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.

GDP (purchasing power parity):
$19.37 billion (2008 est.)
$17.42 billion (2007)
$15.91 billion (2006)
note: data are in 2008 US dollars

GDP (official exchange rate):
$20.16 billion (2008 est.)

GDP - real growth rate:
11.2% (2008 est.)
9.5% (2007 est.)
-1.9% (2006 est.)

GDP - per capita:
$31,400 (2008 est.)
$29,000 (2007 est.)
$27,300 (2006 est.)
note: data are in 2008 US dollars

GDP - composition by sector:
agriculture: 2.7%
industry: 92.6%
services: 4.6% (2008 est.)

Labor force:
NA

Unemployment rate:
30% (1998 est.)

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

Investment (gross fixed):
30% of GDP (2008 est.)

Budget:
revenues: $7.056 billion
expenditures: $3.779 billion (2008 est.)

Public debt:
9.3% of GDP (2008 est.)

Inflation rate (consumer prices):
7.5% (2008 est.)

Central bank discount rate:
5.25% (31 December 2007)

Commercial bank prime lending rate:
15% (31 December 2007)

Stock of money:
$835.2 million (31 December 2007)

Stock of quasi money:
$174.5 million (31 December 2007)

Stock of domestic credit:
NA

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

Industries:
petroleum, fishing, sawmilling, natural gas

Industrial production growth rate:
12.5% (2008 est.)

Electricity - production:
27 million kWh (2006 est.)

Electricity - consumption:
25.11 million kWh (2006 est.)

Electricity - exports:
0 kWh (2007 est.)

Electricity - imports:
0 kWh (2007 est.)

Oil - production:
368,500 bbl/day (2007 est.)

Oil - consumption:
918.3 bbl/day (2006 est.)

Oil - exports:
375,400 bbl/day (2005)

Oil - imports:
1,070 bbl/day (2005)

Oil - proved reserves:
1.1 billion bbl (1 January 2008 est.)

Natural gas - production:
1.3 billion cu m (2006 est.)

Natural gas - consumption:
1.3 billion cu m (2006 est.)

Natural gas - exports:
0 cu m (2007 est.)

Natural gas - imports:
0 cu m (2007 est.)

Natural gas - proved reserves:
36.81 billion cu m (1 January 2008 est.)

Current account balance:
$1.837 billion (2008 est.)

Exports:
$15.82 billion f.o.b. (2008 est.)

Exports - commodities:
petroleum, methanol, timber, cocoa

Exports - partners:
US 20.6%, China 18.8%, Spain 13.9%, Taiwan 13.4%, France 7.5%, Japan 6.5%, Portugal 6.4% (2007)

Imports:
$3.211 billion f.o.b. (2008 est.)

Imports - commodities:
petroleum sector equipment, other equipment

Imports - partners:
US 19.6%, Spain 13.7%, Cote d'Ivoire 11.9%, France 9.6%, China 7.7%, Italy 6.6%, UK 6.4%, Netherlands 4.1% (2007)

Reserves of foreign exchange and gold:
$5.517 billion (31 December 2008 est.)

Debt - external:
$1.652 billion (31 December 2008 est.)