世界各国

Equatorial Guinea

Introduction to Equatorial Guinea

Equatorial Guinea gained independence in 1968 after 190 years of Spanish rule. This tiny country, composed of a mainland portion plus five inhabited islands, is one of the smallest on the African continent. President OBIANG NGUEM MBASOGO has ruled the country for over two decades since seizing power from his uncle, then President MACIAS, in a 1979 coup. Although nominally a constitutional democracy since 1991, the 1996 and 2002 presidential elections - as well as the 1999 legislative elections - were widely seen as being flawed. The president controls most opposition parties through the judicious use of patronage. Despite the country's economic windfall from oil production resulting in a massive increase in government revenue in recent years, there have been few improvements in the country's living standards.

Government

Capital:

Malabo

Independence:

12 October 1968 (from Spain)

National holiday:

Independence Day, 12 October (1968)

Economy

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 -$27 billion (2002 est.)

GDP - composition by sector:

agriculture: 20%
industry: 60%
services: 2.4% (2004 est.)

Agriculture products:

coffee, cocoa, rice, yams, cassava (tapioca), bananas, palm oil nuts; livestock; timber

Industries:

petroleum, fishing, sawmilling, natural gas

Transportation

Highways:

total: 2,880 km (1999 est.)

Pipelines:

condensate 37 km; gas 39 km; liquid natural gas 4 km; oil 24 km (2003)

Ports and harbors:

Bata, Luba, Malabo

Merchant marine:

total: 3 ships (1,000 GRT or over) 6,556 GRT/9,704 DWT
by type: cargo 2, passenger/cargo 1
registered in other countries: 1 (2003 est.)

Airports:

3 (2003 est.)