Economic situation

Equatorial Guinea has the highest GDP per capita in all of Africa. According to the IMF’s world economic outlook data, it was € 8,618 in 2017 and € 8,590 in 2018, strongly marked by the evolution of the price of a barrel of oil and national production.

Since 1984, he has been a member of CEMAC, whose objective is the economic integration of six countries and members of Central Africa: Cameroon, Congo, Chad, Gabon, Central African Republic and Equatorial Guinea. -me. Six countries are part of a unified national policy, based on the competence of the Regional Bank of Central African States (BEAC), and a single currency: the CFA franc. This strategic currency depends directly on the political currency of the European Central Bank.

Sectors

Due to its wealth in hydrocarbons, Equatorial Guinea’s economy depends mainly on oil production. The export of petroleum resources, although it started in 1992, was at a relevant level at a later date, and peaked in 2012. The income from resource exploitation in Equatorial Guinea is reflected in Dramatic development of the country. country, in terms of infrastructure, services and the well-being of the population In the hydrocarbon region, Equatorial Guinea’s economy depends mainly on oil production. The export of petroleum resources, although it began in 1992, was at a relevant level later, and peaked in 2012. The income from resource exploitation in Equatorial Guinea is reflected in the spectacular development of the country. country, level of infrastructure, services and well-being of the population.

In recent years, Equatorial Guinea has experienced spectacular development in terms of infrastructure, services and the well-being of the population.

Despite the importance of its natural resources, Equatorial Guinea has other industries based on the country’s economy:

• Hydrocarbons and gas: 61% of GDP.
• Services (construction, transport, finance): 32% of GDP.
• Trade: 5% of GDP.
• Agriculture, breeding and fishing: 2% of GDP.

International trade

The role of the external sector is fundamental for the economic activity of Equatorial Guinea, the failure of hydrocarbon exports, which represents almost all exports, the most diversified imports.

According to data from the Economic Intelligence Unit, in 2018 Spain is Equatorial Guinea’s main supplier of goods, with a very diversified export. China and the United States are said to be the other two main suppliers of dealers. Specifically, the Japanese country with rapid growth in exports will see Equatorial Guineans over the last decade, only if they have recently been contracted, as well as the United States exporting goods to meet the needs of the energy sector. As for Guinean exports, mainly based on hydrocarbons, are the most popular source, China occupies first place (22.2%). India remained in second place (9.4%), followed by South Korea (8.1%) and Portugal (6.9%).

Equatoguinean exports, are mainly based on hydrocarbons

As an active member of the Central African Economic and Monetary Community (CEMAC), Equatorial Guinea has encouraged the development of trade privileges among member states and reform of fiscal policy and are the customs system, reducing restrictions tariffs and lifting quantitative restrictions.