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)
@Equatorial Guinea:Economy
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 international donor community have failed to revitalize export agriculture. Businesses for the most part are owned by government officials and their family members. 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. Increased production from recently discovered natural gas fields will provide a greater share of exports in 1995.
National product: GDP - purchasing power parity - $280 million (1993 est.)
National product real growth rate: 7.3% (1993 est.)
National product per capita: $700 (1993 est.)
Inflation rate (consumer prices): 1.6% (1992 est.)
Unemployment rate: NA%
Budget:
revenues: $32.5 million
expenditures: $35.9 million, including capital expenditures of $3
million (1992 est.)
Exports: $56 million (f.o.b., 1993)
commodities: coffee, timber, cocoa beans
partners: Spain 55.2%, Nigeria 11.4%, Cameroon 9.1% (1992)