Sub Saharan Africa

Equatorial Guinea
Last reviewed: 17 March 2008

Country information

See entire profile

ECONOMY

Basic Economic Facts

GDP: US$8.7bn (2006 est)
GDP growth rate: 5.4% (2006 est)
GDP per head: US$5,300 (2004)
Major Industries: petroleum, timber, fisheries, natural gas
Major trading partners: US,China, France and Spain
Exchange rate: Euro 1 = CFA 655.957 (fixed)

Equatorial Guinea was one of the fastest growing economies in the world in the early years of the millenium due to investments in its recently discovered large reserves of oil and gas. Foreign direct investment inflows reached $US1.86bn in 2005, the third largest in sub-Saharan Africa. Real GDP growth in 2004 was 34.2% but this has since settled down to about 6% in 2006. By 2005, the country earned some US$6,500 million from oil exports, representing over 95% of the total value of exports. From a small beginning in 1996 producing 17,000 bpd, oil production rose rapidly to nearly 400,000 bpd by 2004, and is projected to reach an output of 500,000 bpd by 2008. It is not a member of OPEC. On current projections, there are an estimated 10 to 20 years' worth of reserves. A new LNG (Liquefied Natural Gas) plant will contribute to rising output in 2008. But an impressive GDP from oil revenue(oil now represents over 90% of exports by value) masks stagnation in the rest of the economy, with timber and agriculture only minor sources of exports.

UK Trade & Investment Country Profile: Equatorial Guinea
International Monetary Fund (IMF)