Equatorial Guinea - Republic of Equatorial Guinea Member
Republic of Equatorial Guinea comprises the Rio Muni coastal enclave, which consists of several islands of Cameroon coast and a part of the African mainland between Gabon and Cameroon.
Being situated on the oil and gas-rich Gulf of Guinea, Equatorial Guinea is a fast-growing economy due to investments in its large reserves of oil and gas which are altering the economic and political status of the country. The rapidly growing upstream oil and gas industry is key to the national economy.
Equatorial Guinea has other resources, including its tropical climate, fertile soils, rich expanses of water, deepwater ports. The Government is seeking to diversify the economy by encouraging agriculture and financial services. The once-significant economic mainstays of the colonial era – cocoa, coffee, and timber – are also receiving attention, though they remain minuscule in comparison to the energy sector.
|Language(s)||Spanish (official), French, Portuguese|
|National currency||Central African CFA Franc|
|Labor force (inhabitants)||503,147|
|GDP (current billion US$)||12.27|
|GDP per capita (current US$)||8,462.29|
|GDP growth (percentage)||-0.95|
|Exports of Goods and Services (current billion US$)||6.81|
|Proven natural gas reserves (billion c.m.)||39|
|Natural gas marketed production (billion c.m.)||7.04|
|LNG exports (billion c.m.)||4.69|
|Domestic natural gas consumption (billion c.m.)||2.26|