Equatorial Guinea:
Economy

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Other pages in this profile of Equatorial Guinea:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


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 (purchasing power parity)	$25.69 billion (2005 est.)
GDP (official exchange rate)	$7.644 billion (2005 est.)
GDP - real growth rate	18.6% (2005 est.)
GDP - per capita	$50,200 (2005 est.)
GDP - composition by sector	agriculture: 3.1% industry: 92% services: 4.8% (2006 est.)
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)	5% (2006 est.)
Investment (gross fixed)	37.1% of GDP (2006 est.)
Budget	revenues: $3.546 billion expenditures: $1.516 billion (2006 est.)
Public debt	4.2% of GDP (2006 est.)
Agriculture - products	coffee, cocoa, rice, yams, cassava (tapioca), bananas, palm oil nuts; livestock; timber
Industries	petroleum, fishing, sawmilling, natural gas
Electricity - production	28 million kWh (2005)
Electricity - consumption	26.04 million kWh (2005)
Electricity - exports	0 kWh (2005)
Electricity - imports	0 kWh (2005)
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	563.5 million bbl (1 January 2002)
Natural Gas - production	1.247 billion cu m (2005 est.)
Natural Gas - consumption	1.247 billion cu m (2005 est.)
Natural Gas - exports	0 cu m (2005 est.)
Natural Gas - imports	0 cu m (2005)
Natural Gas - proved reserves	35.31 billion cu m (1 January 2006 est.)
Current account balance	$-745 million (2006 est.)
Exports	$7.836 billion f.o.b. (2006 est.)
Exports - commodities	petroleum, methanol, timber, cocoa
Exports - partners	China 30.9%, US 22.3%, Spain 12.7%, Taiwan 10.6%, Portugal 6.1% (2006)
Imports	$2.403 billion f.o.b. (2006 est.)
Imports - commodities	petroleum sector equipment, other equipment
Imports - partners	US 37.8%, Spain 9.5%, Cote d'Ivoire 7.9%, France 6.1%, South Korea 6.1%, UK 5.8%, Italy 5% (2006)
Reserves of foreign exchange and gold	$3.067 billion (2006 est.)
Debt - external	$229 million (2006 est.)
Economic aid - recipient	$NA (2005)
Currency (code)	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 dollar - 522.4 (2006), 527.47 (2005), 528.29 (2004), 581.2 (2003), 696.99 (2002)
Fiscal year	calendar year

Equatorial Guinea: Economy

Equatorial Guinea:
Economy