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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]
The figures are from the International Monetary Fund (IMF) World Economic Outlook Database, unless otherwise specified. [1] This list is not to be confused with the list of countries by real GDP per capita growth, which is the percentage change of GDP per person taking into account the changing population of the country.
This is a list of the African nations ranked by Gross Domestic Product (GDP) at Purchasing Power Parity (PPP). Figures are given in international dollars according to the International Monetary Fund.
This is a list of African countries by Gross Domestic Product (GDP) per capita based on purchasing power parity (PPP). GDP (PPP) per capita is given in international dollars . Note that the list excludes overseas departments Mayotte and Réunion (France), both west of Mauritius.
As of 2018, Nigeria is the biggest economy in Africa by nominal GDP, followed by South Africa; in terms of PPP, Egypt is second biggest after Nigeria. [34] Equatorial Guinea has Africa's highest GDP per capita.
From the dramatic increase in oil production in recent years, Equatorial Guinea has managed to claim the spot as the third largest oil producer in Africa. [3] As a result, its GDP per capita is among the highest in the world. In fact, in 2005, the country had an estimated GDP per capita of $50,240-- only second to that of Luxembourg. [3]