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Gabon Economic Update, December 2015 : Protecting the Poor Despite Slower Growth

TAX INCENTIVES SANITATION PUBLIC OFFICIALS DEFICIT MONETARY POLICY FINANCIAL SERVICES ECONOMIC GROWTH ACCOUNTING MEDIUM-TERM PROJECTIONS SOCIAL CONTRIBUTIONS FINANCIAL MANAGEMENT CIVIL SERVANTS NATIONAL ECONOMY ACCUMULATION OF ARREARS MACROECONOMIC MANAGEMENT PUBLIC SECTOR INTEREST RATE PROGRAM DESIGN COST-EFFECTIVENESS PROGRAMS SERVICES DOMESTIC MARKET HEALTH INSURANCE PUBLIC SERVICES PUBLIC EMPLOYMENT INFRASTRUCTURE DEVELOPMENT HEALTH CARE REVENUES FISCAL POLICY INCENTIVES TAX BURDEN MASTER PLAN PRIVATE INSURANCE SOCIAL BENEFITS PRIMARY DEFICITS HEALTH PROGRAM SOCIAL PROGRAMS SOCIAL ASSISTANCE BENEFICIARIES CONDITIONALITY INFLATION OLD-AGE PUBLIC FINANCIAL MANAGEMENT PUBLIC HEALTH BUDGET POVERTY REDUCTION TOTAL PUBLIC SECTOR GOVERNMENT CONSUMPTION CAPITAL BUDGET TOTAL EXPENDITURE OIL PRICES DELIVERY OF HEALTH SERVICES ALLOCATING PUBLIC RESOURCES INFLATIONARY PRESSURES TAX EXEMPTIONS FINANCIAL ADMINISTRATION SOCIAL INSURANCE CONDITIONALITIES DEBT FINANCIAL CRISES EXTERNAL BALANCE STRUCTURAL REFORMS SOCIAL SECURITY SOCIAL PROTECTION EXPENDITURE CUTS CAPITAL EXPENDITURE TAX REVENUES ARTICLE NATURAL RESOURCES CAPITAL INVESTMENTS GROSS DOMESTIC PRODUCT CASH TRANSFERS NATIONAL AGENCY PUBLIC INVESTMENT TAXES FISCAL DEFICIT HEALTH SPENDING EXPENDITURE INTEREST PAYMENTS SOCIAL SERVICES FISCAL FRAMEWORK PUBLIC EXPENDITURE MARKET PRICES CASH PAYMENTS BASIC SOCIAL SERVICES HEALTH OUTCOMES NATIONAL AUTHORITIES GOVERNMENT EXPENDITURE NATIONAL INCOME AGGREGATE DEMAND EXPENDITURES PRIVATE SECTOR PUBLIC WORKS NATIONAL BUDGET PUBLIC INSTITUTIONS FOREIGN EXCHANGE LOCAL CURRENCY SOCIAL WELFARE PUBLIC DEBT TAX REVENUE HEALTH INSURANCE FUND CAPITAL SPENDING PUBLIC WELFARE FISCAL SUSTAINABILITY PUBLIC SECTOR EMPLOYMENT FISCAL ADJUSTMENT FISCAL ACCOUNTS BUDGET LAW PUBLIC RESOURCES MINISTRY OF ECONOMY FINANCIAL INTERMEDIATION ANNUAL BUDGET TOTAL SPENDING SOCIAL OUTCOMES BALANCE OF TRADE FISCAL MANAGEMENT ALLOCATION FISCAL BALANCE INVESTMENT BUDGET UNCERTAINTY PRIVATE CONSUMPTION TAX POLICY PUBLIC INSTITUTION POVERTY ASSESSMENT EXCHANGE RATE HEALTH FINANCING PUBLIC SPENDING CAPITAL INVESTMENT PRICE INDEX PUBLIC SERVICE ECONOMIC SHOCKS COMMODITY PRICES OUTCOMES CIVIL SERVICE HEALTH SERVICES ADMINISTRATIVE SYSTEMS COMPETITION
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World Bank, Washington, DC
Africa | Gabon
2016-01-05T21:23:30Z | 2016-01-05T21:23:30Z | 2015-12

The structure of the Gabonese economy in 2014 reveals a strong dominance of services which account for 57.8 percent of real gross domestic product (GDP), followed by oil industry (20.6 per cent), other industries (15.4 per cent), and agriculture (6.3 per cent). Following lower oil revenues, from reduced prices and production, and lower non-oil revenue, the government reduced public expenditure from 26.7 percent of GDP in 2013 to 23.6 percent in 2014. Despite this, both government wages and salaries and goods and salaries increased leaving public investment to bear much of the brunt of the expenditure cuts resulting in only half of planned public investment being realized. In response to declining oil prices, the government adjusted the initial 2015 budget and revised the revenue assumptions. To cope with the financing gap, the government successfully issued a Eurobond of United States (U.S.) 500 million dollars in June 2015 with a maturity of ten years at a rate of 6.95 percent. Gabon has stated its intention to introduce a modern social protection system, however it has not yet reached the objectives set by the government. It still faces five major challenges to be addressed: (i) a lack of data; (ii) coordination of the system; (iii) ensuring fiscal sustainability; (iv) effective targeting of beneficiaries; and (v) building lesson-learning into policy. To meet these challenges the authors recommend focusing on the following: (a) deepen the analysis of poverty and vulnerability; (b) conduct an institutional audit; (c) formulate a deployment plan; and (d) simulate roll-out options.

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