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Sponsored LinksTravel reviews & great deals at TripAdvisor: EconomyAgriculture employs about half the labor force of Equatorial Guinea, although only 5% of the land is arable. Prior to independence, the money economy was based on the production of cocoa (mostly on Bioko) and coffee and timber (in Río Muni). Following severe deterioration of the rural economy, the government made efforts to increase production of these products to preindependence levels. Other agricultural products include rice, yams, plantains, cassava, manioc, and palm oil. Manufactures are limited to basic consumer items and processed cocoa and timber. There is a small fishing industry, and some livestock is raised. The discovery and exploitation of large offshore oil and natural gas deposits increased economic growth beginning in the late 1990s, but the oil and gas revenue, largely lost to government corruption, has not significantly improved the standard of living in the generally improverished nation. The country also has unexploited deposits of manganese, uranium, gold, titanium, and iron ore. Both Río Muni and Bioko have substantial road networks; there are no railroads. Malabo is the main port. Equatorial Guinea trades principally with Spain, the United States, Cameroon, Japan, and France. The main exports are petroleum, methanol, coffee, timber, and cocoa beans; the chief imports are petroleum products, food (especially rice), beverages, and machinery. Equatorial Guinea continues to depend heavily on foreign investment. It belongs to the Franc Zone. Sections in this article: The Columbia Electronic Encyclopedia, 6th ed. Copyright © 2007, Columbia University Press. All rights reserved.
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