Economy

Economy—overview: The discovery and exploitation of large oil reserves have contributed to dramatic economic growth in recent years. Farming forestry 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 deterioration of the rural economy under successive brutal regimes has diminished potential for agriculture-led growth. A number of aid programs sponsored by the World Bank and the IMF have been cut off since 1993 because of the government's gross corruption and mismanagement. 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. The country responded favorably to the devaluation of the CFA franc in January 1994.

GDP: purchasing power parity—$660 million (1997 est.)

GDP—real growth rate: NA%

GDP—per capita: purchasing power parity—$1 500 (1997 est.)

GDP—composition by sector:

agriculture: 46%

industry: 33%

services: 21% (1995 est.)

Inflation rate—consumer price index: 6% (1996 est.)

Labor force: NA

Unemployment rate: NA%

Budget:

revenues: $47 million

expenditures: $43 million including capital expenditures of $7 million (1996 est.)

Industries: fishing sawmilling

Industrial production growth rate: 7.4% (1994 est.)

Electricity—capacity: 5 000 kW (1995)

Electricity—production: 20 million kWh (1995)

Electricity—consumption per capita: 48 kWh (1995)

Agriculture—products: coffee cocoa rice yams cassava (tapioca) bananas palm oil nuts manioc; livestock; timber

Exports:

total value: $197 million (f.o.b. 1996 est.)

commodities: petroleum timber cocoa

partners: US 34% Japan 17% Spain 13% China 13% Nigeria

Imports:

total value: $248 million (c.i.f. 1996 est.)

commodities: petroleum food beverages clothing machinery

partners: Cameroon 40% Spain 18% France 14% US 8%

Debt—external: $254 million (1996 est.)

Economic aid:

recipient: ODA $NA

Currency: 1 Communaute Financiere Africaine franc (CFAF) = 100 centimes

Exchange rates: CFA francs (CFAF) per US$1—608.36 (January 1998) 583.67 (1997) 511.55 (1996) 499.15 (1995) 555.20 (1994) 283.16 (1993)

note: beginning 12 January 1994 the CFA franc was devalued to CFAF 100 per French franc from CFAF 50 at which it had been fixed since 1948

Fiscal year: 1 April—31 March