| Introduction - Equatorial Guinea: |
| Location - Equatorial Guinea: |
| People - Equatorial Guinea: |
| Government - Equatorial Guinea: |
| Economy - Equatorial Guinea: |
Economy overview | The discovery and exploitation of large oil reserves have contributed to dramatic economic growth in recent years. Forestry, farming, and fishing are also major components of GDP. Subsistence farming predominates. Although pre-independence Equatorial Guinea counted on cocoa production for hard currency earnings, the neglect of the rural economy under successive regimes has diminished potential for agriculture-led growth (the government has stated its intention to reinvest some oil revenue into agriculture). A number of aid programs sponsored by the World Bank and the IMF have been cut off since 1993, because of corruption and mismanagement. No longer eligible for concessional financing because of large oil revenues, the government has been trying to agree on a shadow fiscal management program with the World Bank and IMF. Government officials and their family members own most businesses. Undeveloped natural resources include titanium, iron ore, manganese, uranium, and alluvial gold. Growth remained strong in 2006, led by oil. Equatorial Guinea now has the fourth highest per capita income in the world, after Luxembourg, Bermuda, and Jersey. |
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Gdp purchasing power parity | $25.69 billion (2005 est.) |
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Gdp official exchange rate | $7.644 billion (2005 est.) |
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Gdp real growth rate | 18.6% (2005 est.) |
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Gdp per capita ppp | $50,200 (2005 est.) |
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Gdp composition by sector | agriculture: 2.8%
industry: 92.6%
services: 4.5% (2006 est.) |
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Labor force | NA |
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Unemployment rate | 30% (1998 est.) |
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Population below poverty line | NA% |
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Household income or consumption by percentage share | lowest 10%: NA%
highest 10%: NA% |
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Inflation rate consumer prices | 5.2% (2006 est.) |
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Investment gross fixed | 34.1% of GDP (2006 est.) |
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Budget | revenues: $2.752 billion
expenditures: $1.424 billion; including capital expenditures of $NA (2006 est.) |
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Public debt | 4.7% of GDP (2006 est.) |
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Agriculture products | coffee, cocoa, rice, yams, cassava (tapioca), bananas, palm oil nuts; livestock; timber |
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Industries | petroleum, fishing, sawmilling, natural gas |
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Industrial production growth rate | 30% (2002 est.) |
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Electricity production | 26 million kWh (2004) |
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Electricity consumption | 24.18 million kWh (2004) |
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Electricity exports | 0 kWh (2004) |
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Electricity imports | 0 kWh (2004) |
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Oil production | 420,000 bbl/day (2005 est.) |
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Oil consumption | 1,220 bbl/day (2004 est.) |
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Oil exports | NA bbl/day |
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Oil imports | NA bbl/day |
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Oil proved reserves | 12 million bbl (1 January 2005) |
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Natural gas production | 100 million cu m (2004 est.) |
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Natural gas consumption | 100 million cu m (2004 est.) |
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Natural gas exports | 0 cu m (2004 est.) |
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Natural gas imports | 0 cu m (2004 est.) |
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Natural gas proved reserves | 36.81 billion cu m (1 January 2005 est.) |
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Current account balance | $175 million (2006 est.) |
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Exports | $8.961 billion f.o.b. (2006 est.) |
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Exports commodities | petroleum, methanol, timber, cocoa |
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Exports partners | China 31.1%, US 22.4%, Spain 12.7%, Taiwan 7.4%, Portugal 6.1%, Brazil 4.8% (2006) |
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Imports | $2.543 billion f.o.b. (2006 est.) |
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Imports commodities | petroleum sector equipment, other equipment |
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Imports partners | US 40.1%, Spain 10%, Cote dIvoire 8.4%, France 6.5%, UK 6.1%, Italy 5.3% (2006) |
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Reserves of foreign exchange and gold | $3.235 billion (2006 est.) |
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Debt external | $289 million (2006 est.) |
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Economic aid recipient | $NA |
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Currency code | Communaute Financiere Africaine franc (XAF); note - responsible authority is the Bank of the Central African States |
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Exchange rates | Communaute Financiere Africaine francs (XAF) per US dollar - 522.4 (2006), 527.47 (2005), 528.29 (2004), 581.2 (2003), 696.99 (2002) |
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| Communications - Equatorial Guinea: |
| Transportation - Equatorial Guinea: |
| Military - Equatorial Guinea: |
This page was last updated on 16 September, 2007
