Equatorial Guinea: Second richest in the world

[mmmkay]

WHOA! take a look at this:

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.............................
Growth remained strong in 2005, led by oil. Equatorial Guinea now has the second highest per capita income in the world, after Luxembourg.

-CIA world factbook

This is equatorial guinea:



This country is even richer than oil-rich Norway or Japan. Bow down to the equitorial guineans!

This is equitorial guinea in 10 years LOL:



This went totally un-noticed untill now. The second richest country in the world is in the heart of africa.

[Ras-Xafun]

wow great post man.

GDP per capita: $50,200 (2005 est.)

GDP real growth rate: 18.6% (2005 est.) that's huge (compare to china 9.2%)


revenues: $1.973 billion
expenditures: $711.5 million, including capital expenditures of NA (2005 est.)

f*cking awesome

But still the unemployment rate is 30%, which indicates the new found wealth is not equally distributed, but anyways the country is obviously heading somewhere. I hope it triggers an economic boom in the region

[anodyne]

Either of you guys thinking of immigrating?

[Educate Me]

So it is like the african brunei?

[Educate Me]

it used to be a spanish colony, the spaniards could do with all this oil

Isnt this country like retard land according to seteves sailer list of countries and average iq?

[Educate Me]

Forestry, farming, and fishing are also major components of GDP. Subsistence farming predominates. The deterioration of the rural economy under successive brutal regimes has diminished any potential for agriculture-led growth.

Despite a per capita GDP (PPP) of more than US$30,000 IMF (CIA Factbook gives $2,700), Equatorial Guinea ranks 121st out of 177 countries on the United Nations Human Development Index.

[nordicyouth]

There is no question those statistics are encouraging, however...

1. GDP only indicates the economic activity within a given geographic space, not which nationality it belongs to, as in GNP.

2. The country only has 535,000 (approx.) citizens, thus any investment (e.g. Western) in the country would change the per capita (according to GDP) dramatically.

3. The economic figures do not correspond to the human conditions there, and I doubt the HDI would change much.

The CIA World Factbook also has this to say about the country:

"President OBIANG NGUEMA MBASOGO has ruled the country for over two decades since seizing power from his uncle, then President MACIAS, in a 1979 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

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."

Couldn't have said it better myself. Unless you're related to the leaders of Equatorial Guinea, I'd take little comfort in the sheer GDP numbers.

[Ras-Xafun]

Yeah, the population living standard don't seem to have improved dramatically so I wouldn't call it "the brunei of africa" (yet).

but with some proper managementt of government capital surplus and investment in key sectors such as education and infrastructure I think the country can become quite rich, that is if it enhances its human resource the coming decade or so.

[nordicyouth]

puntlander said:

with some proper managementt [sic] of government capital surplus and investment in key sectors such as education and infrastructure I think the country can become quite rich, that is if it enhances its human resource the coming decade or so.

So could Brunei...or Saudi Arabia...or Iran...or the U.A.E....or Nigeria...or Qatar....or North Korea...etc...etc...

Are we on to something?

[mmmkay]

Lol Equitorial Guinea has a higher GDP than any two of those oil countries ......combined.Why Does'nt Iceland compare as well per capita with its natural gas and small population?

[annienormanna]

mmmkay said:

Lol Equitorial Guinea has a higher GDP than any two of those oil countries ......combined.Why Does'nt Iceland compare as well per capita with its natural gas and small population?

For one thing, it's primary energy resources are renewable- Geothermal, hydro-electric. Fossil fuels are imported. Much of it's diesel for their fishing fleets, which is the biggest drag on their economy. No natural gas, especially because it's a relatively new land mass growing directly from the Mid-Atlantic ridge. Not much to offer oil-fueled world. Come back in twenty years and they'll have eliminated most of their fossil fuel dependecy.

[Educate Me]

Iceland isnt an oil exporting country/gas exporting country, they rely on thermal power, hydroelectric power and imported oil.
Their main export is fish.

In fact, their gas reserves number 0

www.eia.doe.gov/emeu/international/reserves.html

Dude, I dont want to call you stupid, but Iceland is one of the 10 wealthiest countries in the world, and according to ONU there are 120 where people have a better standard of life than in Equatorial Guinea.
Like bad comparison.

The reason why that country now has a very high gdp per capita for an African is the same reason why former third world countries in the middle east suddenly found themselves with gdp´s per capita as high as the USA around in the middle 70´s.
Low populations + lots of oil+ high oil prices

If they had a good government, things should go good them them, as long as the population doesnt multiply like crazy and as long as they dont run out of oil and as long as the high oil prices remain.


According to IMF their gdp per capita is only 9.096 dollars by the way



www.imf.org/external/pubs/ft/weo/2005/02/data/dbcoutm.cfm?SD=2004&ED=2004&R1=1&R2=1&CS=3&SS=2&OS=C&DD=0&OUT=1&C=512-941-914-446-612-666-614-672-311-946-213-137-911-962-193-674-122-676-912-548-313-556-419-678-513-181-316-682-913-684-124-273-339-921-638-948-514-686-218-688-963-518-616-728-223-558-516-138-918-353-748-196-618-278-522-692-622-694-156-142-624-449-626-564-628-283-228-853-924-288-233-293-632-566-636-964-634-182-238-453-662-968-960-922-423-714-935-862-128-716-611-456-321-722-243-965-248-718-469-724-253-576-642-936-643-961-939-813-644-199-819-184-172-524-132-361-646-362-648-364-915-732-134-366-652-734-174-144-328-146-258-463-656-528-654-923-336-738-263-578-268-537-532-742-944-866-176-369-534-744-536-186-429-925-178-746-436-926-136-466-343-112-158-111-439-298-916-927-664-846-826-299-542-582-443-474-917-754-544-698&S=NGDPDPC&CMP=0&x=14&y=10



a fresh new article

Unfortunately, the country's oil and gas wealth has not yet let to a measurable improvement in living conditions for the majority of the population. Against that background, the authorities have assessed their National Development Plan for 1997-2001 and have recognized that the objectives poverty reduction has not been achieved. They therefore intends to prepare an Interim poverty reduction strategy paper (PRSP) that could serve as a roadmap for the provision of donor's technical support.

www.imf.org/external/np/sec/pn/2005/pn0561.htm

[annienormanna]

ienjoylurking said:

Iceland isnt an oil exporting country/gas exporting country, they rely on thermal power, hydroelectric power and imported oil.
Their main export is fish.

In fact, their gas reserves number 0

www.eia.doe.gov/emeu/international/reserves.html

Dude, I dont want to call you stupid, but Iceland is one of the 10 wealthiest countries in the world, and according to ONU there are 120 where people have a better standard of life than in Equatorial Guinea.
Like bad comparison.

Hydrogen Economy:

www.fuelcelltoday.com/.../IndustryInformationExternal/ NewsDisplayArticle/0,1471,2713,00.html

www.afsa.org/fsj/dec03/sigfusson.pdf

Don't get caught on the hook like Charlie the Tuna. It's the black-white thing, and whitey is supposed to be angry and defensive at black man's prowess.

Could see it a mile away.

[anodyne]

These pro- Africa/black African threads are getting out of hand. It comes to a point where one has to assume an inferiority complex. You guys (my African American friends) should try to have a wider range of interests. Although, to be honest, there are some on this board who push you guys, but that's often a two way street.

[mmmkay]

Lol anodyne that is almost an oxymoron on this board. The topics here are almost always about blacks, "meds" or jews. My mistake in regards to the natural gas.