Economy of Equatorial Guinea
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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.[11] In 2017, it graduated from "Least Developed Country" status, one of six Sub-Saharan African nations that managed to do so.
Currency | Communauté Financière Africaine franc (XAF) |
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calendar year | |
Trade organizations | AU, AfCFTA, ECCAS, UDEAC, WTO (observer) |
Country group |
|
Statistics | |
GDP | |
GDP rank | |
GDP growth |
|
GDP per capita | |
GDP per capita rank | |
GDP by sector | agriculture: 4.6%, industry: 87.3%, services: 8.1% (2013 est.) |
1.7% (2020 est.)[3] | |
Population below poverty line | 2/3 of the population (2020)[5] |
Unemployment | 22.3% (2009)[8] |
Main industries | petroleum, fishing, saw-milling, natural gas[8] |
External | |
Exports | $15.44 billion (2013 est.)[8] |
Main export partners |
|
Imports | $7.943 billion (2013 est.) |
Main import partners | |
Public finances | |
external: $289 million (2006) | |
Revenues | $2.752 billion (2006) |
Expenses | $1.424 billion (2006) |
Economic aid | none |
However, despite the economic growth and improving infrastructure, the country has been ranked only 138th out of 188 countries on the United Nations Human Development Index in 2015 and despite its impressive GNI figure, it is still plagued by extreme poverty. After the oil price collapsed in 2014, the economy went into a free fall which put growth in a downward spiral from around 15% to −10%. EG has the largest foreign population in Africa (per capita) only 950000 from 1.6 Million Inhabitants are Citizens