Equatorial Guinea Economy 2007

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 2006, 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):
$7.644 billion (2005 est.)

GDP - real growth rate:
18.6% (2005 est.)

GDP - per capita (PPP):
$50,200 (2005 est.)

GDP - composition by sector:
agriculture: 3.1%
industry: 92%
services: 4.8% (2006 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):
5% (2006 est.)

Investment (gross fixed):
37.1% of GDP (2006 est.)

Budget:
revenues: $3.546 billion
expenditures: $1.516 billion (2006 est.)

Public debt:
4.2% of GDP (2006 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:
28 million kWh (2005)

Electricity - consumption:
26.04 million kWh (2005)

Electricity - exports:
0 kWh (2005)

Electricity - imports:
0 kWh (2005)

Oil - production:
420,000 bbl/day (2005 est.)

Oil - consumption:
1,220 bbl/day (2004 est.)

Oil - exports:
NA bbl/day

Oil - imports:
NA bbl/day

Oil - proved reserves:
563.5 million bbl (1 January 2002)

Natural gas - production:
1.247 billion cu m (2005 est.)

Natural gas - consumption:
1.247 billion cu m (2005 est.)

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.)

Current account balance:
$-745 million (2006 est.)

Exports:
$7.836 billion f.o.b. (2006 est.)

Exports - commodities:
petroleum, methanol, timber, cocoa

Exports - partners:
China 30.9%, US 22.3%, Spain 12.7%, Taiwan 10.6%, Portugal 6.1% (2006)

Imports:
$2.403 billion f.o.b. (2006 est.)

Imports - commodities:
petroleum sector equipment, other equipment

Imports - partners:
US 37.8%, Spain 9.5%, Cote d'Ivoire 7.9%, France 6.1%, South Korea 6.1%, UK 5.8%, Italy 5% (2006)

Economic aid - recipient:
$NA (2005)

Reserves of foreign exchange and gold:
$3.067 billion (2006 est.)

Debt - external:
$229 million (2006 est.)

Currency (code):
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 - 522.4 (2006), 527.47 (2005), 528.29 (2004), 581.2 (2003), 696.99 (2002)