Equatorial Guinea - Economy
How is the economy of Equatorial Guinea? Based on the information we have, Equatorial Guinea has a 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. Key agricultural products in this country include: sweet potatoes, cassava, plantains, oil palm fruit, root vegetables, bananas, coconuts, coffee, cocoa beans, chicken (2023).
More about the economy of Equatorial Guinea
Labor force 715,000 (2024 est.)
Industrial production growth rate 0.8% (2024 est.)
Industries petroleum, natural gas, sawmilling
Population below poverty line
Taxes and other revenues 6.6% (of GDP) (2022 est.)
Fiscal year
Exchange rates
Currency Cooperation Financiere en Afrique Centrale francs (XAF) per US dollar -
Exchange rates 2024 606.345 (2024 est.)
Exchange rates 2023 606.57 (2023 est.)
Exchange rates 2022 623.76 (2022 est.)
Exchange rates 2021 554.531 (2021 est.)
Exchange rates 2020 575.586 (2020 est.)
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2023 $1.538 billion (2023 est.)
Reserves of foreign exchange and gold 2022 $1.458 billion (2022 est.)
Reserves of foreign exchange and gold 2021 $44.271 million (2021 est.)
Budget
Revenues $3.62 billion (2022 est.)
Expenditures $1.512 billion (2022 est.)
Budget surplus (+) or deficit (-)
Remittances
Remittances 2023 0% of GDP (2023 est.)
Remittances 2022 0% of GDP (2022 est.)
Remittances 2021 0% of GDP (2021 est.)
Household income
Lowest 10% 2.6% (2022 est.)
Highest 10% 29.1% (2022 est.)
Imports
Imports 2024 $3.24 billion (2024 est.)
Imports 2023 $3.065 billion (2023 est.)
Imports 2022 $3.948 billion (2022 est.)
Imports (partners) China 20%, Spain 17%, USA 10%, Gabon 5%, UK 5% (2023)
Comodities Imports force ships, poultry, plastic products, beer, valves (2023)
Exports
Imports 2024 $3.24 billion (2024 est.)
Imports 2023 $3.065 billion (2023 est.)
Imports 2022 $3.948 billion (2022 est.)
Exports (partners) China 27%, Netherlands 12%, Spain 10%, Italy 7%, Germany 6% (2023)
Comodities Exports force crude petroleum, natural gas, alcohols, wood, scrap iron (2023)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2024 $29.248 billion (2024 est.)
Real GDP (purchasing power parity) 2023 $28.985 billion (2023 est.)
Real GDP (purchasing power parity) 2022 $30.539 billion (2022 est.)
GDP (official exchange rate) $12.766 billion (2024 est.)
Real GDP Per capita
Real GDP per capita 2024 $15,500 (2024 est.)
Real GDP per capita 2023 $15,700 (2023 est.)
Real GDP per capita 2022 $16,900 (2022 est.)
GDP - composition, by sector of origin
Agriculture 3.1% (2024 est.)
Industry 45.8% (2024 est.)
Services 51.1% (2024 est.)
GDP - composition, by end use
Household consumption 52.9% (2024 est.)
Government consumption 28.3% (2024 est.)
Investment in fixed capital 9.1% (2024 est.)
Investment in inventories -0.1% (2024 est.)
Exports of goods and services 35.2% (2024 est.)
Imports of goods and services -25.4% (2024 est.)
Unemployment rate
Unemployment rate 2024 7.9% (2024 est.)
Unemployment rate 2023 8.4% (2023 est.)
Unemployment rate 2022 8.5% (2022 est.)
Youth unemployment rate (ages 15-24)
Total 14.7% (2024 est.)
Male 13.9% (2024 est.)
Female 15.7% (2024 est.)
All Important Facts about Equatorial Guinea

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Equatorial Guinea is found in Middle Africa