Republic of Equatorial Guinea, Article IV consultation, 2006

Republic of Equatorial Guinea, Article IV consultation, 2006

International Monetary Fund | June 21, 2006
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An economic overview and analysis of Equatorial Guinea by the IMF.

"The Equatoguinean economy is now 20 times larger than what it was in the mid-1990s. During the first half of the 1990s, average oil production in Equatorial Guinea was less than 5,000 barrels per day. About a decade later, hydrocarbon (oil and gas) production had increased to 380,000 barrels of oil equivalent per day (boed). Over that period, the economy grew at an average rate of 37 percent per year. The hydrocarbon sector dominated the expansion and was more than 80 percent of GDP in 2005. The  non-oil sector was also dynamic, with average annual growth in double digits during the last decade, propelled by expansions in the service and construction sectors. Hence, Equatorial Guinea’s nominal GDP in 2005 was US$6.8 billion, with an officially estimated population of 1.14 million.

The overall economic growth since the mid-1990s has led to a rapid rise in per capita income to that of middle-income countries, but the standard of living for the population at large has not improved commensurately. While comprehensive data on poverty are not yet available, tentative estimates suggest that a significant proportion of the population is living below the poverty line and that social services remain underdeveloped. The significant improvements in the Human Development Index (HDI) that Equatorial Guinea experienced in the last decade were driven entirely by the high growth in GDP per capita. Life expectancy remains at about the average for sub-Saharan African (SSA) countries, school enrollment and literacy has not changed noticeably, and access to safe water is still among the lowest in the world..."

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