rvice,
and a generally unfavorable climate for business enterprise. The
development of the oil sector led rapid economic growth between 1970
and 1985. Growth came to an abrupt halt in 1986, precipitated by steep
declines in the prices of major exports: coffee, cocoa, and petroleum.
Export earnings were cut by almost one-third, and inefficiencies in
fiscal management were exposed. In 1990-93, with support from the IMF
and World Bank, the government began to introduce reforms designed to
spur business investment, increase efficiency in agriculture, and
recapitalize the nation's banks. Political instability, following
suspect elections in 1992, brought IMF/WB structural adjustment to a
halt. Although the 50% devaluation of the currency in January 1994
improved the potential for export growth, mismanagement remains and is
the main barrier to economic improvement.

National product: GDP - purchasing power parity - $15.7 billion (1994
est.)

National product real growth rate: -2.9% (1994 est.)

National product per capita: $1,200 (1994 est.)

Inflation rate (consumer prices): -0.8% (FY91/92)

Unemployment rate: 25% (1990 est.)

Budget:
revenues: $1.6 billion
expenditures: $2.3 billion, including capital expenditures of $226
million (FY92/93 est.)

Exports: $1.6 billion (f.o.b., 1993)
commodities: petroleum products, lumber, cocoa beans, aluminum,
coffee, cotton
partners: EC (particularly France) about 40%, African countries, US

Imports: $1.96 billion (c.i.f., 1993)
commodities: machines and electrical equipment, food, consumer goods,
transport equipment
partners: EC about 60% (France 38%, Germany 9%), African countries,
Japan, US 5%

External debt: $6 billion (1991)

Industrial production: growth rate -2.1% (FY90/91); accounts for about
20% of GDP

Electricity:
capacity: 630,000 kW
production: 2.7 billion kWh
consumption per capita: 196 kWh (1993)

Industries: petroleum production and refining, food processing, light
consumer goods, textiles, lumber

Agriculture: the agriculture and forestry sectors provide employment
for the majority of the population, contributing about 25% to GDP and
providing a high degree of self-sufficiency in staple foods;
commercial and food crops include coffee, cocoa, timber, cotton,
rubber, bananas, oilseed, grains, livestock, root starches

Economic aid:
recipient: US commitments, including Ex-Im (FY70-90), $479 million;
W