Equatorial Guinea Economy Profile 2008

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 2007, 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)

$9.512 billion (2007 est.)

GDP - real growth rate

12.7% (2007 est.)

GDP - per capita (PPP)

$44,100 (2007 est.)

GDP - composition by sector

agriculture: 2.8%
industry: 92.5%
services: 4.6% (2007 est.)

Population below poverty line

NA%

Household income or consumption by percentage share

lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices)

5.5% (2007 est.)

Investment (gross fixed)

39.2% of GDP (2007 est.)

Labor force

NA

Unemployment rate

30% (1998 est.)

Budget

revenues: $4.849 billion
expenditures: $2.481 billion (2007 est.)

Public debt

2.7% of GDP (2007 est.)

Industries

petroleum, fishing, sawmilling, natural gas

Industrial production growth rate

14.1% (2007 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

396,100 bbl/day (2005 est.)

Oil - consumption

1,000 bbl/day (2005 est.)

Oil - imports

1,026 bbl/day (2004)

Oil - exports

371,700 bbl/day (2004)

Oil - proved reserves

563.5 million bbl (1 January 2002 est.)

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

$250 million (2007 est.)

Agriculture - products

coffee, cocoa, rice, yams, cassava (tapioca), bananas, palm oil nuts; livestock; timber

Exports

$10.03 billion f.o.b. (2007 est.)

Exports - commodities

petroleum, methanol, timber, cocoa

Exports - partners

China 30.9%, US 22.2%, Spain 12.6%, Taiwan 10.6%, Portugal 6.1% (2006)

Imports

$3.219 billion f.o.b. (2007 est.)

Imports - commodities

petroleum sector equipment, other equipment

Imports - partners

US 37.7%, Spain 9.8%, Cote d'Ivoire 7.9%, France 6.1%, South Korea 6.1%, UK 5.8%, Italy 5% (2006)

Reserves of foreign exchange and gold

$3.928 billion (31 December 2007 est.)

Debt - external

$288 million (31 December 2007 est.)

Economic aid - recipient

$39 million (2005)

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 - 481.83 (2007), 522.4 (2006), 527.47 (2005), 528.29 (2004), 581.2 (2003)

Fiscal year

calendar year