Economy Of Equatorial Guinea - Equatorial Guinea Information

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Economy Of Equatorial Guinea
Equatorial Guinea Information - Country Guides

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 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.
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: 20% industry: 60% services: 2.4% (2004 est.)
Investment gross fixed	63.6% of GDP (2004 est.)
Population below poverty line	NA
Household income or consumption by percentage share	lowest 10%: na highest 10%: na
Distribution of family income - Gini index
Inflation rate consumer prices	6% (2004 est.)
Labor force	NA (October 2000)
Labor force by occupation
Unemployment rate	30% (1998 est.)
Budget	revenues: $708.5 million expenditures: $317.6 million, including capital expenditures of na (2004 est.)
Public debt
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	23.56 million kWh (2001)
Electricity production by source	fossil fuel: 94.3% hydro: 5.7% other: 0% (2001) nuclear: 0%
Electricity consumption	21.91 million kWh (2001)
Electricity exports	0 kWh (2001)
Electricity imports	0 kWh (2001)
Oil production	181,400 bbl/day (2004 est.)
Oil consumption	2,000 bbl/day (2001 est.)
Oil exports	NA (2001)
Oil imports	NA (2001)
Oil proved reserves	563.5 million bbl (1 January 2002)
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)
Current account balance	$-1.168 billion (2004 est.)
Exports	$2.1 billion f.o.b. (2004 est.)
Exports commodities	petroleum, methanol, timber, cocoa
Exports partners	US 33.6%, Spain 25.8%, China 14.4%, Canada 11.8%, Italy 6.4% (2003)
Imports	$1.371 billion f.o.b. (2003 est.)
Imports commodities	petroleum sector equipment, other equipment
Imports partners	US 30.6%, UK 16%, France 15.1%, Cote d'Ivoire 11.9%, Spain 8.1%, Norway 5.9%, Italy 5.3% (2003)
Reserves of foreign exchange gold	$206 million (2004 est.)
Debt external	$248 million (2000 est.)
Economic aid recipient	$33.8 million (1995)
Currency	Communaute Financiere Africaine franc (XAF); note - responsible authority is the Bank of the Central African States
Currency code	XAF
Exchange rates	Communaute Financiere Africaine francs (XAF) per US dollar - 581.2 (2003), 696.988 (2002), 733.039 (2001), 711.976 (2000), 615.699 (1999)
Fiscal year	1 January - 31 December

Equatorial Flag Map Of Equatorial Guinea

Economy Of Equatorial GuineaEquatorial Guinea Information - Country Guides

Economy Of Equatorial Guinea
Equatorial Guinea Information - Country Guides