Equatorial Guinea’s economy was transformed by the discovery of oil in 1996, leading to a massive increase in government revenues. Exports of coffee almost ceased from island and mainland plantations, an exception being the small production of robusta coffee by Fang farmers in Río Muni. Business Freedom 37.5 Create a Graph using this measurement, Labor Freedom 34.2 Create a Graph using this measurement, Monetary Freedom 78.1 Create a Graph using this measurement. Once they began to be exploited in the late 20th century, hydrocarbons quickly dominated the economy. Equatorial Guinea economy 2007-2008. Most of Equatorial Guinea’s cocoa is still produced on the island. The president appoints the vice president, the prime minister, and the Council of Ministers. GDP growth had been robust in the past, owing to exports from the country’s oil and gas sector, but in recent years, GDP has recorded significantly negative growth because of lower world oil prices and declining output. Public debt is equivalent to 35.9 percent of GDP. The Guinean economy continues to grapple with two main risks in 2019: the country must sustain macroeconomic and fiscal reforms and ensure social and political stability. This page provides forecast and historical data, charts, statistics, news and updates for Equatorial Guinea Unemployment Rate. Equatorial Guinea’s economy traditionally depended on three commodities—cocoa (from the cacao tree ), coffee, and timber—but the discovery and exploitation of petroleum and natural gas changed the country’s economic profile virtually overnight in the 1980s. GDP Annual Growth Rate in Equatorial Guinea averaged 11.12 percent from 1986 until 2019, reaching an all time high of 95.26 percent in 1997 and a record low of -9.10 percent in 2015. Unemployment Rate for Equatorial Guinea from The World Bank for the World Development Indicators (WDI) release. Equatorial Guinea is one of the richest countries in Africa. The country has vast resource of gas and timber but does not manufacture anything. In 2018, the Supreme Court approved the dissolution of the main opposition party and 30-year prison sentences for nearly two dozen opposition members; Obiang later declared a total amnesty for political prisoners. Sheep, goats, pigs, and cattle are raised. Other taxes include value-added and inheritance taxes. [9] Equatorial Guinea enjoys a purchasing power parity GDP per capita of more than US$38,699, which is the highest in Africa and the 31st highest in the world as of 2016. Equatorial Guinea’s economic freedom score is 48.3, making its economy the 167th freest in the 2020 Index. Equatorial Guinea. This economy profile presents the Doing Business indicators for Equatorial Guinea. Property Rights 38.1 Create a Graph using this measurement, Judicial Effectiveness 19.5 Create a Graph using this measurement, Government Integrity 15.1 Create a Graph using this measurement. The initial phase aims to produce a framework for economic development that would foster development for future generations … Read more about Equatorial Guinea Economy. Equatorial Guinea’s economic freedom score is 48.3, making its economy the 167th freest in the 2020 Index. The comparable figure for imports was $3.219 billion in same reference period. Executive power is vested in the president, who is elected by direct universal suffrage for a seven-year term, with a limit of two terms. Spanish is the country’s national language. Live estimate for national public debt today and since the beginning of the year. Labor laws are antiquated and unevenly enforced and add excess rigidity to the labor market. The overall tax burden equals 5.9 percent of total domestic income. Be on the lookout for your Britannica newsletter to get trusted stories delivered right to your inbox. The high-quality cocoa was the mainstay of the economy of Bioko, which possessed the right soil and climate for its intensive cultivation. Equatorial Guinea’s real GDP growth has been weak in recent years, averaging -0.5% per year from 2010 to 2014, because of a declining hydrocarbon sector. Economy Profile of Equatorial Guinea Doing Business 2020 Indicators (in order of appearance in the document) Starting a business Procedures, time, cost and paid-in minimum capital to start a … Equatorial Guinea is one of the largest oil producers in Africa. The Supreme Court of Justice in Malabo is the highest judicial authority. Petroleum soon became the primary export, and the country’s GDP increased dramatically in less than a decade; it continued to grow in the early 21st century. It consists of Río Muni (also known as Continental Equatorial Guinea), on the continent, and five islands (known collectively as insular Equatorial Guinea): Bioko (formerly Fernando Po), Corisco, Great Elobey (Elobey Grande), Little Elobey (Elobey Chico), and Annobón (Pagalu). In 2018 Equatorial Guinea was the number 131 economy in the world in terms of GDP (current US$), the number 109 in total exports, the number 176 in total imports, and the number 136 most complex economy according to the Economic Complexity Index (ECI). The average applied tariff rate is 15.6 percent, and nontariff barriers further impede trade flows. With this development there was also a … National airlines have been unsuccessful. Since then several other parties have formed, including the Convergence for Social Democracy (Convergencia para la Democracia Social; CPDS) and the Popular Union (Unión Popular; UP). The main ports are Malabo and Bata; the latter’s harbour was enlarged and modernized in the 1980s to accommodate a growing share of the country’s commerce. Equatorial Guinea, country located on the west coast of Africa. Equatorial Guinea is among the countries worst hit by the Central African Economic Monetary Community (CEMAC) crisis which started in 2014, facing twin deficits and a rapid loss of international reserves stemming from dependence on oil exports, lack of sufficient buffers, and weak public financial management (PFM) procedures. The National Economic Development Plan: Horizon 2020 in Equatorial Guinea was launched in 2007 with the goal of overcoming social and economic challenges in the country. Economy - Equatorial Guinea | Statista Market Forecast Equatorial Guinea: The GDP (gross domestic product) in Equatorial Guinea is forecast to amount to US$9.59bn in 2024. Education is compulsory and free for all children ages 6 to 11. US and French authorities allege Teodoro Obiang Nguema Mbasogo squandered the African nation’s oil wealth. The judicial system is not independent, as the president is also the chief magistrate. The United States, China, Japan, Spain, and France, among others, are major trade partners of Equatorial Guinea. Capital markets are nonexistent, and long-term financing is hard to obtain. Among the crops grown are cassava (manioc), sweet potatoes, oil palm fruit, plantains, bananas, coconuts, coffee, and cacao. Equatorial Guinea has experienced profound economic and social changes after the discovery of oil in its territorial waters. Fishing contributes to the economy as well, and the timber industry remains significant. Nevertheless, the standard of living of most people has not significantly improved, and farming continues to be the predominant occupation. There are also subordinate courts. There are international airports at Malabo and Bata as well as several regional airports. Current GDP (estimated data for 2020) and national debt. The mainland coastal settlements of Mbini and Kogo (Cogo) are minor ports of call. By signing up for this email, you are agreeing to news, offers, and information from Encyclopaedia Britannica. Equatorial Guinea’s exports of oil and gas rose substantially in 2007. Obiang has won every election since taking office; likewise, the PDGE has maintained a decisive majority in the legislature. The mainland is home to Equatorial Guinea’s largest city, Bata, and the country’s intended future capital, Ciudad de la Paz. See how Equatorial Guinea compares to another country using any of the measures in the Index. With the rapid expansion of the oil industry in the 1980s and ’90s, however, the value of the country’s exports exceeded that of its imports by the end of the 20th century; the balance of trade remained positive into the 21st century. How to interpret the graph: The purpose of this graph is to take a snapshot of a country’s economy in comparison to other economies. Equatorial Guinea, country located on the west coast of Africa. There is one simple explanation for this transformation – the discovery of substantial offshore oil and gas reserves. At the turn of the 21st century, less than one-sixth of the country’s roads were paved. Spending on subsidies in such categories as fuel, aircraft maintenance, and family benefits increased in 2018. President Teodoro Obiang, currently Africa’s longest-serving leader, seized power in a 1979 coup and won reelection to another seven-year term in 2016 with 93 percent of the vote. Equatorial Guinea has a single University, Universidad Nacional de Guinea Ecuatorial, the main campus is 5 miles from Malabo, with a Medical School at Bata on the mainland. The Constitutional Court sits in Malabo. After the discovery of large oil reserves in the 1990s, Equatorial Guinea became the third-largest producer of oil in Sub-Saharan Africa, after Nigeria and Angola. The national currency, the ekwele, had previously been linked to the Spanish peseta. 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. Prior to independence, the money economy was based on the production of cocoa (mostly on Bioko) and coffee and timber (in Río Muni). Economy. This page provides - Equatorial Guinea GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Equatorial Guinea has been the fastest -rowing economy in Africa over the past 15 years and one of the fastest growing in the world. With this development there was also a … There are no railways in the country. Opposition parties do not wield much influence in the government, however, as Pres. The country has been one of the fastest growing economies in Africa in the past decade. The gap was narrowed only by external aid—including large subsidies from Spain and help from many other countries and international agencies—which increased after the coup in 1979. Live statistics for Economy of Equatorial Guinea. Teodoro Obiang Nguema Mbasogo—in office since overthrowing Francisco Macías Nguema in 1979—exercises extensive power. On the external front, lower commodity prices and a global economic slowdown could undermine growth in Guinea. Equatorial Guinea GDP Annual Growth Rate Despite its small size, Equatorial Guinea is the third largest oil exporter in sub-Saharan Africa. On 1 January 1985, the country became the first non-Francophone African member of the franc zone, adopting the CFA as its currency.The national currency, the … Equatorial Guinea: The Economy. Real GDP is estimated to have shrunk by 4.1% in 2019 after a contraction of 6.1% in 2018 due to less activity in the oil sector. Many are subsistence farmers who clear the land by burning off the vegetation cover. Equatorial Guinea gained independence from Spain in 1968. Undeveloped mineral resources include gold, zinc, diamonds, columbite-tantalite, and other base metals. Although the government has made impressive investments in infrastructure and is building a new capital to inspire development on the mainland, private-sector growth outside of the oil sector will continue to lag without significant reforms to improve the rule of law and the regulatory environment. The initiative is divided into two phases beginning in 2008 and ending in 2020. of Equatorial Guinea’s economy should include a description of the evolution of its most important sectors: oil, timber and agriculture. Inflation remained very low in 2016, down from an average of 4% in 2014. Before independence Equatorial Guinea exported cocoa, coffee and timber, mostly to its colonial ruler, Spain, but also to Germany and the UK. Equatorial Guinea’s financial system remains very underdeveloped. Equatorial Guinea Economy. From being an impoverished economy , largely agricultural, it has become the leading oil producer in the CEMAC zone and the third largest oil … Following the economic collapse of the mid-1970s, imports came to exceed exports. Equatorial Guinea is a LDC situated in the Central African Coast, near Cameroon and Gabon. Guinea’s economic freedom score is 56.5, making its economy the 121st freest in the 2020 Index. Live estimate for national public debt today and since the beginning of the year. Due to the high level of uncertainty in current global economic conditions, the April 2020 WEO database and statistical tables contain only these indicators: real GDP growth, consumer price index, current account balance, unemployment, per capita GDP growth, and fiscal balance. A major economic reorientation took place in December 1983, when Equatorial Guinea joined the Customs and Economic Union of Central Africa (which later became part of the Economic Community of Central African States). Equatorial Guinea had argued that the building was subject to diplomatic immunity. Pre-independence Equatorial Guinea counted on cocoa production for hard currency earnings. 6.- Secretary of State for Justice, Worship and Penitentiary Institutions, Ms. RIMMÉ BOSIO RIOCALO. Home | Country Rankings | Graph The Data | Heat MapExplore the Data | Downloads | FAQs| About The Index. More recently, substantial gas reserves have also been discovered. Equatorial Guinea continues to struggle to emerge from the economic recession caused by the 2014 slump in oil prices. Undeveloped mineral resources include gold, zinc, diamonds, columbite-tantalite, and other base metals. Equatorial Guinea - Economy History Equatorial Guinea, formerly known as Spanish Guinea, is composed of the territories of Fernando Poo and Rio Muni on … Equatorial Guinea was once one of Africa’s fastest-growing economies and sub-Saharan Africa’s third-largest oil producer, but its economy is now in decline because of corruption, falling oil revenues, and lack of diversification. Foreign companies must guard against the taint of money laundering, which occurs frequently through cross-border currency transactions and illegal international cash transfers by local companies or corrupt individuals. Substantial reserves of petroleum and natural gas exist under the seafloor of Equatorial Guinea’s offshore waters. To get IMF bailout, Equatorial Guinea’s ruler must reveal assets. Economy | November 19th 2020 Opposition activist found dead in Equatorial Guinea The incident comes at a bad time for the regime as it works to rejoin the Extractive Industries Transparency Initiative. The legislature is bicameral, consisting of the Chamber of Deputies, members of which are directly elected to five-year terms, and the Senate, the majority of its members being directly elected and the rest appointed by the president and all of them serving five-year terms. Deposits of gold, titanium, manganese, iron ore, and uranium exist but remain largely undeveloped. Under the constitution of 1991, since amended, Equatorial Guinea is a republic. See more from the 2020 Index. 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. The petroleum sector accounted for … Overview: This page contains the latest international trade data for Equatorial Guinea.In 2018 Equatorial Guinea was the number 131 economy in the world in terms of GDP (current US$), the number 109 in total exports, the number 176 in total imports, and the number 136 most complex economy according to the Economic Complexity Index (ECI). Before independence, the Spanish subsidized cocoa and coffee exports to Spain. The road network on the mainland was adequate for the light traffic it was required to carry before independence, but it deteriorated in the 1970s. For example, Equatorial Guinea’s Exports rank is higher than (please wait...) of the countries in the dataset. Many observers have criticized the country’s presidential and parliamentary elections as being irregular or fraudulent. 5.- Secretary of State, Charged with Economic and Patrimonial Affairs of Equatorial Guinea Abroad, Ms. MARIA ÁNGELES MIAGA BIBANG. Graft and nepotism are rampant. Its overall score has increased by 0.8 point due to an improvement in the score for fiscal health. Economic Overview. The total value of exports and imports of goods and services equals 97.5 percent of GDP. It consists of Río Muni (also known as Continental Equatorial Guinea), on the continent, and five islands (known collectively as insular Equatorial Guinea): Bioko (formerly Fernando Po), Corisco, Great Elobey (Elobey Grande), Little Elobey (Elobey Chico), and Annobón (Pagalu). The economy of Equatorial Guinea has traditionally been dependent on commodities such as cocoa and coffee but is now heavily dependent on petroleum due to the discovery and exploitation of significant oil reserves in the 1980s. It was the only political party until 1991, when a new constitution allowing opposition parties was adopted. 5.- Secretary of State, Charged with Economic and Patrimonial Affairs of Equatorial Guinea Abroad, Ms. MARIA ÁNGELES MIAGA BIBANG. The top personal income and corporate tax rates are 35 percent. Equatorial Guinea ranks in the bottom 10 percent of countries for ease of doing business in the 2019 World Bank Doing Business Survey, with very weak scores for starting a business and paying taxes. Its overall score has increased by 0.8 point due to an improvement in the score for fiscal health. 7.- Secretary of State for National Defence, Mr. … Equatorial Guinea is ranked 42nd among 47 countries in the Sub-Saharan Africa region, and its overall score is well below the regional and world averages. 6.- Secretary of State for Justice, Worship and Penitentiary Institutions, Ms. RIMMÉ BOSIO RIOCALO. Economy. Today, despite the changes in the economy wrought by the dramatic growth of the petroleum industry, the majority of people are still employed in agriculture. With the phasing out of the French franc during 1999–2002, the CFA franc became linked to the euro. Equatorial Guinea’s economy traditionally depended on three commodities—cocoa (from the cacao tree), coffee, and timber—but the discovery and exploitation of petroleum and natural gas changed the country’s economic profile virtually overnight in the 1980s. As with other commodities, production suffered under the postindependence regime of Francisco Macías Nguema: Nigerian and local workers left the cocoa plantations; maintenance, output, and quality declined; and cocoa exports dropped to one-tenth of their former level. The inflation rate remains low, at 1.4% in 2019 versus 1.3% in 2018, below the CEMAC target of 3%. Our latest episode for parents features the topic of empathy. © 2020 by The Heritage Foundation. French and Portuguese are spoken also. Current GDP (estimated data for 2020) and national debt. The ruling party in Equatorial Guinea is the Democratic Party of Equatorial Guinea (Partido Democrático de Guinea Ecuatorial; PDGE), formed in 1987. Live statistics for Economy of Equatorial Guinea. Property rights are enforced selectively, and the government can seize land with very little if any due process. There is also a cross-country road from Bata, branching at Niefang and Ncue, to Ebebiyín, Mongomo, and Nsoc near the Cameroon frontier. The ruling party controls 99 of 100 parliamentary seats. Guinea’s economic freedom score is 56.5, making its economy the 121st freest in the 2020 Index. Tax Burden 75.1 Create a Graph using this measurement, Government Spending 86.4 Create a Graph using this measurement, Fiscal Health 77.2 Create a Graph using this measurement. The economy of Equatorial Guinea has been repressed for the past decade. This page has economic forecasts for Equatorial Guinea including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Equatorial Guinea economy. Petroleum now accounts for the vast majority of Equatorial Guinea’s exports and contributes more than four-fifths of its gross domestic product (GDP). The National University of Equatorial Guinea is located in Malabo. The opposition protested the result as fraudulent. Note: Percentile ranks are calculated using the latest available data for all countries within the last 5 years. Trade Freedom 48.8 Create a Graph using this measurement, Investment Freedom 40.0 Create a Graph using this measurement, Financial Freedom 30.0 Create a Graph using this measurement. The slow pace of infrastructure development could decelerate growth. From a level of 6 000 barrel per day (bpd), with the coming on steam of the Zafiro and Alba oil fields in August 1996, oil production has started to become an important and growing resource, and by 2000 the The comparable figure for imports was $3.219 billion in same reference period. Efforts have been made to improve educational opportunities, and illiteracy has declined over the years; well more than four-fifths of the population is literate. Read more about Equatorial Guinea Economy. In January 1985 the country entered the Franc Zone, whereby its currency, the epkwele (formerly linked to the Spanish peseta), was replaced by the CFA (Communauté Financière Africaine) franc and linked to the French franc. Its overall score has increased by 7.3 points due to a large increase in the score for fiscal health. Foreign investment in several sectors of the economy is restricted, and state-owned enterprises distort markets. As a middle income country, Equatorial Guinea is now ineligible for most low-income World Bank and the IMF funding. In a series of annual reports, Doing Business assesses regulations affecting domestic firms in 189 economies and ranks the economies in 10 areas of business regulation, such as starting a business, resolving insolvency and trading across borders. On Bioko the road system is of a higher standard, with a semicircular tarred road linking Malabo and Luba to the eastern Bubi villages. Equatorial Guinea economy 2007-2008. All Rights Reserved. In 2007, Equatorial Guinea's exports totaled $10.03 billion. Equatorial Guinea Overview: Economy. For administrative purposes, the country is divided into two régiones (regions), which are subdivided into provincias (provinces); the provinces are further divided into districts and municipalities. Bata is linked with the coastal town of Mbini by a tarred road. 7.- Secretary of State for National Defence, Mr. … Its economy is largely based on petroleum and timber exports to mainly Japan, France and China. 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