Equatorial Guinea

Country Summary

2023 population pyramid

Introduction

Background

Equatorial Guinea gained independence in 1968 after 190 years of Spanish rule. It is one of the smallest countries in Africa consisting of a mainland territory and five inhabited islands. Major oil reserves were discovered offshore in the late 1990s, but systemic corruption has hindered economic development.

Geography

Area

total: 28,051 sq km
land: 28,051 sq km
water: 0 sq km

Climate

tropical; always hot, humid

Natural resources

petroleum, natural gas, timber, gold, bauxite, diamonds, tantalum, sand and gravel, clay

People and Society

Population

1,737,695 (2023 est.)

Ethnic groups

Fang 78.1%, Bubi 9.4%, Ndowe 2.8%, Nanguedambo 2.7%, Bisio 0.9%, foreigner 5.3%, other 0.7%, unspecified 0.2% (2011 est.)

Languages

Spanish (official) 67.6%, other (includes Fang, Bubi, Portuguese (official), French (official), Fa d'Ambo spoken in Annobon) 32.4% (1994 est.)

Religions

Roman Catholic 88%, Protestant 5%, Muslim 2%, other 5% (animist, Baha'i, Jewish) (2015 est.)

Population growth rate

3.36% (2023 est.)

Government

Government type

presidential republic

Capital

name: Malabo; note - Malabo is on the island of Bioko; some months of the year, the government operates out of Bata on the mainland region.

Executive branch

chief of state: President OBIANG Nguema Mbasogo (since 3 August 1979 when he seized power in a military coup); First Vice President Teodoro Nguema OBIANG Mangue (since 20 November 2022)
head of government: Prime Minister Manuela ROKA Botey (since 1 February 2023); First Deputy Prime Minister Clemente Engonga NGUEMA Onguene (since 23 June 2016); Second Deputy Prime Minister Angel MESIE Mibuy (since 5 February 2018); Third Deputy Prime Minister Alfonso Nsue MOKUY (since 23 June 2016)

Legislative branch

description: bicameral National Assembly or Asemblea Nacional consists of:
Senate or Senado (70 seats statutory, 74 seats for current term; 55 members directly elected in multi-seat constituencies by closed party-list proportional representation vote, 15 appointed by the president, and 4 ex-officio)

Chamber of Deputies or Camara de los Diputados (100 seats; members directly elected in multi-seat constituencies by closed party-list proportional representation vote to serve 5-year terms)

Economy

Economic overview

growing CEMAC economy and new OPEC member; large oil and gas reserves; targeting economic diversification and poverty reduction; still recovering from CEMAC crisis; improving public financial management; persistent poverty; hard-hit by COVID-19

Real GDP (purchasing power parity)

$24.987 billion (2022 est.)
$24.077 billion (2021 est.)
$24.013 billion (2020 est.)

Real GDP per capita

$14,900 (2022 est.)
$14,700 (2021 est.)
$15,000 (2020 est.)

Agricultural products

sweet potatoes, cassava, roots/tubers nes, plantains, oil palm fruit, bananas, coconuts, coffee, cocoa, eggs

Industries

petroleum, natural gas, sawmilling

Exports

$8.776 billion (2019 est.)
$8.914 billion (2018 est.)
$9.94 billion (2017 est.)

Exports - partners

China 34%, India 19%, Spain 11%, United States 7% (2019)

Exports - commodities

crude petroleum, natural gas, industrial alcohols, lumber, veneer sheeting (2021)

Imports

$6.245 billion (2019 est.)
$6.129 billion (2018 est.)
$5.708 billion (2017 est.)

Imports - partners

United States 22%, Spain 19%, China 12%, United Kingdom 6%, United Arab Emirates 5% (2019)

Imports - commodities

gas turbines, beer, ships, industrial machinery, excavation machinery (2019)

Exchange rates

Cooperation Financiere en Afrique Centrale francs (XAF) per US dollar -
Exchange rates:
623.76 (2022 est.)
554.531 (2021 est.)
575.586 (2020 est.)
585.911 (2019 est.)
555.446 (2018 est.)


Page last updated: Wednesday, April 24, 2024