Equatorial Guinea:
Economy

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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

Equatorial Guinea: Economy

Equatorial Guinea:
Economy