Economy (Equatorial Guinea)
===========================


     Overview:
         The economy, destroyed during the regime of former President Macias NGUEMA,
         is now based on agriculture, forestry, and fishing, which account for about
         half of GDP and nearly all exports. Subsistence agriculture predominates,
         with cocoa, coffee, and wood products providing income, foreign exchange,
         and government revenues. There is little industry. 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.
     GDP:
         exchange rate conversion - $156 million, per capita $400; real growth rate
         1.6% (1988 est.)
     Inflation rate (consumer prices):
         3.6% (1990 est.)
     Unemployment rate:
         NA%
     Budget:
         revenues $27 million; expenditures $29 million, including capital
         expenditures of NA (1990 est.)
     Exports:
         $37 million (f.o.b., 1990 est.)
       commodities:
         coffee, timber, cocoa beans
       partners:
         Spain 38.2%, Italy 12.2%, Netherlands 11.4%, FRG 6.9%, Nigeria 12.4 (1988)
     Imports:
         $68.3 million (c.i.f., 1990)
       commodities:
         petroleum, food, beverages, clothing, machinery
       partners:
         France 25.9%, Spain 21.0%, Italy 16%, US 12.8%, Netherlands 8%, Germany
         3.1%, Gabon 2.9%, Nigeria 1.8 (1988)
     External debt:
         $213 million (1990)
     Industrial production:
         growth rate - 6.8% (1990 est.)
     Electricity:
         23,000 kW capacity; 60 million kWh produced, 160 kWh per capita (1991)
     Industries:
         fishing, sawmilling
     Agriculture:
         cash crops - timber and coffee from Rio Muni, cocoa from Bioko; food crops -
         rice, yams, cassava, bananas, oil palm nuts, manioc, livestock
     Illicit drugs:
         transshipment point for illicit drugs from Central and Southwest Asia to
         Western Europe
     Economic aid:
         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:
         Communaute Financiere Africaine franc (plural - francs); 1 CFA franc (CFAF)
         = 100 centimes
     Exchange rates:
         Communaute Financiere Africaine francs (CFAF) per US$1 - 269.01 (January
         1992), 282.11 (1991), 272.26 (1990), 319.01 (1989), 297.85 (1988), 300.54
         (1987)