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. 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 Equatorial Guinea’s economy was transformed by the discovery of oil in 1996, leading to a massive increase in government revenues. Fishing contributes to the economy as well, and the timber industry remains significant. Beyond the energy sector, economic prospects are weak. Teodoro Obiang Nguema Mbasogo—in office since overthrowing Francisco Macías Nguema in 1979—exercises extensive power. Equatorial Guinea has experienced profound economic and social changes after the discovery of oil in its territorial waters. See how Equatorial Guinea compares to another country using any of the measures in the Index. This page provides forecast and historical data, charts, statistics, news and updates for Equatorial Guinea Unemployment Rate. The ruling party controls 99 of 100 parliamentary seats. Many are subsistence farmers who clear the land by burning off the vegetation cover. 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. of Equatorial Guinea’s economy should include a description of the evolution of its most important sectors: oil, timber and agriculture. 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. 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 national currency, the ekwele, had previously been linked to the Spanish peseta. The average applied tariff rate is 15.6 percent, and nontariff barriers further impede trade flows. Inflation remained very low in 2016, down from an average of 4% in 2014. Equatorial Guinea’s financial system remains very underdeveloped. 7.- Secretary of State for National Defence, Mr. … © 2020 by The Heritage Foundation. Foreign investment in several sectors of the economy is restricted, and state-owned enterprises distort markets. Opposition parties do not wield much influence in the government, however, as Pres. The mainland coastal settlements of Mbini and Kogo (Cogo) are minor ports of call. The initiative is divided into two phases beginning in 2008 and ending in 2020. Equatorial Guinea - Economy History Equatorial Guinea, formerly known as Spanish Guinea, is composed of the territories of Fernando Poo and Rio Muni on … Sheep, goats, pigs, and cattle are raised. 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. Read more about Equatorial Guinea Economy. The petroleum sector accounted for … Equatorial Guinea Overview: Economy. Note: Percentile ranks are calculated using the latest available data for all countries within the last 5 years. 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. 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). The Constitutional Court sits in Malabo. 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. Current GDP (estimated data for 2020) and national debt. 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. 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). 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. Equatorial Guinea, country located on the west coast of Africa. Other taxes include value-added and inheritance taxes. For example, Equatorial Guinea’s Exports rank is higher than (please wait...) of the countries in the dataset. Our latest episode for parents features the topic of empathy. Equatorial Guinea GDP Annual Growth Rate Despite its small size, Equatorial Guinea is the third largest oil exporter in sub-Saharan Africa. Spanish is the country’s national language. National airlines have been unsuccessful. 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. Under the constitution of 1991, since amended, Equatorial Guinea is a republic. Equatorial Guinea is a LDC situated in the Central African Coast, near Cameroon and Gabon. As a middle income country, Equatorial Guinea is now ineligible for most low-income World Bank and the IMF funding. The initial phase aims to produce a framework for economic development that would foster development for future generations … Equatorial Guinea economy 2007-2008. Its overall score has increased by 0.8 point due to an improvement in the score for fiscal health. Read more about Equatorial Guinea Economy. French and Portuguese are spoken also. Economy. 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 ruling party in Equatorial Guinea is the Democratic Party of Equatorial Guinea (Partido Democrático de Guinea Ecuatorial; PDGE), formed in 1987. 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. Live statistics for Economy of Equatorial Guinea. 6.- Secretary of State for Justice, Worship and Penitentiary Institutions, Ms. RIMMÉ BOSIO RIOCALO. Subsistence farming is the predominant occupation in Equatorial Guinea, although only 5% of the land is arable. Public debt is equivalent to 35.9 percent of GDP. The Supreme Court of Justice in Malabo is the highest judicial authority. 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. 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). From being an impoverished economy , largely agricultural, it has become the leading oil producer in the CEMAC zone and the third largest oil … The country has been one of the fastest growing economies in Africa in the past decade. There are international airports at Malabo and Bata as well as several regional airports. Live statistics for Economy of Equatorial Guinea. Home | Country Rankings | Graph The Data | Heat MapExplore the Data | Downloads | FAQs| About The Index. 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. 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’s exports of oil and gas rose substantially in 2007. 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. 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. 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. 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. 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. 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. Before independence Equatorial Guinea exported cocoa, coffee and timber, mostly to its colonial ruler, Spain, but also to Germany and the UK. The country has vast resource of gas and timber but does not manufacture anything. Equatorial Guinea’s economic freedom score is 48.3, making its economy the 167th freest in the 2020 Index. 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. 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. 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. 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. By signing up for this email, you are agreeing to news, offers, and information from Encyclopaedia Britannica. The economy of Equatorial Guinea has been repressed for the past decade. 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. 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. Equatorial Guinea: The Economy. This economy profile presents the Doing Business indicators for Equatorial Guinea. In 2007, Equatorial Guinea's exports totaled $10.03 billion. Equatorial Guinea, country located on the west coast of Africa. Prior to independence, the money economy was based on the production of cocoa (mostly on Bioko) and coffee and timber (in Río Muni). The slow pace of infrastructure development could decelerate growth. Its overall score has increased by 7.3 points due to a large increase in the score for fiscal health. Equatorial Guinea economy 2007-2008. 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. Live estimate for national public debt today and since the beginning of the year. 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. 5.- Secretary of State, Charged with Economic and Patrimonial Affairs of Equatorial Guinea Abroad, Ms. MARIA ÁNGELES MIAGA BIBANG. It was the only political party until 1991, when a new constitution allowing opposition parties was adopted. Economic Overview. The judicial system is not independent, as the president is also the chief magistrate. Unemployment Rate for Equatorial Guinea from The World Bank for the World Development Indicators (WDI) release. Undeveloped mineral resources include gold, zinc, diamonds, columbite-tantalite, and other base metals. Among the crops grown are cassava (manioc), sweet potatoes, oil palm fruit, plantains, bananas, coconuts, coffee, and cacao. Its overall score has increased by 0.8 point due to an improvement in the score for fiscal health. Equatorial Guinea had argued that the building was subject to diplomatic immunity. Many observers have criticized the country’s presidential and parliamentary elections as being irregular or fraudulent. Substantial reserves of petroleum and natural gas exist under the seafloor of Equatorial Guinea’s offshore waters. Pre-independence Equatorial Guinea counted on cocoa production for hard currency earnings. 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. More recently, substantial gas reserves have also been discovered. Deposits of gold, titanium, manganese, iron ore, and uranium exist but remain largely undeveloped. 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. 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). Nevertheless, the standard of living of most people has not significantly improved, and farming continues to be the predominant occupation. The overall tax burden equals 5.9 percent of total domestic income. There is also a cross-country road from Bata, branching at Niefang and Ncue, to Ebebiyín, Mongomo, and Nsoc near the Cameroon frontier. With this development there was also a … Property rights are enforced selectively, and the government can seize land with very little if any due process. The high-quality cocoa was the mainstay of the economy of Bioko, which possessed the right soil and climate for its intensive cultivation. 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. In 2007, Equatorial Guinea's exports totaled $10.03 billion. 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 president appoints the vice president, the prime minister, and the Council of Ministers. See more from the 2020 Index. 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. Guinea’s economic freedom score is 56.5, making its economy the 121st freest in the 2020 Index. 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. Live estimate for national public debt today and since the beginning of the year. Once they began to be exploited in the late 20th century, hydrocarbons quickly dominated the economy. Capital markets are nonexistent, and long-term financing is hard to obtain. In 2016, the economy of Equatorial Guinea was still dominated by the petroleum sector, which accounted for 85% of gross domestic product (GDP) and more than 94% of exports in 2015, according to the International Monetary Fund (IMF). On the external front, lower commodity prices and a global economic slowdown could undermine growth in Guinea. Its economy is largely based on petroleum and timber exports to mainly Japan, France and China. 6.- Secretary of State for Justice, Worship and Penitentiary Institutions, Ms. RIMMÉ BOSIO RIOCALO. Equatorial Guinea. 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 … On Bioko the road system is of a higher standard, with a semicircular tarred road linking Malabo and Luba to the eastern Bubi villages. With this development there was also a … Be on the lookout for your Britannica newsletter to get trusted stories delivered right to your inbox. US and French authorities allege Teodoro Obiang Nguema Mbasogo squandered the African nation’s oil wealth. Equatorial Guinea continues to struggle to emerge from the economic recession caused by the 2014 slump in oil prices. 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