Equatorial Guinea/Economy

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 deterioration of the rural economy under successive brutal regimes has diminished potential for agriculture-led growth. A number of aid programs sponsored by the World Bank and the IMF have been cut off since 1993 because of the government's gross corruption and mismanagement. 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. The country responded favorably to the devaluation of the CFA franc in January 1994. Boosts in production, along with high world oil prices, should further stimulate growth in 2000-2001.

GDP: purchasing power parity - $960 million (1999 est.)

GDP - real growth rate: 15% (1999 est.)

GDP - per capita: purchasing power parity - $2,000 (1999 est.)

GDP - composition by sector:
agriculture: 20%
industry: 60%
services: 20% (1998 est.)

Population below poverty line: NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices): 6% (1999 est.)

Labor force: NA

Unemployment rate: 30% (1998 est.)

Budget:
revenues: $47 million
expenditures: $43 million, including capital expenditures of $7 million (1996 est.)

Industries: petroleum, fishing, sawmilling, natural gas

Industrial production growth rate: 7.4% (1994 est.)

Electricity - production: 21 million kWh (1998)

Electricity - production by source:
fossil fuel: 85.71%
hydro: 14.29%
nuclear: 0%
other: 0% (1998)

Electricity - consumption: 20 million kWh (1998)

Electricity - exports: 0 kWh (1998)

Electricity - imports: 0 kWh (1998)

Agriculture - products: coffee, cocoa, rice, yams, cassava (tapioca), bananas, palm oil nuts; livestock; timber

Exports: $555 million (f.o.b., 1999)

Exports - commodities: petroleum, timber, cocoa

Exports - partners: US 62%, Spain 17%, China 9%, France 3%, Japan 3%, (1997)

Imports: $300 million (f.o.b., 1999)

Imports - commodities: petroleum, manufactured goods and equipment

Imports - partners: US 35%, France 15%, Spain 10%, Cameroon 10%, UK 6% (1997)

Debt - external: $290 million (1999 est.)

Economic aid - recipient: $33.8 million (1995)

Currency: 1 Communaute Financiere Africaine franc (CFAF) = 100 centimes

Exchange rates: Communaute Financiere Africaine francs (CFAF) per US$1 - 647.25 (January 2000), 615.70 (1999), 589.95 (1998), 583.67 (1997), 511.55 (1996), 499.15 (1995)
note: since 1 January 1999, the CFAF is pegged to the euro at a rate of 655.957 CFA francs per euro

Fiscal year: 1 April - 31 March