Forestry, farming, and fishing are also major components of GDP. Equatorial Guinea is a member of the Organization for the Harmonization of Business Law in Africa (OHADA).


Equatorial Guinea has other largely unexploited human and natural resources, includ- ing a tropical climate, fertile soils, rich expanses of water, deepwater ports, and an un- tapped, if unskilled, source of labor. Timber is the main source of foreign exchange after oil, accounting for about 12.4% of total export earnings in 1996-99. Timber pro- duction increased steadily during the 1990s; wood exports reached a record 789,000 cubic meters in 1999 as demand in Asia (mainly China) gathered pace after the 1998 economic crisis.


The country’s budget has grown enormously in the past 3 years as royalties and taxes on foreign company oil and gas production have provided new resources to a once poor government. The 2001 budget foresaw revenues of about 154 billion CFA francs about U.S.$200 million, up about 50% from 2000 levels. Oil revenues account for about two-thirds of government revenue, and VAT and trade taxes are the other large revenue sources.


Year 2001 government expen- ditures were planned to reach 158 billion CFA francs, up about 50% from 2000 levels. New in- vestment projects represented about 40% of the budget, and personnel and internal and ex- ternal debt payments repre- sented about one-third of planned expenditures.


The Nuevo Estadio de Malabo 90


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