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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.
15-64 years: 54.4% (male 179,141/female 184,358)
65 years and over: 4.1% (male 11,880/female 15,606) (2011 est.)
male: 18.7 years
female: 19.7 years (2012 est.)
conventional short form: Equatorial Guinea
local long form: Republica de Guinea Ecuatorial/Republique de Guineeequatoriale
local short form: Guinea Ecuatorial/Guineeequatoriale
former: Spanish Guinea
geographic coordinates: 3 45 N, 8 47 E
time difference: UTC+1 (6 hours ahead of Washington, DC during Standard Time)
2,438 to 3,047 m: 2
1,524 to 2,437 m: 2
under 914 m: 2 (2012)
females age 16-49: 150,345 (2010 est.)
A number of aid programs sponsored by the World Bank and the IMF have been cut off since 1993, because of corruption and mismanagement. No longer eligible for concessional financing because of large oil revenues, the government has been trying to agree on a “shadow” fiscal management program with the World Bank and IMF. Government officials and their family members own most businesses. Undeveloped natural resources include titanium, iron ore, manganese, uranium, and alluvial gold. Growth remained strong in 2007, led by oil. Equatorial Guinea now has the fourth highest per capita income in the world, after Luxembourg, Bermuda, and Jersey.
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