Equatorial Guinea Economy - 2022

GEOGRAPHICAL NAMES 

Economic 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.

Real GDP (purchasing power parity)

$23.86 billion (2020 est.)

$25.09 billion (2019 est.)

$26.68 billion (2018 est.)

note: data are in 2017 dollars

Real GDP growth rate

-3.2% (2017 est.)

-8.6% (2016 est.)

-9.1% (2015 est.)

Real GDP per capita

$17,000 (2020 est.)

$18,500 (2019 est.)

$20,400 (2018 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$10.634 billion (2019 est.)

Inflation rate (consumer prices)

1.2% (2019 est.)

1.3% (2018 est.)

0.7% (2017 est.)

GDP - composition, by sector of origin

agriculture: 2.5% (2017 est.)

industry: 54.6% (2017 est.)

services: 42.9% (2017 est.)

GDP - composition, by end use

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.)

Agricultural products

sweet potatoes, cassava, roots/tubers nes, plantains, oil palm fruit, bananas, coconuts, coffee, cocoa, eggs

Industries

petroleum, natural gas, sawmilling

Industrial production growth rate

-6.9% (2017 est.)

Labor force

195,200 (2007 est.)

Unemployment rate

8.6% (2014 est.)

22.3% (2009 est.)

Population below poverty line

44% (2011 est.)

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: 2.114 billion (2017 est.)

expenditures: 2.523 billion (2017 est.)

Budget surplus (+) or deficit (-)

-3.3% (of GDP) (2017 est.)

Public debt

37.4% of GDP (2017 est.)

43.3% of GDP (2016 est.)

Taxes and other revenues

16.9% (of GDP) (2017 est.)

Fiscal year

calendar year

Current account balance

-$738 million (2017 est.)

-$1.457 billion (2016 est.)

Exports

$8.776 billion (2019 est.)

$8.914 billion (2018 est.)

$9.94 billion (2017 est.)

Exports - partners

China 34%, India 19%, Spain 11%, United States 7% (2019)

Exports - commodities

crude petroleum, natural gas, industrial alcohols, lumber, veneer sheeting (2019)

Imports

$6.245 billion (2019 est.)

$6.129 billion (2018 est.)

$5.708 billion (2017 est.)

Imports - partners

United States 22%, Spain 19%, China 12%, United Kingdom 6%, United Arab Emirates 5% (2019)

Imports - commodities

gas turbines, beer, ships, industrial machinery, excavation machinery (2019)

Reserves of foreign exchange and gold

$45.5 million (31 December 2017 est.)

$62.31 million (31 December 2016 est.)

Debt - external

$1.211 billion (31 December 2017 est.)

$1.074 billion (31 December 2016 est.)

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: The information regarding Equatorial Guinea on this page is re-published from the 2022 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Equatorial Guinea 2022 information contained here. All suggestions for corrections of any errors about Equatorial Guinea 2022 should be addressed to the CIA or the source cited on each page.