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 (2022).
More about the economy of Equatorial Guinea
Labor force 593,000 (2023 est.)
Industrial production growth rate -11.87% (2023 est.)
Industries petroleum, natural gas, sawmilling
Population below poverty line
Taxes and other revenues 6.69% (of GDP) (2022 est.)
Fiscal year
Exchange rates
Currency Cooperation Financiere en Afrique Centrale francs (XAF) per US dollar -
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.)
Exchange rates 2019 585.911 (2019 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.)
Current account balance
Current account balance 2017 -$738 million (2017 est.)
Current account balance 2016 -$1.457 billion (2016 est.)
Public debt
Public debt 2017 37.4% of GDP (2017 est.)
Budget
Revenues $3.62 billion (2022 est.)
Expenditures $1.512 billion (2022 est.)
Budget surplus (+) or deficit (-)
Remittances
Remittances 2019 0% of GDP (2019 est.)
Remittances 2018 0% of GDP (2018 est.)
Remittances 2017 0% of GDP (2017 est.)
Imports
Imports 2022 $4.297 billion (2022 est.)
Imports 2021 $4.351 billion (2021 est.)
Imports 2020 $3.669 billion (2020 est.)
Imports (partners) Zambia 38%, China 14%, Spain 10%, Nigeria 7%, US 4% (2022)
Comodities Imports force ships, refined copper, iron alloys, raw copper, poultry (2022)
Exports
Imports 2022 $4.297 billion (2022 est.)
Imports 2021 $4.351 billion (2021 est.)
Imports 2020 $3.669 billion (2020 est.)
Exports (partners) Zambia 21%, Spain 15%, China 15%, India 10%, Italy 6% (2022)
Comodities Exports force crude petroleum, natural gas, fertilizers, packaged medicine, cars (2022)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2023 $28.938 billion (2023 est.)
Real GDP (purchasing power parity) 2022 $30.685 billion (2022 est.)
Real GDP (purchasing power parity) 2021 $29.585 billion (2021 est.)
GDP (official exchange rate) $12.117 billion (2023 est.)
Real GDP Per capita
Real GDP per capita 2023 $16,900 (2023 est.)
Real GDP per capita 2022 $18,300 (2022 est.)
Real GDP per capita 2021 $18,100 (2021 est.)
GDP - composition, by sector of origin
Agriculture 2.9% (2023 est.)
Industry 51.2% (2023 est.)
Services 44.9% (2023 est.)
GDP - composition, by end use
Household consumption 54.7% (2023 est.)
Government consumption 26% (2023 est.)
Investment in fixed capital 10.8% (2023 est.)
Investment in inventories 0.1% (2019 est.)
Exports of goods and services 47.8% (2023 est.)
Imports of goods and services -39.3% (2023 est.)
Unemployment rate
Unemployment rate 2023 8.67% (2023 est.)
Unemployment rate 2022 8.75% (2022 est.)
Unemployment rate 2021 9.19% (2021 est.)
Youth unemployment rate (ages 15-24)
Total 16.4% (2023 est.)
Male 15.1% (2023 est.)
Female 17.8% (2023 est.)
All Important Facts about Equatorial Guinea

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Equatorial Guinea is found in Middle Africa