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
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. Boosts in production, along with high world oil prices,
should further stimulate growth in 2000-2001.

purchasing power parity - $960 million (1999 est.)

15% (1999 est.)

purchasing power parity - $2,000 (1999 est.)

agriculture: 20%
industry: 60%
services: 20% (1998 est.)

NA%

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

6% (1999 est.)

NA

30% (1998 est.)

revenues: $47 million
expenditures: $43 million, including capital expenditures of $7
million (1996 est.)

petroleum, fishing, sawmilling, natural gas

7.4% (1994 est.)

21 million kWh (1998)

fossil fuel: 85.71%
hydro: 14.29%
nuclear: 0%
other: 0% (1998)

20 million kWh (1998)

0 kWh (1998)

0 kWh (1998)

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

$555 million (f.o.b., 1999)

petroleum, timber, cocoa

US 62%, Spain 17%, China 9%, France 3%, Japan 3%,
(1997)

$300 million (f.o.b., 1999)

petroleum, manufactured goods and equipment

US 35%, France 15%, Spain 10%, Cameroon 10%, UK 6%
(1997)

$290 million (1999 est.)

$33.8 million (1995)

1 Communaute Financiere Africaine franc (CFAF) = 100
centimes

Communaute Financiere Africaine francs (CFAF) per US$1
- 647.25 (January 2000), 615.70 (1999), 589.95 (1998), 583.67 (1997),
511.55 (1996), 499.15 (1995)
note: since 1 January 1999, the CFAF is pegged to the euro at a rate
of 655.957 CFA francs per euro

1 April - 31 March