in case of conflict. Intellectual property is protected in Gabon as it is a member of both WIPO and OAPI.
Cultural and Social Environment
Language. Gabon is a French equatorial country, home to over forty ethnic groups.
The national language is French, which is mandatory in school. It is spoken by the majority of the population under the age of fifty. Most Gabonese speaks at least two languages, as each ethnic group has its own language as well.
Social classes and Social elite. Though the per capita income is four times that of other sub-Saharan African nations, the majority of this wealth is in the hands of a few. The cities are filled with poverty, which is less noticeable in the villages. The villagers provide for themselves and have less of a need for money. Village families assess relative affluence by how many chickens and goats they have, how many pots are in the kitchen, and how many changes of clothes each person has. Official caste systems are not present.
Religious Beliefs. There are several different belief systems in Gabon. The majority of the Gabonese is Christian. There are three times as many Roman Catholics as Protestants. There are many foreign clergy, though the Protestants have Gabonese pastors in the north. These beliefs are simultaneously held with Bwiti, an ancestral worship. There are also several thousand Muslims, most of whom have immigrated from other African countries.
Food in Daily Life. The staples vary little among the groups in Gabon. The groups share a landscape and climate, and thus are able to produce the same kinds of things. Bananas, papayas, pineapples, guavas, mangoes, bushbutter, avocado, and coconuts are the fruits. Eggplants, bitter eggplants, feed corn, sugarcane, peanuts, plantains, and tomatoes are also found. Cassava is the main starch. It is a tuber with little nutritional value, but fills the stomach. Its young leaves are picked and used as a vegetable. Protein comes from the sea and rivers, as well as from bush meat hunted by the men.

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