Equatorial Guinea Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

growing CEMAC economy and new OPEC member; large oil and gas reserves; targeting economic diversification and poverty reduction; still recovering from CEMAC crisis; improving public financial management; persistent poverty; hard-hit by COVID-19

Real GDP (purchasing power parity)

$23.924 billion (2021 est.)

$24.152 billion (2020 est.)

$25.222 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

-0.95% (2021 est.)

-4.24% (2020 est.)

-5.48% (2019 est.)

Real GDP per capita

$14,600 (2021 est.)

$15,100 (2020 est.)

$16,200 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$10.634 billion (2019 est.)

Inflation rate (consumer prices)

4.77% (2020 est.)

1.24% (2019 est.)

1.35% (2018 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

-6.46% (2021 est.)

Labor force

549,800 (2021 est.)

Unemployment rate

9.24% (2021 est.)

9.9% (2020 est.)

8.68% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 18.3%

male: 17.1%

female: 19.9% (2021 est.)

Population below poverty line

44% (2011 est.)

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: $2.604 billion (2018 est.)

expenditures: $2.535 billion (2018 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

7.85% (of GDP) (2020 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 (2021)

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

$40.817 million (31 December 2019 est.)

$48.93 million (31 December 2018 est.)

$45.503 million (31 December 2017 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 -

554.531 (2021 est.)

575.586 (2020 est.)

585.911 (2019 est.)

555.446 (2018 est.)

580.657 (2017 est.)

NOTE: The information regarding Equatorial Guinea on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Equatorial Guinea 2023 information contained here. All suggestions for corrections of any errors about Equatorial Guinea 2023 should be addressed to the CIA or the source cited on each page.