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Equatorial Guinea Economy 2010
https://workmall.com/wfb2010/equatorial_guinea/equatorial_guinea_economy.html
SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES

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Equatorial Guinea Economy 2010
SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES
Page last updated on January 15, 2010

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 neglect of the rural economy under successive regimes has diminished potential for agriculture-led growth (the government has stated its intention to reinvest some oil revenue into agriculture). A number of aid programs sponsored by the World Bank and the IMF have been cut off since 1993, because of corruption and mismanagement. No longer eligible for concessional financing because of large oil revenues, the government has been trying to agree on a "shadow" fiscal management program with the World Bank and IMF. Government officials and their family members own most businesses. Undeveloped natural resources include titanium, iron ore, manganese, uranium, and alluvial gold. Growth remained strong in 2008, led by oil, but dropped in 2009, as the price of oil fell.

GDP (purchasing power parity):
$22.86 billion (2009 est.)

$23.28 billion (2008 est.)
$21.05 billion (2007 est.)
note: data are in 2009 US dollars

GDP (official exchange rate):
$11.18 billion (2009 est.)

GDP - real growth rate:
-1.8% (2009 est.)

10.6% (2008 est.)
22.5% (2007 est.)

GDP - per capita (PPP):
$36,100 (2009 est.)

$37,800 (2008 est.)
$35,100 (2007 est.)
note: data are in 2009 US dollars

GDP - composition by sector:
agriculture: 2.4%
industry: 93.3%
services: 4.2% (2009 est.)

Labor force:
195,200 NA

Unemployment rate:
30% (1998 est.)

Population below poverty line:
NA%

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

Investment (gross fixed):
44% of GDP (2009 est.)

Budget:
revenues: $4.481 billion
expenditures: $3.551 billion (2009 est.)

Public debt:
1.1% of GDP (2009 est.)

0.9% of GDP (2008 est.)

Inflation rate (consumer prices):
4.5% (2009 est.)

7.5% (2008 est.)

Central bank discount rate:
4.75% (31 December 2008)

5.25% (31 December 2007)

Commercial bank prime lending rate:
NA% (31 December 2008)

15% (31 December 2007)

Stock of money:
$NA (31 December 2008)

$835.2 million (31 December 2007)

Stock of quasi money:
$NA (31 December 2008)

$174.5 million (31 December 2007)

Stock of domestic credit:
$NA (31 December 2008)

$NA (31 December 2007)

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

Industries:
petroleum, fishing, sawmilling, natural gas

Industrial production growth rate:
-2.7% (2009 est.)

Electricity - production:
28 million kWh (2007 est.)

Electricity - consumption:
26.04 million kWh (2007 est.)

Electricity - exports:
0 kWh (2008 est.)

Electricity - imports:
0 kWh (2008 est.)

Oil - production:
359,200 bbl/day (2008 est.)

Oil - consumption:
1,000 bbl/day (2008 est.)

Oil - exports:
362,900 bbl/day (2007 est.)

Oil - imports:
1,114 bbl/day (2007 est.)

Oil - proved reserves:
1.1 billion bbl (1 January 2009 est.)

Natural gas - production:
6.67 billion cu m (2008 est.)

Natural gas - consumption:
1.5 billion cu m (2008 est.)

Natural gas - exports:
5.17 billion cu m (2008 est.)

Natural gas - imports:
0 cu m (2008 est.)

Natural gas - proved reserves:
36.81 billion cu m (1 January 2009 est.)

Current account balance:
$-669 million (2009 est.)

$1.42 billion (2008 est.)

Exports:
$8.27 billion (2009 est.)

$13.03 billion (2008 est.)

Exports - commodities:
petroleum, methanol, timber, cocoa

Exports - partners:
US 22.7%, Spain 18.2%, China 14.7%, France 7.9%, Italy 6%, South Korea 5.4% (2008)

Imports:
$2.851 billion (2009 est.)

$3.114 billion (2008 est.)

Imports - commodities:
petroleum sector equipment, other equipment

Imports - partners:
China 17.7%, Spain 13.3%, US 11.8%, France 10.9%, Cote d'Ivoire 10.4%, Italy 5.5%, UK 5.1% (2008)

Reserves of foreign exchange and gold:
$4.575 billion (31 December 2009 est.)

$4.431 billion (31 December 2008 est.)

Debt - external:
$174 million (31 December 2009 est.)

$190 million (31 December 2008 est.)

Exchange rates:
Cooperation Financiere en Afrique Centrale francs (XAF) per US dollar - 481.35 (2009), 447.81 (2008), 481.83 (2007), 522.4 (2006), 527.47 (2005)
note: since 1 January 1999, the Central African CFA franc (XAF) has been pegged to the euro at a rate of 655.957 CFA francs per euro; Central African CFA franc (XAF) coins and banknotes are not accepted in countries using West African CFA francs (XOF), and vice versa, even though the two currencies trade at par


NOTE: The information regarding Equatorial Guinea on this page is re-published from the 2010 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Equatorial Guinea Economy 2010 information contained here. All suggestions for corrections of any errors about Equatorial Guinea Economy 2010 should be addressed to the CIA.




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