Economy Of Equatorial Guinea
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Economy overview
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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 will remain strong in 2004, led by oil.
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GDP
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purchasing power parity - $1.27 billion (2002 est.)
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GDP - real growth rate
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20% (2002 est.)
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GDP - per capita
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purchasing power parity - $2,700 (2002 est.)
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GDP - composition by sector
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agriculture: 20%
industry: 60%
services: 2.4% (2004 est.)
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Investment gross fixed
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63.6% of GDP (2004 est.)
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Population below poverty line
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NA
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Household income or consumption by percentage share
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lowest 10%: NA
highest 10%: NA
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Distribution of family income - Gini index
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Inflation rate consumer prices
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6% (2004 est.)
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Labor force
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NA (October 2000)
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Labor force by occupation
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Unemployment rate
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30% (1998 est.)
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Budget
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revenues: $708.5 million
expenditures: $317.6 million, including capital expenditures of NA (2004 est.)
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Public debt
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Agriculture products
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coffee, cocoa, rice, yams, cassava (tapioca), bananas, palm oil nuts; livestock; timber
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Industries
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petroleum, fishing, sawmilling, natural gas
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Industrial production growth rate
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30% (2002 est.)
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Electricity production
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23.56 million kWh (2001)
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Electricity production by source
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fossil fuel: 94.3%
hydro: 5.7%
other: 0% (2001)
nuclear: 0%
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Electricity consumption
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21.91 million kWh (2001)
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Electricity exports
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0 kWh (2001)
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Electricity imports
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0 kWh (2001)
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Oil production
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181,400 bbl/day (2004 est.)
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Oil consumption
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2,000 bbl/day (2001 est.)
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Oil exports
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NA (2001)
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Oil imports
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NA (2001)
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Oil proved reserves
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563.5 million bbl (1 January 2002)
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Natural gas production
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20 million cu m (2001 est.)
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Natural gas consumption
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20 million cu m (2001 est.)
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Natural gas exports
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0 cu m (2001 est.)
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Natural gas imports
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0 cu m (2001 est.)
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Natural gas proved reserves
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68.53 billion cu m (1 January 2002)
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Current account balance
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$-1.168 billion (2004 est.)
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Exports
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$2.1 billion f.o.b. (2004 est.)
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Exports commodities
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petroleum, methanol, timber, cocoa
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Exports partners
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US 33.6%, Spain 25.8%, China 14.4%, Canada 11.8%, Italy 6.4% (2003)
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Imports
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$1.371 billion f.o.b. (2003 est.)
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Imports commodities
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petroleum sector equipment, other equipment
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Imports partners
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US 30.6%, UK 16%, France 15.1%, Cote d'Ivoire 11.9%, Spain 8.1%, Norway 5.9%, Italy 5.3% (2003)
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Reserves of foreign exchange gold
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$206 million (2004 est.)
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Debt external
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$248 million (2000 est.)
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Economic aid recipient
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$33.8 million (1995)
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Currency
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Communaute Financiere Africaine franc (XAF); note - responsible authority is the Bank of the Central African States
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Currency code
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XAF
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Exchange rates
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Communaute Financiere Africaine francs (XAF) per US dollar - 581.2 (2003), 696.988 (2002), 733.039 (2001), 711.976 (2000), 615.699 (1999)
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Fiscal year
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1 January - 31 December
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This information was reproduced in part from the CIA World Fact book.
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