An Introduction to Equatorial Guinea
The Republic of Equatorial Guinea is located midway up the west coast of Africa and comprises two parts - a continental region and several small offshore islands including Bioko Island where the capital Malabo is situated. The Portuguese colonized Bioko in 1474 and ceded the country to Spain in 1778. Independence in 1968 was followed by a single-party state in 1970 and a 'reign of terror' ensued which led to the deaths of 1/3 of the country's population - the regime was defeated in 1979 in a bloody coup d'ãtat. See full country profile.Latest Research News from Africa
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GOVERNMENT: Republic
AREA: 28,051 sq km
POPULATION: 668,225 (July 2011 est.)
MAJOR LANGUAGE: Spanish and French. Recognised Regional Languages: Fang, Bube, Annobonese
Some business and general info
The Market Research Industry
Trade and Industry in Equatorial Guinea
He gained entry as a wildcard to encourage developing countries without expen'ive training facilities to participate. He was, however, denied entry to the 2004 Summer Games due to a visa bungle - despite having got his PB down to a remarkable 57 seconds.
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The Republic of Equatorial Guinea is located midway up the west coast of Africa and comprises two parts - a continental region and several small offshore islands including Bioko Island where the capital Malabo is situated. The Portuguese colonized Bioko in 1474 and ceded the country to Spain in 1778. Independence in 1968 was followed by a single-party state in 1970 and a 'reign of terror' ensued which led to the deaths of 1/3 of the country's population - the regime was defeated in 1979 in a bloody coup d'ãtat.
Sizeable petroleum reserves mean the country's GDP per capita ranks 22nd in the world and 1st in Africa, but wealth is in the hands of a few - 70% of the population live under the poverty line.
GDP: $23.82 billion (2010 est.)
Religions nominally Christian and predominantly Roman Catholic; pagan practices
Currency: Central African Franc (XAF) - GBP 1 = XAF 746.25
Telephone Code: +240
The discovery and exploitation of large oil and gas reserves have contributed to dramatic economic growth but fluctuating oil prices have produced huge swings in GDP growth in recent years. Forestry and farming are also minor components of GDP, and subsistence farming is the dominant means of earning a livelihood. Before independence the country counted on cocoa production for hard currency earnings but the neglect of the rural economy under successive regimes has diminished agriculture's potential to lead growth.
A number of aid programs sponsored by the World Bank and the IMF have been cut off since 1993 because of corruption, mismanagement and lack of government transparency about oil revenues, although figures were published for the first time in 2010. Undeveloped natural resources include gold, zinc, diamonds, columbite-tantalite and other base metals. Growth slowed in 2009-10 due to oil price falls and lower production.
In 2010 exports had a total value of $10.2bn consisting of petroleum products and timber. Imports for the same period were worth $5.74bn, made up largely of equipment for the petroleum sector, vehicles and construction materials.
The new government is dedicated to strengthening 'co-operation and friendship' with the Barack Obama administration. During a meeting on the sidelines of the recent UN General Assembly, President Obiang urged President Obama to institute a US-Africa cooperation summit.
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