Diplomatic representation from the US: chief of mission: Ambassador
George McDade STAPLES; note - the US does not have an embassy in
Equatorial Guinea (embassy closed September 1995); the US ambassador to
Cameroon is accredited to Equatorial Guinea; the US State Department is
considering opening a Consulate Agency in Malabo
Flag description: 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 Equatorial Guinea
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 unsuccessfully trying to agree on a "shadow" fiscal management program with the World Bank and IMF. 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. Boosts in production and higher world oil prices stimulated growth in 2002, with oil accounting for 90% of increased exports.
GDP: purchasing power parity - $1.04 billion (2001 est.)
GDP - real growth rate: 6% (2001 est.)
GDP - per capita: purchasing power parity - $2,100 (2001 est.)
GDP - composition by sector: agriculture: 20% industry: 60% services: 20% (1999 est.)
Population below poverty line: NA%
Household income or consumption by percentage share: lowest 10%: NA% highest 10%: NA%