mbassy at Calle de Los Ministros,
Malabo (mailing address is P. O. Box 597, Malabo); telephone 2406 or 2507

Flag: 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
Overview: The economy, destroyed during the regime of former
President Macias Nguema, is now based on agriculture, forestry,
and fishing, which account for about 60% of GNP and nearly all exports.
Subsistence agriculture predominates, with cocoa, coffee, and wood
products providing income, foreign exchange, and government
revenues. There is little industry. Commerce accounts
for about 10% of GNP, and the construction, public works, and service
sectors for about 34%. Undeveloped natural resources include titanium,
iron ore, manganese, uranium, and alluvial gold. Oil exploration is
taking place under concessions offered to US, French, and Spanish firms.

GNP: $103 million, per capita $293; real growth rate NA% (1987)

Inflation rate (consumer prices): - 6.0% (1988 est.)

Unemployment rate: NA%

Budget: revenues $23 million; expenditures $31 million, including
capital expenditures of NA (1988)

Exports: $30 million (f.o.b., 1988 est.); commodities--coffee,
timber, cocoa beans;
partners--Spain 44%, FRG 19%, Italy 12%, Netherlands 11% (1987)

Imports: $50 million (c.i.f., 1988 est.); commodities--petroleum,
food, beverages, clothing, machinery;
partners--Spain 34%, Italy 16%, France 14%, Netherlands 8% (1987)

External debt: $191 million (December 1988)

Industrial production: growth rate NA%

Electricity: 23,000 kW capacity; 60 million kWh produced,
170 kWh per capita (1989)

Industries: fishing, sawmilling

Agriculture: cash crops--timber and coffee from Rio Muni, cocoa
from Bioko; food crops--rice, yams, cassava, bananas, oil palm nuts,
manioc, livestock

Aid: US commitments, including Ex-Im (FY81-88), $11 million; Western
(non-US) countries, ODA and OOF bilateral commitments (1970-87), $100 million;
Communist countries (1970-88), $55 million

Currency: Communaute Financiere Africaine franc (plural--francs);
1 CFA franc (CFAF) = 100 centimes

Exchange rates: Communaute Financiere