Economy

Equatorial Guinea has recently experienced rapid economic growth due to the discovery of large offshore oil reserves. In the last decade the country become Sub-Saharan Africa’s third largest oil exporter (occasionally called the Kuwait of Africa). Despite Equatorial Guinea’s economic windfall from oil and massive increase in government revenue in recent years, improvements in the population's living standards have remained at earlier poor levels.

Forecast summary

(% unless otherwise indicated)

 

2014[a]

2015[b]

2016[b]

2017[b]

2018[b]

2019[b]

Real GDP growth

-3.1[c]

-7.4

-3.3

-2.9

-1

-0.5

Consumer price inflation (av)

5.4

3.5

3.9

3.8

3.5

3.6

Oil production ('000 b/d)

254.1

229.9

216.1

209.7

197.1

180.9

Government balance (% of GDP)

-7.3

-5.5

-4.8

-3.4

-2.9

-2.4

Exports of goods fob (US$ bn)

14.8

9.2

8.5

9.3

9.1

8.8

Imports of goods fob (US$ bn)

5.5

4.1

3.9

3.8

3.9

4

Current-account balance (US$ bn)

-1.5

-1.2

-0.9

-0.5

-0.7

-1

Current-account balance (% of GDP)

-10.8

-11.1

-8.7

-4.5

-5.8

-7.5

External debt (year-end; US$ bn)

1.4

1.3

1.4

1.7

1.8

1.7

Exchange rate CFAfr:US$ (av)

494.4[c]

580.5

618.8

585.7

560.6

546.6

Exchange rate CFAfr:US$ (end-period)

540.3[c]

596.3

613

587

557.1

544.4

Exchange rate CFAfr:¥100 (av)

467.1[c]

475.4

497.5

472.3

459.5

455.5

Exchange rate CFAfr:€ (av)

656.0[c]

656

656

656

656

656

[a] Economist


Intelligence Unit estimates. [b] Economist Intelligence Unit


forecasts. [c] Actual.

(c) The Economist Intelligence Unit 2015