equatorial guinea economy

Live statistics for Economy of Equatorial Guinea. Following the economic collapse of the mid-1970s, imports came to exceed exports. 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. 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 … There are international airports at Malabo and Bata as well as several regional airports. National airlines have been unsuccessful. Opposition parties do not wield much influence in the government, however, as Pres. Equatorial Guinea is one of the largest oil producers in Africa. Economic Overview. Spending on subsidies in such categories as fuel, aircraft maintenance, and family benefits increased in 2018. 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. 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 … Equatorial Guinea gained independence from Spain in 1968. 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. 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. This economy profile presents the Doing Business indicators for Equatorial Guinea. Equatorial Guinea is one of the richest countries in Africa. US and French authorities allege Teodoro Obiang Nguema Mbasogo squandered the African nation’s oil wealth. 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. Economy. 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. 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. On 1 January 1985, the country became the first non-Francophone African member of the franc zone, adopting the CFA franc as its currency. 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 Supreme Court of Justice in Malabo is the highest judicial authority. Other taxes include value-added and inheritance taxes. 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. The comparable figure for imports was $3.219 billion in same reference period. Prior to independence, the money economy was based on the production of cocoa (mostly on Bioko) and coffee and timber (in Río Muni). Many are subsistence farmers who clear the land by burning off the vegetation cover. 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. 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: The Economy. Inflation remained very low in 2016, down from an average of 4% in 2014. 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. of Equatorial Guinea’s economy should include a description of the evolution of its most important sectors: oil, timber and agriculture. 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. Under the constitution of 1991, since amended, Equatorial Guinea is a republic. Equatorial Guinea is a LDC situated in the Central African Coast, near Cameroon and Gabon. 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. Be on the lookout for your Britannica newsletter to get trusted stories delivered right to your inbox. 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 initial phase aims to produce a framework for economic development that would foster development for future generations … Fishing contributes to the economy as well, and the timber industry remains significant. Economy. The president appoints the vice president, the prime minister, and the Council of Ministers. Once they began to be exploited in the late 20th century, hydrocarbons quickly dominated the economy. By signing up for this email, you are agreeing to news, offers, and information from Encyclopaedia Britannica. The National University of Equatorial Guinea is located in Malabo. Many observers have criticized the country’s presidential and parliamentary elections as being irregular or fraudulent. 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. 7.- Secretary of State for National Defence, Mr. … Property rights are enforced selectively, and the government can seize land with very little if any due process. © 2020 by The Heritage Foundation. There are also subordinate courts. Equatorial Guinea - Economy History Equatorial Guinea, formerly known as Spanish Guinea, is composed of the territories of Fernando Poo and Rio Muni on … The mainland coastal settlements of Mbini and Kogo (Cogo) are minor ports of call. Equatorial Guinea economy 2007-2008. The inflation rate remains low, at 1.4% in 2019 versus 1.3% in 2018, below the CEMAC target of 3%. With this development there was also a … Undeveloped mineral resources include gold, zinc, diamonds, columbite-tantalite, and other base metals. With this development there was also a … 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. The slow pace of infrastructure development could decelerate growth. 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. The total value of exports and imports of goods and services equals 97.5 percent of GDP. Equatorial Guinea, country located on the west coast of Africa. 7.- Secretary of State for National Defence, Mr. … 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. 6.- Secretary of State for Justice, Worship and Penitentiary Institutions, Ms. RIMMÉ BOSIO RIOCALO. 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. See how Equatorial Guinea compares to another country using any of the measures in the Index. Live estimate for national public debt today and since the beginning of the year. 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. 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. Substantial reserves of petroleum and natural gas exist under the seafloor of Equatorial Guinea’s offshore waters. Equatorial Guinea GDP Annual Growth Rate Despite its small size, Equatorial Guinea is the third largest oil exporter in sub-Saharan Africa. Foreign investment in several sectors of the economy is restricted, and state-owned enterprises distort markets. From being an impoverished economy , largely agricultural, it has become the leading oil producer in the CEMAC zone and the third largest oil … 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. Equatorial Guinea’s exports of oil and gas rose substantially in 2007. There is one simple explanation for this transformation – the discovery of substantial offshore oil and gas reserves. Among the crops grown are cassava (manioc), sweet potatoes, oil palm fruit, plantains, bananas, coconuts, coffee, and cacao. The initiative is divided into two phases beginning in 2008 and ending in 2020. 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. The economy of Equatorial Guinea has been repressed for the past decade. The country has been one of the fastest growing economies in Africa in the past decade. Equatorial Guinea’s economic freedom score is 48.3, making its economy the 167th freest in the 2020 Index. Subsistence farming is the predominant occupation in Equatorial Guinea, although only 5% of the land is arable. 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. 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. The ruling party in Equatorial Guinea is the Democratic Party of Equatorial Guinea (Partido Democrático de Guinea Ecuatorial; PDGE), formed in 1987. The judicial system is not independent, as the president is also the chief magistrate. Pre-independence Equatorial Guinea counted on cocoa production for hard currency earnings. Equatorial Guinea has been the fastest -rowing economy in Africa over the past 15 years and one of the fastest growing in the world. There is also a cross-country road from Bata, branching at Niefang and Ncue, to Ebebiyín, Mongomo, and Nsoc near the Cameroon frontier. Nevertheless, the standard of living of most people has not significantly improved, and farming continues to be the predominant occupation. Education is compulsory and free for all children ages 6 to 11. Petroleum now accounts for the vast majority of Equatorial Guinea’s exports and contributes more than four-fifths of its gross domestic product (GDP). Bata is linked with the coastal town of Mbini by a tarred road. Equatorial Guinea had argued that the building was subject to diplomatic immunity. 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. Beyond the energy sector, economic prospects are weak. Labor laws are antiquated and unevenly enforced and add excess rigidity to the labor market. Equatorial Guinea economy 2007-2008. 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. The opposition protested the result as fraudulent. Obiang has won every election since taking office; likewise, the PDGE has maintained a decisive majority in the legislature. 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). Equatorial Guinea’s exports of oil and gas rose substantially in 2007. Our latest episode for parents features the topic of empathy. Equatorial Guinea’s economic freedom score is 48.3, making its economy the 167th freest in the 2020 Index. Read more about Equatorial Guinea Economy. This page provides - Equatorial Guinea GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. 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. Guinea’s economic freedom score is 56.5, making its economy the 121st freest in the 2020 Index. It was the only political party until 1991, when a new constitution allowing opposition parties was adopted. Teodoro Obiang Nguema Mbasogo—in office since overthrowing Francisco Macías Nguema in 1979—exercises extensive power. 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. With the phasing out of the French franc during 1999–2002, the CFA franc became linked to the euro. Unemployment Rate for Equatorial Guinea from The World Bank for the World Development Indicators (WDI) release. Equatorial Guinea Economy. Equatorial Guinea Overview: Economy. In 2007, Equatorial Guinea's exports totaled $10.03 billion. There are no railways in the country. Before independence Equatorial Guinea exported cocoa, coffee and timber, mostly to its colonial ruler, Spain, but also to Germany and the UK. 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. The mainland is home to Equatorial Guinea’s largest city, Bata, and the country’s intended future capital, Ciudad de la Paz. 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