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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. [9] In 2017, it graduated from "Least Developed Country" status, one of six Sub-Saharan African nations that managed ...
Countries in Africa are sorted according to data from the International Monetary Fund. [1] The figures presented here do not take into account differences in the cost of living in different countries, and the results can vary greatly from one year to another based on fluctuations in the exchange rates of the country's currency . [ 2 ]
At the bottom of the list, South Africa had a growth rate of 0.1% while Equatorial Guinea’s economy had receded with a rate of -1.8%. World Bank estimates for 2022 presented a different picture, with Niger leading economic growth at 11.5%, South Sudan receding at a rate of -10.8% and the continent as a whole seeing an average of 4.2% growth. [3]
Equatorial Guinea asked judges at the International Court of Justice (ICJ) on Monday to reject Gabon's claim to several islands in potentially oil-rich waters in the Gulf of Guinea. The African ...
A farm in Equatorial Guinea. Agriculture is a major sector of the economy in Equatorial Guinea. Farming accounts for approximately 2% of GDP as it contributes little to the export earnings of the country. [1] In 2022, the Food and Agriculture Organization of the United Nations held its Africa regional conference in Malabo. [2]
The economy of Equatorial Guinea was expected to grow about 2.6% in 2021, a projection that was based on the successful completion of a large gas project and the recovery of the world economy by the second half of the year. But the country is expected to return to recession in 2022, with a real GDP decline of about 4.4%. [118]
Equatorial Guinea is a significant oil producer in Africa. Crude oil produced by the country is primarily extracted from the Alba, Zafiro, and Ceiba regions. As a result of the recent increase in the extraction of petroleum, the country's economy has grown significantly.
In December 2008, Equatorial Guinea security forces killed a Cameroonian fisherman and abducted two immigrants, Cameroon closed its border in response. [114] Cameroon has an embassy in Malabo and a consulate in Bata. Equatorial Guinea has an embassy in Yaoundé and a consulates-general in Ebolowa and Douala. Chad: Chad has an embassy in Malabo.