ate Agency in Malabo

Flag description: 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)

@Equatorial Guinea:Economy

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
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.

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

GDP - real growth rate: 15% (1999 est.)

GDP - per capita: purchasing power parity - $2,000 (1999 est.)

GDP - composition by sector:
agriculture: 20%
industry: 60%
services: 20% (1998 est.)

Population below poverty line: NA%

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

Inflation rate (consumer prices): 6% (1999 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: 21 million kWh (1998)

Electricity - production by source:
fossil fuel: 85.71%
hydro: 14.29%
nuclear: 0%
other: 0% (1998)

Electricity - consumption: 20 million kWh (1998)

Electricity - exports: 0 kWh (1998)

Electricity - imports: 0 kW