closed September 1995); the US ambassador to Cameroon is accreditedto Equatorial Guinea; the US State Department is considering opening
a Consulate Agency in Malabo
Flag description:
three equal horizontal bands of green (top), white, and red with a
blue isosceles triangle based on the hoist side and the coat of arms
centered in the white band; the coat of arms has six yellow
six-pointed stars (representing the mainland and five offshore
islands) above a gray shield bearing a silk-cotton tree and below
which is a scroll with the motto UNIDAD, PAZ, JUSTICIA (Unity,
Peace, Justice)
Economy Equatorial Guinea
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.)
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):
8.5% (2004 est.)
Investment (gross fixed):
50.8% of GDP (2004 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:
