Equatorial Guinea
Type of Government: Republic
Independence: 1968 from Spain
Head of State: President Brig. Gen. (Ret.) Teodoro Obiang Nguema Mbasogo (since August 3, 1979)
2007/2008 UN Development Index ranking (out of 177 countries): 127
2007 TI Corruption Perception Index (out of 179): 168
Political Development: The current president has ruled the country since 1979 when he seized power in a coup. Although nominally a constitutional democracy since 1991, the 1996 and 2002 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.
Adult HIV Rate: 3.4%
Life Expectancy: 49.51
GDP: $7.644 billion
Inflation: 5%
Poverty: N/A
Petroleum: 420,000 bpd
Leading Export Partner: China (30.9%)
Economic Note: 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. A number of aid programs sponsored by the World Bank and the IMF have been cut off since 1993, because of corruption and mismanagement. Equatorial Guinea now has the fourth highest per capita income in the world, after Luxembourg, Bermuda, and Jersey.
