US—Ambassador (vacant); Charge d'Affaires William MITHOEFER;
Embassy at Calle de Los Ministros, Malabo (mailing address is P. O.
Box 597, Malabo; telephone [240] (9) 2185, 2406, 2507
_#_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 #_Overview: The economy, destroyed during the regime of former President Macias Nguema, is now based on agriculture, forestry, and fishing, which account for about 60% of GNP 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 10% of GNP, and the construction, public works, and service sectors for about 34%. 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, and some revenues from oil exports will begin rolling in by mid-1991.
_#_GDP: $144 million, per capita $411; real growth rate 2.9% (1988 est.)
_#_Inflation rate (consumer prices): 5.9% (1989 est.)
_#_Unemployment rate: NA%
_#_Budget: revenues $23 million; expenditures $31 million, including capital expenditures of NA (1988)
_#_Exports: $41 million (f.o.b., 1989 est.);
commodities—coffee, timber, cocoa beans;
partners—Spain 44%, FRG 19%, Italy 12%, Netherlands 11% (1987)