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.
-3.2% (2017 est.)
-8.6% (2016 est.)
-9.1% (2015 est.)
1.2% (2019 est.)
1.3% (2018 est.)
0.7% (2017 est.)
$25.164 billion (2019 est.)
$26.65 billion (2018 est.)
$28.459 billion (2017 est.)
note: data are in 2010 dollars
$10.634 billion (2019 est.)
$18,558 (2019 est.)
$20,360 (2018 est.)
$22,551 (2017 est.)
note: data are in 2010 dollars
6.1% of GDP (2017 est.)
3.6% of GDP (2016 est.)
8.5% of GDP (2015 est.)
agriculture: 2.5% (2017 est.)
industry: 54.6% (2017 est.)
services: 42.9% (2017 est.)
household consumption: 50% (2017 est.)
government consumption: 21.8% (2017 est.)
investment in fixed capital: 10.2% (2017 est.)
investment in inventories: 0.1% (2017 est.)
exports of goods and services: 56.9% (2017 est.)
imports of goods and services: -39% (2017 est.)
Overall score: 41.1 (2020)
Starting a Business score: 61 (2020)
Trading score: 32 (2020)
Enforcement score: 56.2 (2020)
sweet potatoes, cassava, roots/tubers nes, plantains, oil palm fruit, bananas, coconuts, coffee, cocoa, eggs
petroleum, natural gas, sawmilling
-6.9% (2017 est.)
195,200 (2007 est.)
8.6% (2014 est.)
22.3% (2009 est.)
44% (2011 est.)
lowest 10%: NA
highest 10%: NA
revenues: 2.114 billion (2017 est.)
expenditures: 2.523 billion (2017 est.)
16.9% (of GDP) (2017 est.)
-3.3% (of GDP) (2017 est.)
37.4% of GDP (2017 est.)
43.3% of GDP (2016 est.)
calendar year
-$738 million (2017 est.)
-$1.457 billion (2016 est.)
$8.776 billion (2019 est.)
$8.914 billion (2018 est.)
$9.94 billion (2017 est.)
China 34%, India 19%, Spain 11%, United States 7% (2019)
crude petroleum, natural gas, industrial alcohols, lumber, veneer sheeting (2019)
$6.245 billion (2019 est.)
$6.129 billion (2018 est.)
$5.708 billion (2017 est.)
United States 22%, Spain 19%, China 12%, United Kingdom 6%, United Arab Emirates 5% (2019)
gas turbines, beer, ships, industrial machinery, excavation machinery (2019)
$45.5 million (31 December 2017 est.)
$62.31 million (31 December 2016 est.)
$1.211 billion (31 December 2017 est.)
$1.074 billion (31 December 2016 est.)
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: The information regarding Equatorial Guinea on this page is re-published from the 2021 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Equatorial Guinea 2021 information contained here. All suggestions for corrections of any errors about Equatorial Guinea 2021 should be addressed to the CIA or the source cited on each page.
This page was last modified 16 Dec 23, Copyright © 2023 ITA all rights reserved.