Equatorial Guinea Economy Profile 2009

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 (purchasing power parity)

$22.95 billion (2008 est.)
$20.75 billion (2007 est.)
$16.94 billion (2006 est.)
note: data are in 2008 US dollars

GDP (official exchange rate)

$18.53 billion (2008 est.)

GDP - real growth rate

10.6% (2008 est.)
22.5% (2007 est.)
1.2% (2006 est.)

GDP - per capita (PPP)

$37,200 (2008 est.)
$34,600 (2007 est.)
$29,000 (2006 est.)
note: data are in 2008 US dollars

GDP - composition by sector

agriculture: 2.3%
industry: 93.7%
services: 3.9% (2008 est.)

Population below poverty line

NA%

Labor force

NA

Unemployment rate

30% (1998 est.)

Household income or consumption by percentage share

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

Investment (gross fixed)

31.8% of GDP (2008 est.)

Budget

revenues: $6.599 billion
expenditures: $3.601 billion (2008 est.)

Public debt

0.9% of GDP (2008 est.)
1.6% of GDP (2007 est.)

Inflation rate (consumer prices)

7.5% (2008 est.)
6% (2007 est.)

Central bank discount rate

NA% (31 December 2008)
5.25% (31 December 2007)

Commercial bank prime lending rate

NA% (31 December 2008)
15% (31 December 2007)

Stock of money

$NA (31 December 2008)
$835.2 million (31 December 2007)

Stock of quasi money

$NA (31 December 2008)
$174.5 million (31 December 2007)

Stock of domestic credit

$NA (31 December 2008)
$NA (31 December 2007)

Industries

petroleum, fishing, sawmilling, natural gas

Industrial production growth rate

11.3% (2008 est.)

Electricity - production

27 million kWh (2006 est.)

Electricity - production by source

fossil fuel: 94.3%
hydro: 5.7%
nuclear: 0%
other: 0% (2001)

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 - imports

1,070 bbl/day (2005)

Oil - exports

375,400 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.)

Current Account Balance

$1.308 billion (2008 est.)
$540.9 million (2007 est.)

Agriculture - products

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

Exports

$13.04 billion (2008 est.)
$10.25 billion (2007 est.)

Exports - commodities

petroleum, methanol, timber, cocoa

Exports - partners

US 24%, Spain 19.3%, China 16.2%, France 8.4%, Italy 6.3% (2008)

Imports

$3.156 billion (2008 est.)
$2.365 billion (2007 est.)

Imports - commodities

petroleum sector equipment, other equipment

Imports - partners

Spain 15.2%, US 13.4%, France 12.4%, Cote d'Ivoire 11.9%, China 10.4%, Italy 6.3%, UK 5.8% (2008)

Reserves of foreign exchange and gold

$4.431 billion (31 December 2008 est.)
$3.846 billion (31 December 2007 est.)

Debt - external

$191 million (31 December 2008 est.)
$338 million (31 December 2007 est.)

Economic aid - recipient

$39 million (2005)

Currency (code)

XAF

Currency (code)

Communaute Financiere Africaine franc (XAF); note - responsible authority is the Bank of the Central African States

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

calendar year