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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 trying to agree on a "shadow" fiscal management program with the World Bank and IMF. Government officials and their family members own most businesses. Undeveloped natural resources include titanium, iron ore, manganese, uranium, and alluvial gold. Growth remained strong in 2008, led by oil, but dropped in 2009, as the price of oil fell.
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$23.73 billion (2009 est.)
country comparison to the world: 115
$22.54 billion (2008 est.)
$20.36 billion (2007 est.)
note:
data are in 2009 US dollars
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$12.22 billion (2009 est.)
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5.3% (2009 est.)
country comparison to the world: 25
10.7% (2008 est.)
21.4% (2007 est.)
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$37,500 (2009 est.)
country comparison to the world: 28
$36,600 (2008 est.)
$33,900 (2007 est.)
note:
data are in 2009 US dollars
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agriculture: 2.3%
industry:
93.7%
services:
3.9% (2009 est.)
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195,200 NA
country comparison to the world: 170
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30% (1998 est.)
country comparison to the world: 179
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NA%
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lowest 10%: NA%
highest 10%:
NA%
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46.5% of GDP (2009 est.)
country comparison to the world: 2
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revenues: $5.523 billion
expenditures:
$5.988 billion (2009 est.)
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5% of GDP (2009 est.)
country comparison to the world: 126
1% of GDP (2008 est.)
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7.5% (2009 est.)
country comparison to the world: 176
6% (2008 est.)
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4.75% (31 December 2008)
country comparison to the world: 82
5.25% (31 December 2007)
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NA% (31 December 2008)
country comparison to the world: 50
15% (31 December 2007)
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$1.11 billion (31 December 2008)
country comparison to the world: 110
$835.2 million (31 December 2007)
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$132.1 million (31 December 2008)
country comparison to the world: 153
$174.5 million (31 December 2007)
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$NA
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coffee, cocoa, rice, yams, cassava (tapioca), bananas, palm oil nuts; livestock; timber
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petroleum, fishing, sawmilling, natural gas
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5.6% (2009 est.)
country comparison to the world: 18
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28 million kWh (2007 est.)
country comparison to the world: 203
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26.04 million kWh (2007 est.)
country comparison to the world: 204
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0 kWh (2008 est.)
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0 kWh (2008 est.)
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346,000 bbl/day (2009 est.)
country comparison to the world: 34
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1,000 bbl/day (2009 est.)
country comparison to the world: 201
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362,900 bbl/day (2007 est.)
country comparison to the world: 34
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1,114 bbl/day (2007 est.)
country comparison to the world: 187
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1.1 billion bbl (1 January 2009 est.)
country comparison to the world: 40
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6.67 billion cu m (2008 est.)
country comparison to the world: 46
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1.5 billion cu m (2008 est.)
country comparison to the world: 84
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5.17 billion cu m (2008 est.)
country comparison to the world: 26
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0 cu m (2008 est.)
country comparison to the world: 85
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36.81 billion cu m (1 January 2009 est.)
country comparison to the world: 67
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-$904 million (2009 est.)
country comparison to the world: 128
$1.198 billion (2008 est.)
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$8.898 billion (2009 est.)
country comparison to the world: 84
$14.73 billion (2008 est.)
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petroleum, methanol, timber, cocoa
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US 30.31%, China 12.54%, Japan 9.21%, Spain 7.5%, South Korea 7.01%, Taiwan 5.63%, Italy 5.38%, Netherlands 4.09% (2009)
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$3.346 billion (2009 est.)
country comparison to the world: 132
$3.529 billion (2008 est.)
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petroleum sector equipment, other equipment
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China 19.97%, US 17.28%, Spain 14.94%, France 9.49%, Cote d'Ivoire 6.34%, Italy 5.02% (2009)
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$3.146 billion (31 December 2009 est.)
country comparison to the world: 99
$4.431 billion (31 December 2008 est.)
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$174 million (31 December 2009 est.)
country comparison to the world: 175
$190 million (31 December 2008 est.)
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Cooperation Financiere en Afrique Centrale francs (XAF) per US dollar - 481.35 (2009), 447.81 (2008), 481.83 (2007), 522.4 (2006), 527.47 (2005)
note:
since 1 January 1999, the Central African CFA franc (XAF) has been pegged to the euro at a rate of 655.957 CFA francs per euro; Central African CFA franc (XAF) coins and banknotes are not accepted in countries using West African CFA francs (XOF), and vice versa, even though the two currencies trade at par
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