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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]
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.
South Africa: 0.717 0.004 8 114 Botswana: 0.708 0.028 Medium human development 9 120 Morocco: 0.698 0.010 10 123 Gabon: 0.693 0.006 11 131 Cape Verde: 0.661 0.011 12 133 Equatorial Guinea: 0.650 0.003 13 141 São Tomé and Príncipe: 0.613 0.008 14 142 Eswatini: 0.610 0.002 Namibia: 0.006 16 145 Ghana: 0.602 0.002 17 146 Kenya: 0.601 0.005 18 149
Throughout much of the 1990s, Equatorial Guinea was considered to be a poor country with little prospects of economic growth. [1] Although the country had been rather successful at independence due to its cocoa industry, the Macias regime that quickly exerted its repressive forces eventually diminished it to a shell of its former glory.
The regulation of mining in Equatorial Guinea is handled by the Ministry of Mines, Industry, and Energy, which oversees activities in the mining and petroleum industries. [ 1 ] Petroleum exploration and production is the core of Equatorial Guinea's economy , and accounts for over 90 percent of Equatorial Guinea's national income .