unbekannter Gast

Equatorial Guinea: Economy#

The discovery and exploitation of large oil and gas reserves have contributed to dramatic economic growth, but fluctuating oil prices along with slowing or declining oil production have resulted in much lower GDP growth in recent years. The economy is still dominated by hydrocarbon production. The government has solicited foreign investment, particularly from the United States, to diversify the economy and in February 2014 the government hosted an economic diversification symposium focused on attracting investment in five sectors: agriculture and animal ranching, fishing, mining and petrochemicals, tourism, and financial services. Undeveloped mineral resources include gold, zinc, diamonds, columbite-tantalite, and other base metals. Forestry and farming are also minor components of GDP. Subsistence farming is the dominant form of livelihood. 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. The government has been widely criticized for its lack of transparency and misuse of oil revenues and has attempted to address this issue by working towards compliance with the Extractive Industries Transparency Initiative.

Economic Facts#

GDP (purchasing power parity)$19.68 billion (2013 est.)
$19.97 billion (2012 est.)
$18.96 billion (2011 est.)
note: data are in 2013 US dollars
GDP - real growth rate-1.5% (2013 est.)
5.3% (2012 est.)
4.6% (2011 est.)
GDP - per capita (PPP)$25,700 (2013 est.)
$26,900 (2012 est.)
$26,200 (2011 est.)
GDP - composition, by sector of originagriculture: 4.6%
industry: 87.3%
services: 8.1% (2013 est.)
Population below poverty lineNA%
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Exports - commoditiespetroleum products, timber
Exports - partnersJapan 18.8%, France 16.1%, China 11.7%, US 11.3%, Netherlands 7.2%, Spain 7.1%, Italy 5.1% (2012)
Agriculture - productscoffee, cocoa, rice, yams, cassava (manioc, tapioca), bananas, palm oil nuts; livestock; timber
Budgetrevenues: $6.837 billion
expenditures: $6.795 billion (2013 est.)
Imports - commoditiespetroleum sector equipment, other equipment, construction materials, vehicles
Imports - partnersSpain 18.4%, China 17.4%, US 11.1%, France 8%, Italy 5.9%, Cote dIvoire 5.3%, Brazil 4.4% (2012)
Exchange ratesCooperation Financiere en Afrique Centrale francs (XAF) per US dollar -
500.7 (2013 est.)
510.53 (2012 est.)
495.28 (2010 est.)
472.19 (2009)
447.81 (2008)
Exports$15.44 billion (2013 est.)
$14.86 billion (2012 est.)
Debt - external$2.104 billion (31 December 2013 est.)
$1.858 billion (31 December 2012 est.)
Fiscal yearcalendar year
Imports$7.943 billion (2013 est.)
$8.045 billion (2012 est.)
Industrial production growth rate3.2% (2013 est.)
Industriespetroleum, natural gas, sawmilling
Inflation rate (consumer prices)6% (2013 est.)
6.1% (2012 est.)
Labor force195,200 (2007)
Unemployment rate22.3% (2009 est.)
Public debt11% of GDP (2013 est.)
9.3% of GDP (2012 est.)
Current account balance-$2.916 billion (2013 est.)
-$2.945 billion (2012 est.)
Reserves of foreign exchange and gold$4.027 billion (31 December 2013 est.)
$4.397 billion (31 December 2012 est.)
GDP (official exchange rate)$17.08 billion (2013 est.)
Central bank discount rate8.5% (31 December 2010 est.)
4.25% (31 December 2009 est.)
Commercial bank prime lending rate15% (31 December 2013 est.)
15% (31 December 2012 est.)
Stock of domestic credit$-424.6 million (31 December 2013 est.)
$-631.4 million (31 December 2012 est.)
Stock of narrow money$3.001 billion (31 December 2013 est.)
$3.023 billion (31 December 2012 est.)
Stock of broad money$3.382 billion (31 December 2013 est.)
$3.438 billion (31 December 2012 est.)
Taxes and other revenues40% of GDP (2013 est.)
Budget surplus (+) or deficit (-)0.2% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 26.7%
government consumption: 3.7%
investment in fixed capital: 37.9%
investment in inventories: 1%
exports of goods and services: 80.8%
imports of goods and services: -50.1%
(2013 est.)
Gross national saving22.6% of GDP (2013 est.)
26.4% of GDP (2012 est.)
32% of GDP (2011 est.)