p),
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

Economy--overview: The discovery and exploitation of large oil
reserves have contributed to dramatic economic growth in recent
years. Several large oil companies are expected to bid on oil
licenses by May 1999. 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.

GDP: purchasing power parity--$660 million (1997 est.)

GDP--real growth rate: NA%

GDP--per capita: purchasing power parity?$1,500 (1997 est.)

GDP--composition by sector:
agriculture: 46%
industry: 33%
services: 21% (1995 est.)

Population below poverty line: NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices): 6% (1996 est.)

Labor force: NA

Unemployment rate: 30% (1998 est.)

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

Industries: petroleum, fishing, sawmilling, natural gas

Industrial production growth rate: 7.4% (1994 est.)

Electricity--production: 19 million kWh (1996)

Electricity--production by source:
fossil fuel: 89.47%
hydro: 10.53%
nuclear: 0%
other: 0% (1996)

Electricity--consumption: 19 million kWh (1996)

Electricity--exports: 0 kWh (1996)

Electricity--imports: 0 kWh (1996)

Agriculture--products: coffee, cocoa, rice, yams, cassava
(tapio