ssador Damaso OBIANG NDONG; Chancery
at 801 Second Avenue, Suite 1403, New York, NY 10017; telephone (212)
599-1523;

US--Ambassador (vacant); Charge d'Affaires William MITHOEFER;
Embassy at Calle de Los Ministros, Malabo (mailing address is P. O.
Box 597, Malabo; telephone [240] (9) 2185, 2406, 2507

_#_Flag: three equal horizontal bands of green (top), white, and red
with a blue isosceles triangle based on the hoist side and the coat of
arms centered in the white band; the coat of arms has six yellow
six-pointed stars (representing the mainland and five offshore islands)
above a gray shield bearing a silk-cotton tree and below which is a
scroll with the motto UNIDAD, PAZ, JUSTICIA (Unity, Peace, Justice)

_*_Economy
_#_Overview: The economy, destroyed during the regime of former
President Macias Nguema, is now based on agriculture, forestry,
and fishing, which account for about 60% of GNP and nearly all exports.
Subsistence agriculture predominates, with cocoa, coffee, and wood
products providing income, foreign exchange, and government
revenues. There is little industry. Commerce accounts
for about 10% of GNP, and the construction, public works, and service
sectors for about 34%. Undeveloped natural resources include titanium,
iron ore, manganese, uranium, and alluvial gold. Oil exploration,
taking place under concessions offered to US, French, and Spanish firms,
has been moderately successful, and some revenues from oil exports
will begin rolling in by mid-1991.

_#_GDP: $144 million, per capita $411; real growth rate 2.9% (1988
est.)

_#_Inflation rate (consumer prices): 5.9% (1989 est.)

_#_Unemployment rate: NA%

_#_Budget: revenues $23 million; expenditures $31 million, including
capital expenditures of NA (1988)

_#_Exports: $41 million (f.o.b., 1989 est.);

commodities--coffee, timber, cocoa beans;

partners--Spain 44%, FRG 19%, Italy 12%, Netherlands 11% (1987)

_#_Imports: $57.1 million (c.i.f., 1988);

commodities--petroleum, food, beverages, clothing, machinery;

partners--Spain 34%, Italy 16%, France 14%, Netherlands 8% (1987)

_#_External debt: $195 million (1989)

_#_Industrial production: growth rate - 6.8% (1990 est.); acounts
for about 4% of GDP

_#_Electricity: 23,000 kW capacity; 60 million kWh produced,
170 kWh per capita (1989)

_#_Industries: fishing, sawmilling

_#_Agriculture: cash crops--timber and coffee from Rio Muni, cocoa
from Bioko; foo