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Equatorial Guinea on Yahoo!
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Equatorial Guinea Economy:
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 unsuccessfully trying to agree on a "shadow" fiscal management program with the World Bank and IMF. Businesses, for the most part, are owned by government officials and their family members. Undeveloped natural resources include titanium, iron ore, manganese, uranium, and alluvial gold. Growth presumably remained strong in 2004, led by oil.
GDP (purchasing power parity):
$1.27 billion (2002 est.)
GDP — real growth rate:
20% (2002 est.)
GDP — per capita:
purchasing power parity: $2,700 (2002 est.)
GDP — composition by sector:
agriculture: 3%
industry: 95.7%
services: 1.3%
(2004 )
Labor force:
NA
Unemployment rate:
30% (1998 est.)
Population below poverty line:
NA
Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices):
8.5% (2004 est.)
Investment (gross fixed):
50.8% of GDP (2004 est.)
Budget:
revenues: $813.2 million
expenditures: $375.3 million including capital expenditures of NA (2004 est.)
Agriculture — products:
Coffee, cocoa, rice, yams, cassava (tapioca), bananas, palm oil nuts; livestock; timber
Industries:
petroleum, fishing, sawmilling, natural gas
Industrial production growth rate:
30% (2002 est.)
Electricity — production:
26.69 million kWh (2002 est.)
Electricity — consumption:
24.82 million kWh (2002 est.)
Electricity — exports:
0 kWh (2002 est.)
Electricity — imports:
0 kWh (2002 est.)
Oil — production:
350,000 bbl/day (2004 est.)
Oil — consumption:
2,000 bbl/day (2004 est.)
Oil — exports:
NA
Oil — imports:
NA
Oil — proved reserves:
563.5 million bbl (1 January 2002 est.)
Natural gas — production:
20 million cu m (2001 est.)
Natural gas — consumption:
20 million cu m (2001 est.)
Natural gas — exports:
0 cu m (2001 est.)
natural gas — imports:
0 cu m (2001 est.)
Natural gas — proved reserves:
68.53 billion cu m (1 January 2002 est.)
Current account balance:
$-578.6 million (2004 est.)
Exports:
$2.77 billion (f.o.b. 2004 est.)
Exports — commodities:
petroleum, methanol, timber, cocoa
Exports — partners:
US 29.3%, China 22.8%, Spain 16%, Taiwan 14.9%, Canada 6.8% (2004)
Imports:
$1.17 billion (f.o.b. 2004 est.)
Imports — commodities:
petroleum sector equipment, other equipment
Imports — partners:
US 26.8%, Cote d'Ivoire 21.4%, Spain 13.6%, France 8.8%, UK 7.8%, Italy 4.4% (2004)
Reserves of foreign exchange and gold:
$235.2 million (2004 est.)
Debt — external:
$248 million (2000 est.)
Economic aid — recipient:
$33.8 million (1995 est.)
Currency:
Communaute Financiere Africaine franc (XAF)
note: Responsible authority is the Bank of the Central African States
Exchange rates:
Communaute Financiere Africaine francs (XAF) per US$: 528.29 (2004 est.), 581.2 (2003 est.), 696.99 (2002 est.), 733.04 (2001 est.), 711.98 (2000 est.)
Fiscal year:
1 January - 31 December
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