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World > Africa > Equatorial Guinea > Economy (Facts)

Equatorial Guinea - Economy (Facts)
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.
GDP - real growth rate: 18.6% (2005 est.)
GDP (purchasing power parity): $25.69 billion (2005 est.)
GDP (official exchange rate): $7.644 billion (2005 est.)
GDP - per capita (PPP): $50,200 (2005 est.)
GDP - composition by sector: agriculture: 2.8%
industry: 92.6%
services: 4.5% (2006 est.)
Population below poverty line: NA
Household income or consumption by percentage share: lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices): 5.2% (2006 est.)
Labor force: NA
Unemployment rate: 30% (1998 est.)
Budget: revenues: $2.752 billion
expenditures: $1.424 billion; including capital expenditures of NA (2006 est.)
Industries: petroleum, fishing, sawmilling, natural gas
Industrial production growth rate: 30% (2002 est.)
Electricity - production: 26 million kWh (2004)
Electricity - consumption: 24.18 million kWh (2004)
Electricity - exports: 0 kWh (2004)
Electricity - imports: 0 kWh (2004)
Oil - production: 420,000 bbl/day (2005 est.)
Oil - consumption: 1,220 bbl/day (2004 est.)
Oil - exports: NA bbl/day
Oil - imports: NA bbl/day
Oil - proved reserves: 12 million bbl (1 January 2005)
Natural gas - production: 100 million cu m (2004 est.)
Natural gas - exports: 0 cu m (2004 est.)
Natural gas - imports: 0 cu m (2004 est.)
Agriculture - products: coffee, cocoa, rice, yams, cassava (tapioca), bananas, palm oil nuts; livestock; timber
Exports: $8.961 billion f.o.b. (2006 est.)
Exports - commodities: petroleum, methanol, timber, cocoa
Exports - partners: China 31.1%, US 22.4%, Spain 12.7%, Taiwan 7.4%, Portugal 6.1%, Brazil 4.8% (2006)
Imports: $2.543 billion f.o.b. (2006 est.)
Imports - commodities: petroleum sector equipment, other equipment
Imports - partners: US 40.1%, Spain 10%, Cote d'Ivoire 8.4%, France 6.5%, UK 6.1%, Italy 5.3% (2006)
Debt - external: $289 million (2006 est.)
Economic aid - recipient: NA
Currency: XAF
Currency code: XAF
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)
Fiscal year: calendar year


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Climate - Current Time - Ranking Positions
Notes and Commentary: People - Economy - Government and Political Conditions - Historical Highlights - Foreign Relations - Relations with U.S.



Facts at a Glance
Geography
People
Government
Economy
Communications
Transportation
Military
Climate
Current Time
Ranking Positions


Notes and Commentary
People
Economy
Government and Political Conditions
Historical Highlights
Foreign Relations
Relations with U.S.





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