Overview: Agriculture, forestry, and fishing account for about half of GDP and nearly all exports. 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 international donor community have failed to revitalize export agriculture. There is little industry; businesses for the most part are owned by government officials and their family members. 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 fields will provide a greater share of exports by 1995.

National product: GDP - purchasing power equivalent - $280 million (1993 est.)

National product real growth rate: NA

National product per capita: $700 (1993 est.)

Inflation rate (consumer prices): 1.6% (1992 est.)

Unemployment rate: NA%

Budget:
revenues: $32.5 million
expenditures: $35.9 million, including capital expenditures of $3 million (1992 est.)

Exports: $52.8 million (f.o.b., 1992)
commodities: coffee, timber, cocoa beans
partners: Spain 55.2%, Nigeria 11.4%, Cameroon 9.1% (1992)

Imports: $63.6 million (c.i.f., 1992)
commodities: petroleum, food, beverages, clothing, machinery
partners: Cameroon 23.1%, Spain 21.8%, France 14.1%, US 4.3%

External debt: $260 million (1992 est)

Industrial production: growth rate -6.5% (1992 est.); accounts for 5% of GDP

Electricity:
capacity: 23,000 kW
production: 60 million kWh
consumption per capita: 160 kWh (1991)

Industries: fishing, sawmilling

Agriculture: accounts for almost 50% of GDP, cash crops - timber and coffee from Rio Muni, cocoa from Bioko; food crops - rice, yams, cassava, bananas, oil palm nuts, manioc, livestock

Economic aid:
recipient: US commitments, including Ex-Im (FY81-89), $14 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $130 million; Communist countries (1970-89), $55 million

Currency: 1 CFA franc (CFAF) = 100 centimes
Exchange rates: Communaute Financiere Africaine francs (CFAF) per US$1 - 592.05 (January 1994), 273,16 (1993), 264.69 (1992), 282.11 (1991), 272.26 (1990), 319.01 (1989)
note: beginning 12 January 1994, the CFA franc was devalued to CFAF 100 per French franc from CFAF 50 at which it had been fixed since 1948

Fiscal year: 1 April - 31 March

NOTE: The information regarding Equatorial Guinea on this page is re-published from the 1995 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Equatorial Guinea Economy 1995 information contained here. All suggestions for corrections of any errors about Equatorial Guinea Economy 1995 should be addressed to the CIA.