| Economy | 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 2008, led by oil. |
GDP (purchasing power parity):
|
$19.37 billion (2008 est.)
$17.42 billion (2007)
$15.91 billion (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
|
$31,400 (2008 est.)
$29,000 (2007 est.)
$27,300 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
|
$20.16 billion (2008 est.) |
GDP - real growth rate:
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11.2% (2008 est.)
9.5% (2007 est.)
-1.9% (2006 est.) |
GDP - composition by sector:
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agriculture: 2.7%
industry: 92.6%
services: 4.6% (2008 est.) |
Investment (gross fixed):
|
30% of GDP (2008 est.) |
Population below poverty line:
|
NA% |
Household income or consumption by percentage share:
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lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
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7.5% (2008 est.) |
Central bank discount rate:
|
5.25% (31 December 2007) |
Commercial bank prime lending rate:
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15% (31 December 2007) |
Stock of money:
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$835.2 million (31 December 2007) |
Stock of money - per capita:
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1,319 USD per capita |
Stock of quasi money:
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$174.5 million (31 December 2007) |
Stock of quasi money - per capita:
|
276 USD per capita |
Stock of domestic credit:
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NA |
Stock of domestic credit - per capita:
|
void |
Labor force:
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NA |
Labor force participation rate:
|
void |
Labor force - by occupation:
|
void |
Unemployment rate:
|
30% (1998 est.) |
Budget:
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revenues: $7.056 billion
expenditures: $3.779 billion (2008 est.) |
Budget revenues per capita:
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11,140 USD per capita |
Public debt:
|
9.3% of GDP (2008 est.) |
Industries:
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petroleum, fishing, sawmilling, natural gas |
Industrial production growth rate:
|
12.5% (2008 est.) |
Electricity - production:
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27 million kWh (2006 est.) |
Electricity - production per capita:
|
43 kWh per capita |
Electricity - consumption:
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25.11 million kWh (2006 est.) |
Electricity - consumption - per capita:
|
40 kWh per capita |
Electricity - exports:
|
0 kWh (2007 est.) |
Electricity - imports:
|
0 kWh (2007 est.) |
Oil - production:
|
368,500 bbl/day (2007 est.) |
Oil - production per capita:
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581,744 bbl/day per capita |
Oil - consumption:
|
918.3 bbl/day (2006 est.) |
Oil - consumption - per capita:
|
0.53 bbl/year per capita |
Oil - exports:
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375,400 bbl/day (2005) |
Oil - imports:
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1,070 bbl/day (2005) |
Oil - proved reserves:
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1.1 billion bbl (1 January 2008 est.) |
Natural gas - production:
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1.3 billion cu m (2006 est.) |
Natural gas - production per capita:
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2,053 cu m per capita |
Natural gas - consumption:
|
1.3 billion cu m (2006 est.) |
Natural gas - consumption - per capita:
|
2,053 cu m per capita |
Natural gas - exports:
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0 cu m (2007 est.) |
Natural gas - imports:
|
0 cu m (2007 est.) |
Natural gas - proved reserves:
|
36.81 billion cu m (1 January 2008 est.) |
Agriculture - products:
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coffee, cocoa, rice, yams, cassava (tapioca), bananas, palm oil nuts; livestock; timber |
Current account balance:
|
$1.837 billion (2008 est.) |
Current account balance - per capita:
|
2,901 USD per capita |
Exports:
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$15.82 billion f.o.b. (2008 est.) |
Exports per capita:
|
24,975 USD per capita |
Exports - commodities:
|
petroleum, methanol, timber, cocoa |
Exports - partners:
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US 20.6%, China 18.8%, Spain 13.9%, Taiwan 13.4%, France 7.5%, Japan 6.5%, Portugal 6.4% (2007) |
Imports:
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$3.211 billion f.o.b. (2008 est.) |
Imports per capita:
|
5,070 USD per capita |
Imports - commodities:
|
petroleum sector equipment, other equipment |
Imports - partners:
|
US 19.6%, Spain 13.7%, Cote d'Ivoire 11.9%, France 9.6%, China 7.7%, Italy 6.6%, UK 6.4%, Netherlands 4.1% (2007) |
Reserves of foreign exchange and gold:
|
$5.517 billion (31 December 2008 est.) |
Reserves of foreign exchange and gold - per capita:
|
8,710 USD per capita |
Debt - external:
|
$1.652 billion (31 December 2008 est.) |
Debt - external - per capita:
|
2,608 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
void |
Market value of publicly traded shares - per capita:
|
void |
Economic aid - donor:
|
void |
Economic aid - recipient:
|
$39 million (2005) |
Economic aid - recipient per capita:
|
62 USD per capita |
Currency (code):
|
Communaute Financiere Africaine franc (XAF); note - responsible authority is the Bank of the Central African States |
Exchange rates:
|
Cooperation Financiere en Afrique Centrale francs (XAF) per US dollar - 447.81 (2008 est.), 481.83 (2007), 522.4 (2006), 527.47 (2005), 528.29 (2004)
note: since 1 January 1999, the Central African CFA franc (XAF) has been pegged to the euro at a rate of 655.957 CFA francs per euro; Central African CFA franc (XAF) coins and banknotes are not accepted in countries using West African CFA francs (XOF), and vice versa, even though the two currencies trade at par |
Fiscal year:
|
calendar year |
|
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