| People | Equatorial Guinea |
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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 2007, 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):
|
$9.512 billion (2007 est.) |
GDP - real growth rate:
|
12.7% (2007 est.) |
GDP - per capita (PPP):
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$44,100 (2007 est.) |
GDP - composition by sector:
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agriculture: 2.8%
industry: 92.5%
services: 4.6% (2007 est.) |
Investment (gross fixed):
|
39.2% of GDP (2007 est.) |
Population below poverty line:
|
NA% |
Household income or consumption by percentage share:
|
lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
|
5.5% (2007 est.) |
Labor force:
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NA |
Labor force participation rate:
|
void |
Labor force - by occupation:
|
void |
Unemployment rate:
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30% (1998 est.) |
Budget:
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revenues: $4.849 billion
expenditures: $2.481 billion (2007 est.) |
Budget revenues per capita:
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7,866 USD per capita |
Public debt:
|
2.7% of GDP (2007 est.) |
Industries:
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petroleum, fishing, sawmilling, natural gas |
Industrial production growth rate:
|
14.1% (2007 est.) |
Electricity - production:
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28 million kWh (2005) |
Electricity - production per capita:
|
46 kWh per capita |
Electricity - consumption:
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26.04 million kWh (2005) |
Electricity - consumption - per capita:
|
43 kWh per capita |
Electricity - exports:
|
0 kWh (2005) |
Electricity - imports:
|
0 kWh (2005) |
Oil - production:
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396,100 bbl/day (2005 est.) |
Oil - production per capita:
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642,541 bbl/day per capita |
Oil - consumption:
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1,000 bbl/day (2005 est.) |
Oil - consumption - per capita:
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0.59 bbl/year per capita |
Oil - exports:
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371,700 bbl/day (2004) |
Oil - imports:
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1,026 bbl/day (2004) |
Oil - proved reserves:
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563.5 million bbl (1 January 2002 est.) |
Natural gas - production:
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1.247 billion cu m (2005 est.) |
Natural gas - production per capita:
|
2,023 cu m per capita |
Natural gas - consumption:
|
1.247 billion cu m (2005 est.) |
Natural gas - consumption - per capita:
|
2,023 cu m per capita |
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.) |
Agriculture - products:
|
coffee, cocoa, rice, yams, cassava (tapioca), bananas, palm oil nuts; livestock; timber |
Current account balance:
|
$250 million (2007 est.) |
Current account balance - per capita:
|
406 USD per capita |
Exports:
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$10.03 billion f.o.b. (2007 est.) |
Exports per capita:
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16,271 USD per capita |
Exports - commodities:
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petroleum, methanol, timber, cocoa |
Exports - partners:
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China 30.9%, US 22.2%, Spain 12.6%, Taiwan 10.6%, Portugal 6.1% (2006) |
Imports:
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$3.219 billion f.o.b. (2007 est.) |
Imports per capita:
|
5,222 USD per capita |
Imports - commodities:
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petroleum sector equipment, other equipment |
Imports - partners:
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US 37.7%, Spain 9.8%, Cote d'Ivoire 7.9%, France 6.1%, South Korea 6.1%, UK 5.8%, Italy 5% (2006) |
Reserves of foreign exchange and gold:
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$3.928 billion (31 December 2007 est.) |
Reserves of foreign exchange and gold - per capita:
|
6,372 USD per capita |
Debt - external:
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$288 million (31 December 2007 est.) |
Debt - external - per capita:
|
468 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - abroad:
|
void |
Market value of publicly traded shares:
|
void |
Economic aid - donor:
|
void |
Economic aid - recipient:
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$39 million (2005) |
Economic aid - recipient per capita:
|
64 USD per capita |
Currency (code):
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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 - 481.83 (2007), 522.4 (2006), 527.47 (2005), 528.29 (2004), 581.2 (2003) |
Fiscal year:
|
calendar year |
|
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