Part 226

US diplomatic representation: the US does not have an embassy in Equatorial Guinea (embassy closed September 1995); US relations with Equatorial Guinea are handled through the US Embassy in Yaounde, Cameroon

Flag: 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)

Economy -------

Economic 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 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. Oil exploration, taking place under concessions offered to US, French, and Spanish firms, has been moderately successful. In 1995, exports responded to the devaluation of 12 January 1994, apparently resulting in a sizable surplus and strong GDP growth. Increased production from recently discovered oil and natural gas fields will provide a greater share of exports in 1996-97.

GDP: purchasing power parity - $325 million (1995 est.)

GDP real growth rate: 10% (1995 est.)

GDP per capita: $800 (1995 est.)

GDP composition by sector: agriculture: 47% industry: 26% services: 27% (1993 est.)

Inflation rate (consumer prices): 41% (1994 est.)

Labor force: 172,000 (1986 est.) by occupation: agriculture 66%, services 23%, industry 11% (1980) note: labor shortages on plantations

Unemployment rate: NA%

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

Industries: fishing, sawmilling

Industrial production growth rate: NA%

Electricity: capacity: 23,000 kW production: 20 million kWh consumption per capita: 50 kWh (1993)

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

Exports: $62 million (f.o.b., 1993) commodities: coffee, cocoa beans, timber, petroleum partners: Spain, Nigeria, Cameroon, Japan, Portugal

Imports: $60 million (f.o.b., 1993) commodities: petroleum, food, beverages, clothing, machinery partners: Cameroon, Spain, France, US, Italy, Netherlands

External debt: $268 million (1993 est.)

Economic aid: recipient: ODA, $NA

Currency: 1 Communaute Financiere Africaine franc (CFAF) = 100 centimes

Exchange rates: CFA francs (CFAF) per US$1 - 500.56 (January 1996), 499.15 (1995), 555.20 (1994), 283.16 (1993), 264.69 (1992), 282.11 (1991) 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

Transportation --------------

Railways: total: 0 km

Highways: total: 2,744 km paved: 330 km unpaved: 2,414 km (1988 est.)

Ports: Bata, Luba, Malabo

Merchant marine: total: 2 ships (1,000 GRT or over) totaling 6,412 GRT/6,699 DWT ships by type: cargo 1, passenger-cargo 1 (1995 est.)