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. Growth
will remain strong in 2004, led by oil.
GDP:
purchasing power parity - $1.27 billion (2002 est.)
GDP - real growth rate:
20% (2002 est.)
GDP - per capita:
purchasing power parity - $2,700 (2002 est.)
GDP - composition by sector: agriculture: 20% industry: 60% services: 2.4% (2003 est.)
Investment (gross fixed):
63.6% of GDP (2003)
Population below poverty line:
NA
Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA