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Description Equatorial Guinea by rbd.me
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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 Teodoro OBIANG NGUEMA MBASOGO has ruled the country since 1979 when he seized power in a coup. Although nominally a constitutional democracy since 1991, the 1996, 2002, and 2009 presidential elections - as well as the 1999 and 2004 legislative elections - were widely seen as flawed. The president exerts almost total control over the political system and has discouraged political opposition. Equatorial Guinea has experienced rapid economic growth due to the discovery of large offshore oil reserves, and in the last decade has become Sub-Saharan Africa's third largest oil exporter. 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 population's living standards.
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Location
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Western Africa, bordering the Bight of Biafra, between Cameroon and Gabon
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Area - comparative
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slightly smaller than Maryland
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Natural resources Equatorial Guinea
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petroleum, natural gas, timber, gold, bauxite, diamonds, tantalum, sand and gravel, clay
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Population Equatorial Guinea
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650,702 (July 2010 est.)
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Religions Equatorial Guinea
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nominally Christian and predominantly Roman Catholic, pagan practices
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Languages
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Spanish 67.6% (official), other 32.4% (includes French (official), Fang, Bubi) (1994 census)
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Education Equatorial Guinea expenditures
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0.6% of GDP (2003)
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Government Equatorial Guinea type
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republic
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Independence
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12 October 1968 (from Spain)
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Equatorial Guinea Economy - overview
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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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Investment Equatorial Guinea
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1.1% of GDP (2009 est.)
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Industries Equatorial Guinea
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-2.7% (2009 est.)
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Airports Equatorial Guinea
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gas 38 km (2009)
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