Equatorial Guinea Economy

Equatorial Guinea Economy  | read this item

The country of Equatorial Guinea calculated about 551,201 people as for the year of 2007. The indicator of GDP was $10.4 billion with a real GDP growth rate 9.1%.

When we do observe the main features of Equatorial Guinea economy we notice that there are great resources of petroleum, natural gas, uranium and timber in the country. Agriculture was 2.8% of the GDP whereas industry took 92.6%. The rest 4.5% was for services sector. Coffee, rice, livestock, manioc are the most well-known agricultural products in Equatorial Guinea. Here we do mention US, Norway, Spain, China, United Kingdom and Canada as major trading partners of Equatorial Guinea.

The economy of the country in 2007 experienced $10.03 billion of total exports. Just to compare, imported goods were $3.219 billion in the same period. Moreover, it should be mentioned that exports of gas and oil have risen during this period and this naturally caused certain changes in the whole economy. A high tech LNG was installed and that influenced energy sector. In addition to this, Equatorial Guinea is for open investment framework. And it should be also mentioned that the country depends on foreign investments greatly.

Being an impoverished nation, Equatorial Guinea though experiences certain problems, such as corruption, limited size of the domestic market, lack of proper policy implementation. 81% of Government revenues are gathered from oil related activities. There is also a project aimed at Equatorial Guinea’s modernization.

Topics: Canada, China, country, economy, Equatorial Guinea, Equatorial Guinea Economy, foreign investments, gas, GDP, gdp growth, gdp growth rate, investment framework, major trading partners, Norway, oil, period, policy implementation, real gdp growth rate, sector, Spain, United Kingdom, US