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Equatorial Guinea

Country Code: 226

ISO2 Code: GQ

ISO3 Code: GNQ

Country Economic Snapshot

2020-04-20

Equatorial Guinea is a small coastal West African country with a GDP of US$12.3bn in 2018 and a population of 1.3 million. It is very dependent on oil production which is declining (down 6.8% so far in 2020) and has resulted in declining GDP since 2017. GDP is expected to shrink by another 2.3% in 2020.

The declining oil production is due to maturing fields and oil companies unwilling to invest in exploration due to the low prices. But this likely to be reversed due the price recovery and the ultimatum by Gabriel Mbaga Obiang Lima, the country’s minister of Mines to oil companies to invest or lose their unexplored licensed blocks.

The economy remains dominated by hydrocarbons, even though nonoil activities increased from about 40% of GDP in 2013 to 56% in 2017. Inflationary pressures should remain moderate, with inflation rates of about 1.6% in 2020 and 1.4% in 2021.

Info

Capital Malabo
Currency (Name, Abbreviation, Symbol) CFA franc , XAF , BEAC
Area 28,051 sq km
Type of Government presidential republic
Languages Spanish (official) 67.6%, other (includes French (official), Fang, Bubi) 32.4% (1994 census)
Natural Resources petroleum, natural gas, timber, gold, bauxite, diamonds, tantalum, sand and gravel, clay
Type of Industry petroleum, natural gas, sawmilling
Stock Exchange Bourse Rgionale des Valeurs Mobilires d'Afrique Centrale
Stock Exchange Location Libreville, Gabon.
Stock Exchange Founded 1998
Tax Rate: Corporate 35%
Tax Rate: Individual 35%
Natural Resources petroleum, natural gas, timber, gold, bauxite, diamonds, tantalum, sand and gravel, clay

Latest available information as sourced from:

African Markets

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Economy Watch

The World Fact Book

KPMG Tax Tables

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