header HomePlacesMapsMap Products & ServicesHotels & TravelDestination GuidesWeb DirectoryContact

Equatorial Guinea:
Economy

Flag of Equatorial Guinea
Click to enlarge

Equatorial Guinea Page


Other pages in this profile of Equatorial Guinea:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
Economy - overview
Definition
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 2007, led by oil.
GDP (purchasing power parity)
Definition - World rank and map
$15.54 billion (2007 est.)
GDP (official exchange rate)
Definition
$10.49 billion (2007 est.)
GDP - real growth rate
Definition - World rank and map
12.4% (2007 est.)
GDP - per capita
Definition - World rank and map
$28,200 (2007 est.)
GDP - composition by sector
Definition
agriculture: 2.9%
industry: 92.2%
services: 4.8% (2007 est.)
Labor force
Definition
NA
Unemployment rate
Definition - World rank and map
30% (1998 est.)
Population below poverty line
Definition
NA%
Household income or consumption by percentage share
Definition
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices)
Definition - World rank and map
4.6% (2007 est.)
Investment (gross fixed)
Definition - World rank and map
38% of GDP (2007 est.)
Budget
Definition
revenues: $4.963 billion
expenditures: $2.494 billion (2007 est.)
Public debt
Definition - World rank and map
3.7% of GDP (2007 est.)
Agriculture - products
Definition
coffee, cocoa, rice, yams, cassava (tapioca), bananas, palm oil nuts; livestock; timber
Industries
Definition
petroleum, fishing, sawmilling, natural gas
Industrial production growth rate
Definition - World rank and map
10.1% (2007 est.)
Electricity - production
Definition - World rank and map
28 million kWh (2005)
Electricity - consumption
Definition - World rank and map
26.04 million kWh (2005)
Electricity - consumption per capita
Definition - World rank and map
42.3 kWh (2005)
Electricity - exports
Definition
0 kWh (2005)
Electricity - imports
Definition
0 kWh (2005)
Oil - production
Definition - World rank and map
396,100 bbl/day (2005 est.)
Oil - consumption
Definition - World rank and map
1,000 bbl/day (2005 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
1.6 bbl/day (2005 est.)
Oil - exports
Definition - World rank and map
371,700 bbl/day (2004)
Oil - imports
Definition - World rank and map
1,026 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
563.5 million bbl (1 January 2002 est.)
Natural gas - production
Definition - World rank and map
1.247 billion cu m (2005 est.)
Natural gas - consumption
Definition - World rank and map
1.247 billion cu m (2005 est.)
Natural gas - consumption per capita
Definition - World rank and map
2,023 cu m (2005 est.)
Natural gas - exports
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
0 cu m (2005)
Natural gas - proved reserves
Definition - World rank and map
35.31 billion cu m (1 January 2006 est.)
Current account balance
Definition - World rank and map
$188 million (2007 est.)
Exports
Definition - World rank and map
$9.915 billion f.o.b. (2007 est.)
Exports - commodities
Definition
petroleum, methanol, timber, cocoa
Exports - partners
Definition
China 22.4%, US 19.9%, Spain 13.4%, Taiwan 10.8%, France 7.3%, Japan 6.3%, Portugal 6.2% (2006)
Imports
Definition - World rank and map
$3.098 billion f.o.b. (2007 est.)
Imports - commodities
Definition
petroleum sector equipment, other equipment
Imports - partners
Definition
US 18.2%, Spain 12.7%, Cote d'Ivoire 11%, France 8.9%, South Korea 8.5%, China 7.1%, Italy 6.1%, UK 6% (2006)
Reserves of foreign exchange and gold
Definition - World rank and map
$3.837 billion (31 December 2007 est.)
Debt - external
Definition - World rank and map
$341 million (31 December 2007 est.)
Economic aid - recipient
Definition
$39 million (2005)
Currency (code)
Definition
Communaute Financiere Africaine franc (XAF); note - responsible authority is the Bank of the Central African States
Exchange rates
Definition
Communaute Financiere Africaine francs (XAF) per US dollar - 481.83 (2007), 522.4 (2006), 527.47 (2005), 528.29 (2004), 581.2 (2003)
Fiscal year
Definition
calendar year


Google
 
Web sitesatlas.com