Equatorial Guinea: Economy#
Exploitation of oil and gas deposits, beginning in the 1990s, has driven economic growth in Equatorial Guinea, allowing per capita GDP to rise to over $29,000 in 2014. 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 led to limited improvements in the general population’s living conditions.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 donor assistance. 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 towards 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.
Economic Facts#
| GDP (purchasing power parity) | $31.77 billion (2016 est.) $35.25 billion (2015 est.) $38.08 billion (2014 est.) note: data are in 2016 dollars |
|---|---|
| GDP (official exchange rate) | $11.64 billion (2015 est.) |
| GDP - real growth rate | -9.9% (2016 est.) -7.4% (2015 est.) -0.5% (2014 est.) |
| GDP - per capita (PPP) | $38,700 (2016 est.) $44,100 (2015 est.) $48,900 (2014 est.) note: data are in 2016 dollars |
| Gross national saving | 19.3% of GDP (2016 est.) 36.3% of GDP (2015 est.) 46.3% of GDP (2014 est.) |
| GDP - composition, by end use | household consumption: 25.6% government consumption: 5.7% investment in fixed capital: 69.7% investment in inventories: 0.1% exports of goods and services: 53.4% imports of goods and services: -54.5% (2016 est.) |
| GDP - composition, by sector of origin | agriculture: 8.8% industry: 71.7% services: 16.5% (2016 est.) |
| Agriculture - products | coffee, cocoa, rice, yams, cassava (manioc, tapioca), bananas, palm oil nuts; livestock; timber |
| Industries | petroleum, natural gas, sawmilling |
| Industrial production growth rate | -6.7% (2016 est.) |
| Labor force | 195,200 (2007 est.) |
| Unemployment rate | 22.3% (2009 est.) |
| Population below poverty line | NA% |
| Household income or consumption by percentage share | lowest 10%: NA% highest 10%: NA% |
| Budget | revenues: $2.436 billion expenditures: $2.862 billion (2016 est.) |
| Taxes and other revenues | 20.9% of GDP (2016 est.) |
| Budget surplus (+) or deficit (-) | -3.7% of GDP (2016 est.) |
| Public debt | 24.3% of GDP (2016 est.) 16.4% of GDP (2015 est.) |
| Fiscal year | calendar year |
| Inflation rate (consumer prices) | 3.1% (2016 est.) 11.7% (2015 est.) |
| Central bank discount rate | 8.5% (31 December 2010) 4.25% (31 December 2009) |
| Commercial bank prime lending rate | 14% (31 December 2016 est.) 14% (31 December 2015 est.) |
| Stock of narrow money | $1.445 billion (31 December 2016 est.) $1.888 billion (31 December 2015 est.) |
| Stock of broad money | $3.788 billion (31 December 2014 est.) $3.841 billion (31 December 2013 est.) |
| Stock of domestic credit | $1.443 billion (31 December 2016 est.) $1.557 billion (31 December 2015 est.) |
| Current account balance | -$1.368 billion (2016 est.) -$2.322 billion (2015 est.) |
| Exports | $5.064 billion (2016 est.) $7.41 billion (2015 est.) |
| Exports - commodities | petroleum products, timber |
| Exports - partners | China 16.6%, South Korea 15.1%, Spain 9%, Brazil 8.2%, Netherlands 6.8%, South Africa 6.6%, India 5.8%, UK 5.7%, France 5.7% (2015) |
| Imports | $3.03 billion (2016 est.) $3.953 billion (2015 est.) |
| Imports - commodities | petroleum sector equipment, other equipment, construction materials, vehicles |
| Imports - partners | Netherlands 16.9%, Spain 16.3%, China 14.8%, US 8.9%, Cote dIvoire 6%, France 4.8% (2015) |
| Reserves of foreign exchange and gold | $621.9 million (31 December 2016 est.) $1.205 billion (31 December 2015 est.) |
| Debt - external | $1.364 billion (31 December 2016 est.) $1.194 billion (31 December 2015 est.) |
| Exchange rates | Cooperation Financiere en Afrique Centrale francs (XAF) per US dollar - 605.7 (2016 est.) 591.45 (2015 est.) 591.45 (2014 est.) 494.42 (2013 est.) 510.53 (2012 est.) |