Economic and Fiscal Update

Gabon's Strong External Position Is A Protection Against External Shocks Despite the drop in oil export revenues, Gabon has maintained a current account surplus due to the country's export profile Imports and Exports Profile (CFA billion) Current Account and Capital Balances (% of nominal GDP) ■Imports Exports 4,903 ■Current Account Balance 33.6% 4,605 4,672 30.4% 4,190 1,679 1,860 1,924 1,826 2011 2012 2013e Capital Balance 13.0% 7.7% (4.0%) (6.6%) (11.5%) 2014e 2011e 2012e 2013e Sources: BEAC Sources: Rapport du commerce extérieur et résultats de la fiscalité douanière 2014 Exports by Continent (% of total exports) 1% 3% 9% 13% 58% 16% 4% 1% 11% 18% 21% 45% 2011 2014 ■ Americas ■ Asia Europe ■ Africa ■CEMAC ■ Oceania Foreign Reserves (CFA billion and in Months of Imports) CFA billion Months of Imports (RHS) 1,104 2011e 1,436 (3.8%) 2014e 1,347 1,180 5.3 4.7 4.4 2012e Sources: Rapport du commerce extérieur et résultats de la fiscalité douanière 2014 *The 2013 increase is due to the bond issue Sources: BEAC 2013e* 2014e 10

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