Equatorial Guinea 2006

Yearbook 2006

Equatorial Guinea. Prime Minister Miguel Abia Biteo Borico resigned in August with his entire government after being criticized by President Teodoro Obiang Nguema for incompetence and corruption. He was replaced by former Deputy Prime Minister Ricardo Mangue Obama Nfubea, a lawyer with long government experience. Nfubea became the first Prime Minister of Equatorial Guinea’s largest ethnic group, fang. Since the country’s independence in 1968, Equatorial Guinea has been governed almost exclusively by the Nguema family, who belong to an ethnic minority.

Economy

Inflation rate 0.70%
Unemployment rate 8.6%
Gross domestic product (GDP) $ 31,520,000,000
GDP growth rate -3.20%
GDP per capita $ 37,400
GDP by sector
Agriculture 2.50%
Industry 54.60%
Service 42.90%
State budget
Revenue 3.546 billion
Expenditure 1.516 billion
Proportion of the population below the national poverty line
Distribution of household income
Top 10% k. A.
Lower 10% k. A.
Industrial production growth rate -6.70%
Investment volume 46.5% of GDP
National debt 37.40% of GDP
Foreign exchange reserves $ 140,900,000
Tourism
Number of visitors
Revenue $ 14,000,000

 

According to CountryAAH, major public holidays in Equatorial Guinea include Independence Day (October 12) and New Year (January 1). China made its first break into Equatorial Guinea’s expanding oil market when the state-owned company CNOOC bought into an offshore oil field. So far, oil recovery in Equatorial Guinea has been largely dominated by US companies. China also granted a loan of approximately SEK 15 billion for infrastructure expansion.

Equatorial Guinea and neighboring Gabon, with the mediation of the UN, launched an attempt to resolve, through negotiations, a conflict over the border crossing in a potentially oil-rich part of the Gulf of Guinea.

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