Equatorial Guinea Economy 1997

Economy - overview Farming, forestry, and fishing account for about half of GDP. Subsistencefarming predominates. Although pre-independence Equatorial Guinea countedon cocoa production for hard currency earnings, the deterioration of the ruraleconomy under successive brutal regimes has diminished potential for agriculture-ledgrowth. A number of aid programs sponsored by the World Bank and the IMF havebeen cut off since 1993 because of the government's gross corruption and mismanagement.Businesses, for the most part, are owned by government officials and theirfamily members. Undeveloped natural resources include titanium, iron ore,manganese, uranium, and alluvial gold. Oil exploration, taking place underconcessions offered to US, French, and Spanish firms, has been moderatelysuccessful and has contributed to Equatorial Guinea's strong growth ratesin the early 1990s. The country responded favorably to the devaluation ofthe CFA franc in January 1994.

GDP purchasing power parity - $328 million (1995 est.)

GDP - real growth rate 11.2% (1995 est.)

GDP - per capita purchasing power parity - $800 (1995 est.)

GDP - composition by sector
agriculture: 50%
industry: 14%
services: 36% (1994 est.)

Inflation rate - consumer price index 10.9% (1995 est.)

Labor force NA

Unemployment rate NA%

Budget
revenues: $27 million
expenditures: $34.1 million, including capital expenditures of $11.2 million (1994)

Industries fishing, sawmilling

Industrial production growth rate 7.4% (1994 est.)

Electricity - capacity 23,000 kW (1995)

Electricity - production NA kWh

Electricity - consumption per capita NA kWh

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

Exports
total value : $83.5 million (f.o.b., 1995)
commodities: timber, petroleum, cocoa
partners: US 34%, Japan 16%, Spain 15%, China 12%, Cote d'Ivoire, Nigeria

Imports
total value: $52.3 million (f.o.b., 1995)
commodities : petroleum, food, beverages, clothing, machinery
partners: Spain 51%, Cameroon 21%, France 6%, US 4%

Debt - external $252 million (1995 est.)

Economic aid
recipient : ODA, $NA

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

Exchange rates CFA francs (CFAF) per US$1 - 541.69 (January 1997), 511.55 (1996), 499.15(1995), 555.20 (1994), 283.16 (1993), 264.69 (1992)
note: beginning 12 January 1994, the CFA franc was devalued to CFAF 100 perFrench franc from CFAF 50 at which it had been fixed since 1948

Fiscal year 1 April - 31 March

NOTE: The information regarding Equatorial Guinea on this page is re-published from the 1997 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Equatorial Guinea Economy 1997 information contained here. All suggestions for corrections of any errors about Equatorial Guinea Economy 1997 should be addressed to the CIA.