Equatorial Guinea flag

The Economy of Equatorial Guinea

Equatorial Guinean or Equatoguin Economy

Equatorial Guinea's map

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:

GDP - real growth rate: 11.2% (2008 est.) 9.5% (2007 est.) -1.9% (2006 est.)

GDP - per capita:

GDP - composition by sector: agriculture: 2.7% industry: 92.6% services: 4.6% (2008 est.)

Population below poverty line:

Household income or consumption by percentage share: lowest 10%: NA% highest 10%: NA%

Distribution of family income - Gini index:

Inflation rate (consumer prices):

Labor force: NA

Labor force - by occupation:

Unemployment rate: 30% (1998 est.)

Budget: revenues: $7.056 billion expenditures: $3.779 billion (2008 est.)

Industries: petroleum, fishing, sawmilling, natural gas

Industrial production growth rate: 12.5% (2008 est.)

Electricity - production: 27 million kWh (2006 est.)

Electricity - production by source:

Electricity - consumption: 25.11 million kWh (2006 est.)

Electricity - exports: 0 kWh (2007 est.)

Electricity - imports: 0 kWh (2007 est.)

Oil - production: 368,500 bbl/day (2007 est.)

Oil - consumption: 918.3 bbl/day (2006 est.)

Oil - exports: 375,400 bbl/day (2005)

Oil - imports: 1,070 bbl/day (2005)

Oil - proved reserves: 1.1 billion bbl (1 January 2008 est.)

Natural gas - production: 1.3 billion cu m (2006 est.)

Natural gas - consumption: 1.3 billion cu m (2006 est.)

Natural gas - exports: 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: coffee, cocoa, rice, yams, cassava (tapioca), bananas, palm oil nuts; livestock; timber

Exports: $15.82 billion f.o.b. (2008 est.)

Exports - commodities: petroleum, methanol, timber, cocoa

Exports - partners: US 20.6%, China 18.8%, Spain 13.9%, Taiwan 13.4%, France 7.5%, Japan 6.5%, Portugal 6.4% (2007)

Imports: $3.211 billion f.o.b. (2008 est.)

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)

Debt - external: $1.652 billion (31 December 2008 est.)

Economic aid - recipient:

Currency:

Currency code:

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: