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Equatorial Guinea Economy 2019

SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES











Equatorial Guinea Economy 2019
SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 08, 2019

Economy - overview:
Exploitation of oil and gas deposits, beginning in the 1990s, has driven economic growth in Equatorial Guinea; a recent rebasing of GDP resulted in an upward revision of the size of the economy by approximately 30%. Forestry and farming are minor components of GDP. Although preindependence Equatorial Guinea counted on cocoa production for hard currency earnings, the neglect of the rural economy since independence has diminished the potential for agriculture-led growth. Subsistence farming is the dominant form of livelihood. Declining revenue from hydrocarbon production, high levels of infrastructure expenditures, lack of economic diversification, and corruption have pushed the economy into decline in recent years and limited improvements in the general population’s living conditions. Equatorial Guinea’s real GDP growth has been weak in recent years, averaging -0.5% per year from 2010 to 2014, because of a declining hydrocarbon sector. Inflation remained very low in 2016, down from an average of 4% in 2014.

As a middle income country, Equatorial Guinea is now ineligible for most low-income World Bank and the IMF funding. The government has been widely criticized for its lack of transparency and misuse of oil revenues and has attempted to address this issue by working toward compliance with the Extractive Industries Transparency Initiative. US foreign assistance to Equatorial Guinea is limited in part because of US restrictions pursuant to the Trafficking Victims Protection Act.

Equatorial Guinea hosted two economic diversification symposia in 2014 that focused on attracting investment in five sectors: agriculture and animal ranching, fishing, mining and petrochemicals, tourism, and financial services. Undeveloped mineral resources include gold, zinc, diamonds, columbite-tantalite, and other base metals. In 2017 Equatorial Guinea signed a preliminary agreement with Ghana to sell liquefied natural gas (LNG); as oil production wanes, the government believes LNG could provide a boost to revenues, but it will require large investments and long lead times to develop.

GDP (purchasing power parity):
$31.52 billion (2017 est.)
$32.57 billion (2016 est.)
$35.62 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 130
[see also: GDP country ranks ]

GDP (official exchange rate):
$12.49 billion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
-3.2% (2017 est.)
-8.6% (2016 est.)
-9.1% (2015 est.)
country comparison to the world: 213
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$37,400 (2017 est.)
$39,700 (2016 est.)
$44,600 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 52
[see also: GDP - per capita country ranks ]

Gross national saving:
6.1% of GDP (2017 est.)
3.6% of GDP (2016 est.)
8.5% of GDP (2015 est.)
country comparison to the world: 173
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 50% (2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 21.8% (2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 10.2% (2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.1% (2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 56.9% (2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -39% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 2.5% (2017 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 54.6% (2017 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 42.9% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
coffee, cocoa, rice, yams, cassava (manioc, tapioca), bananas, palm oil nuts; livestock; timber

Industries:
petroleum, natural gas, sawmilling

Industrial production growth rate:
-6.9% (2017 est.)
country comparison to the world: 197
[see also: Industrial production growth rate country ranks ]

Labor force:
195,200 (2007 est.)
country comparison to the world: 175
[see also: Labor force country ranks ]

Unemployment rate:
8.6% (2014 est.)
22.3% (2009 est.)
country comparison to the world: 123
[see also: Unemployment rate country ranks ]

Population below poverty line:
44% (2011 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Budget:
revenues: 2.114 billion (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 2.523 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
16.9% (of GDP) (2017 est.)
country comparison to the world: 173
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-3.3% (of GDP) (2017 est.)
country comparison to the world: 141
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
37.4% of GDP (2017 est.)
43.3% of GDP (2016 est.)
country comparison to the world: 139
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
0.7% (2017 est.)
1.4% (2016 est.)
country comparison to the world: 37
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
8.5% (31 December 2010)
4.25% (31 December 2009)
country comparison to the world: 37
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
15% (31 December 2017 est.)
14% (31 December 2016 est.)
country comparison to the world: 39
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$1.51 billion (31 December 2017 est.)
$1.467 billion (31 December 2016 est.)
country comparison to the world: 142
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$1.51 billion (31 December 2017 est.)
$1.467 billion (31 December 2016 est.)
country comparison to the world: 150
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$2.806 billion (31 December 2017 est.)
$2.254 billion (31 December 2016 est.)
country comparison to the world: 142
[see also: Stock of domestic credit country ranks ]

Current account balance:
-$738 million (2017 est.)
-$1.457 billion (2016 est.)
country comparison to the world: 132
[see also: Current account balance country ranks ]

Exports:
$6.118 billion (2017 est.)
$5.042 billion (2016 est.)
country comparison to the world: 102
[see also: Exports country ranks ]

Exports - partners:
China 28%, India 11.8%, South Korea 10.3%, Portugal 8.7%, US 6.9%, Spain 4.9% (2017)

Exports - commodities:
petroleum products, timber

Imports:
$2.577 billion (2017 est.)
$2.915 billion (2016 est.)
country comparison to the world: 156
[see also: Imports country ranks ]

Imports - commodities:
petroleum sector equipment, other equipment, construction materials, vehicles

Imports - partners:
Spain 20.5%, China 19.4%, US 13%, Cote dIvoire 6.2%, Netherlands 4.7% (2017)

Reserves of foreign exchange and gold:
$45.5 million (31 December 2017 est.)
$62.31 million (31 December 2016 est.)
country comparison to the world: 188
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$1.211 billion (31 December 2017 est.)
$1.074 billion (31 December 2016 est.)
country comparison to the world: 163
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
(31 December 2009 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Exchange rates:
Cooperation Financiere en Afrique Centrale francs (XAF) per US dollar -
605.3 (2017 est.)
593.01 (2016 est.)
593.01 (2015 est.)
591.45 (2014 est.)
494.42 (2013 est.)


NOTE: 1) The information regarding Equatorial Guinea on this page is re-published from the 2019 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Equatorial Guinea Economy 2019 information contained here. All suggestions for corrections of any errors about Equatorial Guinea Economy 2019 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






This page was last modified 08-Feb-19
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