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Equatorial Guinea Economy Profile 2018

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Economy - overviewExploitation 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.

Foreign assistance programs by the World Bank and the IMF have been cut since 1993 because of corruption and mismanagement, and as a middle income country Equatorial Guinea is now ineligible for most low-income donor 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)$29.38 billion (2017 est.)
$31.73 billion (2016 est.)
$35.13 billion (2015 est.)
note: data are in 2017 dollars
GDP (official exchange rate)$10.07 billion (2016 est.)
GDP - real growth rate-7.4% (2017 est.)
-9.7% (2016 est.)
-9.1% (2015 est.)
GDP - per capita (PPP)$34,900 (2017 est.)
$38,600 (2016 est.)
$44,000 (2015 est.)
note: data are in 2017 dollars
Gross national saving0.9% of GDP (2017 est.)
0.5% of GDP (2016 est.)
17.6% of GDP (2015 est.)
GDP - composition, by end usehousehold consumption: 47.9%
government consumption: 22.8%
investment in fixed capital: 24.6%
investment in inventories: 0.2%
exports of goods and services: 58.5%
imports of goods and services: -54.1% (2017 est.)
GDP - composition by sectoragriculture: 2.5%
industry: 56.5%
services: 41% (2017 est.)
Population below poverty line44% (2011 est.)
Labor force195,200 (2007 est.)
Unemployment rate8.6% (2014 est.)
22.3% (2009 est.)
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Budgetrevenues: $3.186 billion
expenditures: $3.431 billion (2017 est.)
Taxes and other revenues31.6% of GDP (2017 est.)
Budget surplus (+) or deficit (-)-2.4% of GDP (2017 est.)
Public debt23.4% of GDP (2017 est.)
23.1% of GDP (2016 est.)
Inflation rate (consumer prices)1.7% (2017 est.)
1.4% (2016 est.)
Central bank discount rate8.5% (31 December 2010)
4.25% (31 December 2009)
Commercial bank prime lending rate14% (31 December 2017 est.)
14% (31 December 2016 est.)
Stock of narrow money$1.516 billion (31 December 2017 est.)
$1.467 billion (31 December 2016 est.)
Stock of broad money$1.959 billion (31 December 2017 est.)
$1.864 billion (31 December 2016 est.)
Stock of domestic credit$2.416 billion (31 December 2017 est.)
$2.254 billion (31 December 2016 est.)
Agriculture - productscoffee, cocoa, rice, yams, cassava (manioc, tapioca), bananas, palm oil nuts; livestock; timber
Industriespetroleum, natural gas, sawmilling
Industrial production growth rate-5.6% (2017 est.)
Current Account Balance-$806 million (2017 est.)
-$1.067 billion (2016 est.)
Exports$5.412 billion (2017 est.)
$5.042 billion (2016 est.)
Exports - commoditiespetroleum products, timber
Exports - partnersIndia 19.4%, China 13.5%, South Korea 13.2%, Spain 12.3%, Italy 5.1%, Netherlands 5.1%, US 4.1% (2016)
Imports$2.555 billion (2017 est.)
$2.862 billion (2016 est.)
Imports - commoditiespetroleum sector equipment, other equipment, construction materials, vehicles
Imports - partnersUS 23.3%, Spain 21.8%, China 12.8% (2016)
Reserves of foreign exchange and gold$140.9 million (31 December 2017 est.)
$62.31 million (31 December 2016 est.)
Debt - external$1.181 billion (31 December 2017 est.)
$1.074 billion (31 December 2016 est.)
Exchange ratesCooperation 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.)
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on January 20, 2018

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