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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. The capital of Malabo is located on the island of Bioko, approximately 25 km from the Cameroonian coastline in the Gulf of Guinea. Between 1968 and 1979, autocratic President Francisco MACIAS NGUEMA virtually destroyed all of the country's political, economic, and social institutions before being deposed by his nephew Teodoro OBIANG NGUEMA MBASOGO in a coup. President OBIANG has ruled since October 1979 and was reelected in 2016. Although nominally a constitutional democracy since 1991, presidential and legislative elections since 1996 have generally been labeled as flawed. The president exerts almost total control over the political system and has placed legal and bureaucratic barriers that prevent political opposition. Equatorial Guinea has experienced rapid economic growth due to the discovery of large offshore oil reserves, and in the last decade has become Sub-Saharan Africa's third largest oil exporter. Despite the country's economic windfall from oil production, resulting in a massive increase in government revenue in recent years, the drop in global oil prices has placed significant strain on the state budget. Equatorial Guinea continues to seek to diversify its economy and to increase foreign investment despite limited improvements in the population's living standards. Equatorial Guinea is the host of major regional and international conferences and continues to seek a greater role in regional affairs.

Location

Central Africa, bordering the Bight of Biafra, between Cameroon and Gabon

Natural Resources

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

Population - distribution

only two large cities over 30,000 people (Bata on the mainland, and the capital Malabo on the island of Bioko); small communities are scattered throughout the mainland and the five inhabited islands

1014999
Spanish (official) 67.6%, other (includes French (official), Fang, Bubi) 32.4% (1994 census)
MALABO (capital) 145,000 (2014)
Conventional long form
Republic of Equatorial Guinea
Conventional short form
Equatorial Guinea
Local long form
Republica de Guinea Ecuatorial/Republique de Guinee Equatoriale
Local short form
Guinea Ecuatorial/Guinee Equatoriale
presidential republic
Name
Malabo
Geographic coordinates
3 45 N, 8 47 E
Time difference
UTC+1 (6 hours ahead of Washington, DC, during Standard Time)
has not submitted an ICJ jurisdiction declaration; non-party state to the ICCt
Exploitation of oil and gas deposits, beginning in the 1990s, has driven economic growth in Equatorial Guinea; a recent rebasing of GDP resulted in an upward revision of the size of the economy by approximately 30%. Forestry and farming are minor components of GDP. Although preindependence Equatorial Guinea counted on cocoa production for hard currency earnings, the neglect of the rural economy since independence has diminished the potential for agriculture-led growth. Subsistence farming is the dominant form of livelihood. Declining revenue from hydrocarbon production, high levels of infrastructure expenditures, lack of economic diversification, and corruption have pushed the economy into decline in recent years and limited improvements in the general population’s living conditions. Equatorial Guinea’s real GDP growth has been weak in recent years, averaging -0.5% per year from 2010 to 2014, because of a declining hydrocarbon sector. Inflation remained very low in 2016, down from an average of 4% in 2014.
Inflation
1.668%
Total tax rate (% of commercial profits)
79.4%
Real Interest Rate
11.61%
Manufacturing, value added (% of GDP)
12.3%
Current Account Balance
US$ -344,039,026
Labor Force, Total
627,641
Employment in Agriculture
76.35%
Employment in Industry
4.76%
Employment in Services
17.61%
Unemployment Rate
7.33%
Imports of goods and services
US$ 4,511,747,055
Exports of goods and services
US$ 5,609,325,470
Total Merchandise Trade
74.66%
FDI, net inflows
US$ 316,172,119
Commercial Service Exports
US$ 4,879,265
coffee, cocoa, rice, yams, cassava (manioc, tapioca), bananas, palm oil nuts; livestock; timber
petroleum, natural gas, sawmilling
Commodities
petroleum products, timber
Partners
China 17.2%, South Korea 15.6%, Spain 9.4%, Brazil 8.5%, Netherlands 7.1%, India 6.2%, UK 6%, France 5.9%, Italy 4% (2015)
Commodities
petroleum sector equipment, other equipment, construction materials, vehicles
Partners
Netherlands 17%, Spain 16.5%, China 15%, US 9%, Cote dIvoire 6%, France 4.8% (2015)
Country Risk Rating
Business Climate Rating

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