Equatorial Guinea Economy - 2024

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% (2021 est.)

male: 17.1%

female: 19.9%

Population below poverty line

44% (2011 est.)

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Remittances

0% of GDP (2019 est.)
0% of GDP (2018 est.)
0% of GDP (2017 est.)

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 -

Exchange rates:
554.531 (2021 est.)
575.586 (2020 est.)
585.911 (2019 est.)
555.446 (2018 est.)
580.657 (2017 est.)