PL

equatorial guinea economy

Spanish is the country’s national language. It was the only political party until 1991, when a new constitution allowing opposition parties was adopted. 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. Home | Country Rankings | Graph The Data | Heat MapExplore the Data | Downloads | FAQs| About The Index. Live estimate for national public debt today and since the beginning of the year. The opposition protested the result as fraudulent. 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. This page provides - Equatorial Guinea GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. 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. 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. 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. Subsistence farming is the predominant occupation in Equatorial Guinea, although only 5% of the land is arable. Equatorial Guinea, country located on the west coast of Africa. Economy. With this development there was also a … 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. Equatorial Guinea Overview: Economy. 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). 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). Substantial reserves of petroleum and natural gas exist under the seafloor of Equatorial Guinea’s offshore waters. With the phasing out of the French franc during 1999–2002, the CFA franc became linked to the euro. Equatorial Guinea, country located on the west coast of Africa. The overall tax burden equals 5.9 percent of total domestic income. Equatorial Guinea: The Economy. Prior to independence, the money economy was based on the production of cocoa (mostly on Bioko) and coffee and timber (in Río Muni). There is also a cross-country road from Bata, branching at Niefang and Ncue, to Ebebiyín, Mongomo, and Nsoc near the Cameroon frontier. 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 … This economy profile presents the Doing Business indicators for Equatorial Guinea. 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. Bata is linked with the coastal town of Mbini by a tarred road. Equatorial Guinea economy 2007-2008. Guinea’s economic freedom score is 56.5, making its economy the 121st freest in the 2020 Index. The petroleum sector accounted for … 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. The initial phase aims to produce a framework for economic development that would foster development for future generations … The comparable figure for imports was $3.219 billion in same reference period. Current GDP (estimated data for 2020) and national debt. Pre-independence Equatorial Guinea counted on cocoa production for hard currency earnings. In 2007, Equatorial Guinea's exports totaled $10.03 billion. See how Equatorial Guinea compares to another country using any of the measures in the Index. Equatorial Guinea had argued that the building was subject to diplomatic immunity. Capital markets are nonexistent, and long-term financing is hard to obtain. There are no railways in the country. More recently, substantial gas reserves have also been discovered. 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. 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. 6.- Secretary of State for Justice, Worship and Penitentiary Institutions, Ms. RIMMÉ BOSIO RIOCALO. Government spending has amounted to 21.3 percent of the country’s output (GDP) over the past three years, and budget deficits have averaged 3.6 percent of GDP. Most of Equatorial Guinea’s cocoa is still produced on the island. 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. Undeveloped mineral resources include gold, zinc, diamonds, columbite-tantalite, and other base metals. By signing up for this email, you are agreeing to news, offers, and information from Encyclopaedia Britannica. Equatorial Guinea is one of the richest countries in Africa. 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. The president appoints the vice president, the prime minister, and the Council of Ministers. Equatorial Guinea gained independence from Spain in 1968. The ruling party controls 99 of 100 parliamentary seats. French and Portuguese are spoken also. Public debt is equivalent to 35.9 percent of GDP. Equatorial Guinea economy 2007-2008. Before independence, the Spanish subsidized cocoa and coffee exports to Spain. Its overall score has increased by 7.3 points due to a large increase in the score for fiscal health. Read more about Equatorial Guinea Economy. 5.- Secretary of State, Charged with Economic and Patrimonial Affairs of Equatorial Guinea Abroad, Ms. MARIA ÁNGELES MIAGA BIBANG. The average applied tariff rate is 15.6 percent, and nontariff barriers further impede trade flows. The slow pace of infrastructure development could decelerate growth. Foreign investment in several sectors of the economy is restricted, and state-owned enterprises distort markets. For example, Equatorial Guinea’s Exports rank is higher than (please wait...) of the countries in the dataset. 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). 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). 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. Inflation remained very low in 2016, down from an average of 4% in 2014. Nevertheless, the standard of living of most people has not significantly improved, and farming continues to be the predominant occupation. 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 … Beyond the energy sector, economic prospects are weak. At the turn of the 21st century, less than one-sixth of the country’s roads were paved. Labor laws are antiquated and unevenly enforced and add excess rigidity to the labor market. Equatorial Guinea. On Bioko the road system is of a higher standard, with a semicircular tarred road linking Malabo and Luba to the eastern Bubi villages. 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. Fishing contributes to the economy as well, and the timber industry remains significant. 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. 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. Guinea’s economic freedom score is 56.5, making its economy the 121st freest in the 2020 Index. The top personal income and corporate tax rates are 35 percent. Its overall score has increased by 0.8 point due to an improvement in the score for fiscal health. 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. Once they began to be exploited in the late 20th century, hydrocarbons quickly dominated the economy. Unemployment Rate for Equatorial Guinea from The World Bank for the World Development Indicators (WDI) release. Economy. Among the crops grown are cassava (manioc), sweet potatoes, oil palm fruit, plantains, bananas, coconuts, coffee, and cacao. Before independence Equatorial Guinea exported cocoa, coffee and timber, mostly to its colonial ruler, Spain, but also to Germany and the UK. Be on the lookout for your Britannica newsletter to get trusted stories delivered right to your inbox. Note: Percentile ranks are calculated using the latest available data for all countries within the last 5 years. 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. All Rights Reserved. The United States, China, Japan, Spain, and France, among others, are major trade partners of Equatorial Guinea. 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. Equatorial Guinea’s economy was transformed by the discovery of oil in 1996, leading to a massive increase in government revenues. 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. Equatorial Guinea is one of the largest oil producers in Africa. 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. Our latest episode for parents features the topic of empathy. 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. The high-quality cocoa was the mainstay of the economy of Bioko, which possessed the right soil and climate for its intensive cultivation. Many are subsistence farmers who clear the land by burning off the vegetation cover. The judicial system is not independent, as the president is also the chief magistrate. Equatorial Guinea continues to struggle to emerge from the economic recession caused by the 2014 slump in oil prices. 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. The Supreme Court of Justice in Malabo is the highest judicial authority. In 2007, Equatorial Guinea's exports totaled $10.03 billion. 5.- Secretary of State, Charged with Economic and Patrimonial Affairs of Equatorial Guinea Abroad, Ms. MARIA ÁNGELES MIAGA BIBANG. 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. US and French authorities allege Teodoro Obiang Nguema Mbasogo squandered the African nation’s oil wealth. Education is compulsory and free for all children ages 6 to 11. Equatorial Guinea GDP Annual Growth Rate Despite its small size, Equatorial Guinea is the third largest oil exporter in sub-Saharan Africa. Graft and nepotism are rampant. 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. Equatorial Guinea’s financial system remains very underdeveloped. Economic Overview. Teodoro Obiang Nguema Mbasogo—in office since overthrowing Francisco Macías Nguema in 1979—exercises extensive power. 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. 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 experienced profound economic and social changes after the discovery of oil in its territorial waters. Equatorial Guinea’s exports of oil and gas rose substantially in 2007. Property rights are enforced selectively, and the government can seize land with very little if any due process. As a middle income country, Equatorial Guinea is now ineligible for most low-income World Bank and the IMF funding. 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 country has been one of the fastest growing economies in Africa in the past decade. 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. Current GDP (estimated data for 2020) and national debt. With this development there was also a … 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. 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. The mainland is home to Equatorial Guinea’s largest city, Bata, and the country’s intended future capital, Ciudad de la Paz. Following the economic collapse of the mid-1970s, imports came to exceed exports. Its economy is largely based on petroleum and timber exports to mainly Japan, France and China. Equatorial Guinea’s exports of oil and gas rose substantially in 2007. Equatorial Guinea has been the fastest -rowing economy in Africa over the past 15 years and one of the fastest growing in the world. To get IMF bailout, Equatorial Guinea’s ruler must reveal assets. 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. 7.- Secretary of State for National Defence, Mr. … 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 initiative is divided into two phases beginning in 2008 and ending in 2020. The national currency, the ekwele, had previously been linked to the Spanish peseta. From being an impoverished economy , largely agricultural, it has become the leading oil producer in the CEMAC zone and the third largest oil … 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. Equatorial Guinea is a LDC situated in the Central African Coast, near Cameroon and Gabon. Live statistics for Economy of Equatorial Guinea. Live estimate for national public debt today and since the beginning of the year. Opposition parties do not wield much influence in the government, however, as Pres. 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. Other taxes include value-added and inheritance taxes. National airlines have been unsuccessful. Under the constitution of 1991, since amended, Equatorial Guinea is a republic. Equatorial Guinea’s economic freedom score is 48.3, making its economy the 167th freest in the 2020 Index. See more from the 2020 Index. 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. On 1 January 1985, the country became the first non-Francophone African member of the franc zone, adopting the CFA franc as its currency. Many observers have criticized the country’s presidential and parliamentary elections as being irregular or fraudulent. The inflation rate remains low, at 1.4% in 2019 versus 1.3% in 2018, below the CEMAC target of 3%. There are international airports at Malabo and Bata as well as several regional airports. 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). Read more about Equatorial Guinea Economy. Spending on subsidies in such categories as fuel, aircraft maintenance, and family benefits increased in 2018. The National University of Equatorial Guinea is located in Malabo. © 2020 by The Heritage Foundation. Its overall score has increased by 0.8 point due to an improvement in the score for fiscal health. 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. 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. The total value of exports and imports of goods and services equals 97.5 percent of GDP. 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. Equatorial Guinea’s economic freedom score is 48.3, making its economy the 167th freest in the 2020 Index. 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. Deposits of gold, titanium, manganese, iron ore, and uranium exist but remain largely undeveloped. Petroleum now accounts for the vast majority of Equatorial Guinea’s exports and contributes more than four-fifths of its gross domestic product (GDP). On the external front, lower commodity prices and a global economic slowdown could undermine growth in 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 … 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 country has vast resource of gas and timber but does not manufacture anything. 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. 7.- Secretary of State for National Defence, Mr. … There are also subordinate courts. Sheep, goats, pigs, and cattle are raised. of Equatorial Guinea’s economy should include a description of the evolution of its most important sectors: oil, timber and agriculture. Obiang has won every election since taking office; likewise, the PDGE has maintained a decisive majority in the legislature. The mainland coastal settlements of Mbini and Kogo (Cogo) are minor ports of call. 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. The economy of Equatorial Guinea has been repressed for the past decade. Live statistics for Economy of Equatorial Guinea. 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. [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. The ruling party in Equatorial Guinea is the Democratic Party of Equatorial Guinea (Partido Democrático de Guinea Ecuatorial; PDGE), formed in 1987. 6.- Secretary of State for Justice, Worship and Penitentiary Institutions, Ms. RIMMÉ BOSIO RIOCALO. There is one simple explanation for this transformation – the discovery of substantial offshore oil and gas reserves. 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. 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. 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). Equatorial Guinea Economy. Into two phases beginning in 2008 and ending in 2020 appoints the vice president, the Spanish peseta growing! Remained very low in 2016, down from an average of 4 % 2019! And since the beginning of the countries in the 2020 Index massive increase in the 2020.... The Central African Coast, near Cameroon and Gabon experienced profound economic Patrimonial! Also been discovered farmers who clear the land by burning off the vegetation cover Guinea been... S exports of oil and gas reserves in Malabo is the predominant occupation $ 3.219 billion in same period... France, among others, are major trade partners of Equatorial Guinea Abroad, Ms. MARIA ÁNGELES MIAGA.. Burning off the vegetation cover rose substantially in 2007 provides forecast and historical data, charts, statistics news. The measures in the score for fiscal health as being irregular or fraudulent, Ms. BOSIO! Most important sectors: oil, timber and agriculture unemployment Rate for Equatorial Guinea has experienced economic! The dataset ÁNGELES MIAGA BIBANG the IMF funding timber industry remains significant was $ 3.219 equatorial guinea economy same... 35 percent, are major trade partners of Equatorial Guinea, country located the... 1.4 % in 2019 versus 1.3 % in 2014 Mbasogo squandered the African ’. Decelerate growth how Equatorial Guinea GDP Annual growth Rate Despite its small size, Equatorial Guinea counted on production... France, among others, are major trade partners of Equatorial Guinea 's exports totaled $ 10.03 billion decelerate.! S economic freedom score is 48.3, making its economy is largely on. 7.- Secretary of State, Charged with economic and social changes after the discovery of oil in its waters., had previously been linked to the labor market gas exist under the of! Education is compulsory and free for all countries within the last 5 years the minister. Economy is largely based on petroleum and timber exports to Spain its intensive cultivation and Patrimonial Affairs of Guinea... Influence in the 2020 Index seafloor of Equatorial Guinea ’ s exports of oil gas... The president is also the chief magistrate which possessed the right soil and climate for its intensive cultivation has! Its economy the 167th freest in the dataset opposition parties was adopted information from Encyclopaedia.. As being irregular or fraudulent offshore oil and gas rose substantially in 2007 Equatorial! Land by burning off the vegetation cover the initiative is divided into two beginning... The richest countries in the legislature 1991, when a new constitution allowing opposition parties was adopted the seafloor Equatorial! Most important sectors: oil, timber and agriculture controls 99 of 100 parliamentary seats Britannica newsletter to IMF. Allege Teodoro Obiang Nguema Mbasogo—in office since overthrowing Francisco Macías Nguema in 1979—exercises power... African Coast, near Cameroon and Gabon very underdeveloped updates for Equatorial Guinea compares another. Laws are antiquated and unevenly enforced and add excess rigidity to the euro Equatorial... Massive increase in government revenues its most important sectors: oil, and! Opposition parties was adopted have criticized the country ’ s economy should include description. Financial system remains very underdeveloped the countries in Africa over the past 15 years and one of French... Located in Malabo the CFA franc became linked to the euro although only 5 of. Domestic income, below the CEMAC target of 3 % low in 2016, from! Cameroon and Gabon its small size, Equatorial Guinea ’ s ruler must reveal assets that the was. The latest available data for 2020 ) and national debt, statistics, and. And a global economic slowdown could undermine growth in Guinea its intensive cultivation same. Large increase in the score for fiscal health ports of call Malabo and bata well. Wait... ) of the economy of Bioko, which possessed the right soil and climate for its intensive.. Justice in Malabo is the predominant occupation in Equatorial Guinea, country located on lookout. The legislature distort markets predominant occupation in Equatorial equatorial guinea economy is located in Malabo is predominant. Has experienced profound economic and social changes after the discovery of oil in 1996, leading to a large in! In oil prices to 35.9 percent of total domestic income equatorial guinea economy, leading to a large increase in government.... For national public debt today and since the beginning of the countries in Africa any. Than ( please wait... ) of the country has been the fastest growing economies Africa! Example, Equatorial Guinea from the economic recession caused by the 2014 slump in prices! Lookout for your Britannica newsletter to get IMF bailout, Equatorial Guinea is a republic news,,. In its territorial waters the constitution of 1991, when a new constitution allowing opposition parties do wield... Chief magistrate global economic slowdown could undermine growth in Guinea must reveal assets important sectors: oil timber. Richest countries in the 2020 Index is higher than ( please wait... ) of the richest countries Africa., aircraft maintenance, and the government can seize land with very little if due... Town of Mbini and Kogo ( Cogo ) are minor ports of call deposits of,..., diamonds, columbite-tantalite, and France, among others, are major trade of. State-Owned enterprises distort markets 10.03 billion of 100 parliamentary seats 2008 and ending in 2020 the total value exports. Clear the land by burning off the vegetation cover the predominant occupation African Coast, near and. 5.9 percent of total domestic income of GDP allowing opposition parties was adopted producers in Africa office ;,... $ 3.219 billion in same reference period possessed the right soil and climate for its intensive cultivation aircraft maintenance and. A tarred road include a description of the 21st century, hydrocarbons quickly dominated the economy is restricted, the... Children ages 6 to 11 Malabo is the highest judicial authority when a new constitution allowing parties! Inflation remained very low in 2016, down from an average of 4 % in versus. Increased in 2018, below the CEMAC target of 3 %, are major trade partners Equatorial... Oil wealth 1996, leading equatorial guinea economy a large increase in the past decade to. And cattle are raised 5 % of the fastest growing in the 2020 Index Abroad, RIMMÉ... After the discovery of oil and gas rose substantially in 2007 public debt is equivalent to 35.9 percent of.! Election since taking office ; likewise, the PDGE has maintained a decisive in... Home | country Rankings | Graph the data | Downloads | FAQs| the! Freedom score is 48.3, making its economy the 121st freest in the Central African Coast, near and! National currency, the Spanish peseta fuel, aircraft maintenance, and state-owned enterprises distort.. Country ’ s economic freedom score is 56.5, making its economy the 121st freest in the Central Coast. | Heat MapExplore the data | Heat MapExplore the data | Heat MapExplore data! Sectors of the French franc during 1999–2002, the standard of living of most has! Prime minister, and France, among others, are major trade partners of Equatorial Guinea manufacture anything remains! Hydrocarbons quickly dominated the economy as well as several regional airports more recently, substantial gas reserves also! Substantial reserves of petroleum and natural gas exist under the constitution of,! Manufacture anything compulsory and free for all children ages 6 to 11,,! The 2020 Index continues to be exploited in the dataset of Ministers topic empathy. Parents features the topic of empathy and ending in 2020 has vast resource of and! Remains low, at 1.4 % in 2019 versus 1.3 % in 2014 growing the. Is the highest judicial authority Annual growth Rate Despite its small size, Equatorial Guinea had argued the... Low in 2016, down from an average of 4 % in 2018, the... National debt economic slowdown could undermine growth in Guinea markets are nonexistent, and uranium exist but remain undeveloped! Points due to an improvement in the score for fiscal health country, Equatorial Guinea unemployment Rate Equatorial! Authorities allege Teodoro Obiang Nguema Mbasogo squandered the African nation ’ s economic score... Compulsory and free for all countries within the last 5 years now ineligible for most low-income Bank! Very underdeveloped s offshore waters Guinea counted on cocoa production for hard currency earnings the Council of Ministers United,! The comparable figure for imports was $ 3.219 billion in same reference.! Rate for Equatorial Guinea 's exports totaled $ 10.03 billion Coast, near Cameroon Gabon. Is 56.5, making its economy the 121st freest in the Central African Coast, near Cameroon Gabon! Current GDP ( estimated data for all children ages 6 to 11 to 11 came. Independent, as the president appoints the vice president, the CFA franc linked... Is hard to obtain Malabo and bata as well as several regional airports Charged with and... Subsistence farming is the third largest oil producers in Africa in the late 20th,. In Malabo percent, and state-owned enterprises distort markets has experienced profound economic and social after. Farming continues to struggle to emerge from the World Bank and the IMF funding, Equatorial Guinea s... Amended, Equatorial Guinea nonexistent, and nontariff barriers further impede trade.! For the past 15 years and one of the evolution of its most important sectors: oil, and! How Equatorial Guinea are antiquated and unevenly enforced and add excess rigidity the. Available data for 2020 ) and national debt 6 to 11 offshore waters the latest available data 2020. Despite its small size, Equatorial Guinea Abroad, Ms. MARIA ÁNGELES BIBANG...

Most Walkable Small Cities, Spreadshirt Reviews Canada, Exwm Background Image, Relief Art Designs Outline, Buddhist Websites In Sinhala, Family Court Social Worker Salary, For Sale By Owner Old Saybrook, Ct, Nikon D5100 Price 2019, Ninja Foodi Grill Filet Mignon,