|
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 presumably
remained 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: 3%
industry: 95.7%
services: 1.3% (2004 est.) |
|
Investment (gross fixed):
|
50.8% of GDP
(2004 est.) |
|
Population below poverty line:
|
NA |
|
Household income or consumption by percentage share:
|
lowest
10%: NA
highest 10%: NA |
|
Inflation rate (consumer prices):
|
8.5% (2004
est.) |
|
Labor force:
|
NA |
|
Unemployment rate:
|
30% (1998
est.) |
|
Budget:
|
revenues:
$813.2 million
expenditures: $375.3 million, including capital
expenditures of NA (2004 est.) |
|
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:
|
26.69 million
kWh (2002) |
|
Electricity - production by source:
|
fossil
fuel: 94.3%
hydro: 5.7%
nuclear: 0%
other: 0% (2001)
|
|
Electricity - consumption:
|
24.82 million
kWh (2002) |
|
Electricity - exports:
|
0 kWh (2002)
|
|
Electricity - imports:
|
0 kWh (2002)
|
|
Oil - production:
|
350,000
bbl/day (2004 est.)
|
|
Oil - consumption:
|
2,000 bbl/day
(2001 est.) |
|
Oil - exports:
|
NA |
|
Oil - imports:
|
NA |
|
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:
|
$-578.6
million (2004 est.)
|
|
Exports:
|
$2.771
billion f.o.b. (2004 est.)
|
|
Exports - commodities:
|
petroleum,
methanol, timber, cocoa
|
|
Exports - partners:
|
US 34%, China
23.7%, Spain 21.1%, Canada 8.6% (2004) |
|
Imports:
|
$1.167
billion f.o.b. (2004 est.)
|
|
Imports - commodities:
|
petroleum
sector equipment, other equipment |
|
Imports - partners:
|
US 32.1%,
Cote d'Ivoire 16.9%, Spain 13.7%, France 8.6%, UK 7.4%
(2004) |
|
Reserves of foreign exchange and gold:
|
$235.2
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 - 528.29
(2004), 581.2 (2003), 696.99 (2002), 733.04 (2001), 711.98
(2000) |
|
Fiscal year:
|
1 January -
31 December |