ms 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)

*Equatorial Guinea, Economy

Overview:
The economy, devastated during the regime of former President Macias NGUEMA,
is based on agriculture, forestry, and fishing, which account for about half
of GDP 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
8% of GDP and the construction, public works, and service sectors for about
38%. 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.
Increased production from recently discovered natural gas deposits will
provide a greater share of exports by 1995.
National product:
GDP - exchange rate conversion - $144 million (1991 est.)
National product real growth rate:
-1% (1991 est.)
National product per capita:
$380 (1991 est.)
Inflation rate (consumer prices):
1.4% (1990)
Unemployment rate:
NA%
Budget:
revenues $26 million; expenditures $30 million, including capital
expenditures of $3 million (1991 est.)
Exports:
$37 million (f.o.b., 1990 est.)
commodities:
coffee, timber, cocoa beans
partners:
Spain 38.2%, Italy 12.2%, Netherlands 11.4%, FRG 6.9%, Nigeria 12.4% (1988)
Imports:
$63.0 million (c.i.f., 1990)
commodities:
petroleum, food, beverages, clothing, machinery
partners:
France 25.9%, Spain 21.0%, Italy 16%, US 12.8%, Netherlands 8%, FRG 3.1%,
Gabon 2.9%, Nigeria 1.8% (1988)
External debt: $213 million (1990)
Industrial production:
growth rate 6.8% (1990 est.)
Electricity:
23,000 kW capacity; 60 million kWh produced, 160 kWh per capita (1991)
Industries:
fishing, sawmilling
Agriculture:
cash crops - timber and coffee from Rio Muni, cocoa from Bioko; food crops -
rice, yams, cassava, bananas, oil palm nuts, manioc, livestock
Economic aid:
US commitments, including Ex-Im (FY81-89), $14 million; Western (non-US)
countries, ODA and OOF bilateral commitments (1970-89) $130 million;
Communis