Equatorial Guinea: Economic Outline

Economic Indicators

Until it was hit by the global recession, Equatorial Guinea was one of the most rapidly growing countries in Africa. Thus, growth fell from 10.7% in 2008 to 0.9% in 2010, as an effect of the decline in oil price and oil production. The country's economy should recovery progressively in 2011. Equatorial Guinea is the third-largest oil producer in Sub-Saharan Africa, oil production representing most of the country's income.

A program to diversify the sources of growth for the 2008-2020 period is based on the development of energy, fishing, farming, tourism and the financial services. Further effort to improve education and access to drinking water and health care are also among its goals.

Thanks to oil wealth enjoyed by Equatorial Guinea, the country has one of the highest per capita GDPs in Africa. However, poverty is widespread (affecting 77% of the population), the sanitary conditions are poor and inequality is high.

Main Indicators	2009	2010	2011	2012 (e)	2013 (e)
GDP (billions USD)	12.23	14.50	19.42e	20.27	21.87
GDP (Constant Prices, Annual % Change)	5.7	-0.8	7.1e	4.0	6.8
GDP per Capita (USD)	9,588	11,045e	14,374	14,583	15,291
General Government Gross Debt (in % of GDP)	5.1	7.5e	8.5	10.6	9.0
Inflation Rate (%)	7.2	7.5e	7.3e	7.0	7.0
Current Account (billions USD)	-2.09	-3.51e	-1.87e	-2.13	-1.70
Current Account (in % of GDP)	-17.1	-24.2	-9.6e	-7.8	-

Source: IMF - World Economic Outlook Database - Last Available Data.

Note: (e) Estimated Data

Monetary Indicators	2008	2009	2010
CFA Franc BEAC (XAF) - Average Annual Exchange Rate For 1 USD	447.81	472.19	495.28

Source: World Bank - Last Available Data.

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Main Sectors of Industry

Breakdown of Economic Activity By Sector	Agriculture	Industry	Services
Employment By Sector (in % of Total Employment)	-	-	-
Value Added (in % of GDP)	3.2	92.6	4.2
Value Added (Annual % Change)	3.0	4.9	19.8