Country Summary: Equatorial Guinea (Republic of Equatorial Guinea)

Country Name: Equatorial Guinea (Republic of Equatorial Guinea)

Capital: Malabo

Government Type: presidential republic

Background: Equatorial Guinea consists of a continental territory and five inhabited islands; it is one of the smallest countries by area and population in Africa. The mainland region was most likely predominantly inhabited by Pygmy ethnic groups prior to the migration of various Bantu-speaking ethnic groups around the second millennium BC. The island of Bioko, the largest of Equatorial Guinea’s five inhabited islands and the location of the country’s capital of Malabo, has been occupied since at least 1000 B.C. In the early 1470s, Portuguese explorers landed on Bioko Island and Portugal soon after established control of the island and other areas of modern Equatorial Guinea. In 1778, Portugal ceded its colonial hold over present-day Equatorial Guinea to Spain in the Treaty of El Pardo. The borders of modern-day Equatorial Guinea would evolve between 1778 and 1968 as the area remained under European colonial rule.

In 1968, Equatorial Guinea was granted independence from Spain and elected Francisco MACIAS NGUEMA as its first president. President MACIAS consolidated power soon after his election and ruled brutally for approximately 11 years. Under his regime, Equatorial Guinea experienced mass suppression, purges, and killings. Some estimates indicate that a third of the population either went into exile or was killed under President MACIAS’ rule. In 1979, present-day President OBIANG NGUEMA MBASOGO, then a senior military officer, deposed President MACIAS in a violent coup. President OBIANG has ruled since and has been elected in non-competitive contests several times, most recently in November 2022. The president exerts almost total control over the political system and there is nearly no space for political opposition. Equatorial Guinea experienced rapid economic growth in the early years of the 21st century due to the discovery of large offshore oil reserves in 1996. Production peaked in 2004 and has declined since. The country's economic windfall from oil production resulted in massive increases in government revenue, a significant portion of which was designated for the development of infrastructure. Systemic corruption, however, has hindered socio-economic development and there have been limited improvements in the population's living standards. Equatorial Guinea continues to seek to diversify its economy, increase foreign investment, and assume a greater role in regional and international affairs. 

Continent: Africa

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.)

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

Currency: Central African CFA Franc (XAF)

Reserves of Foreign Exchange & Gold: $44.271 million (2021 est.) note: holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars

Real GDP (Purchasing Power Parity): $24.987 billion (2022 est.) note: data in 2017 dollars

Real GDP Growth Rate: 3.78% (2022 est.) note: annual GDP % growth based on constant local currency

Real GDP per Capita: $14,900 (2022 est.) note: data in 2017 dollars

Exports: 

• $8.776 billion (2019 est.)

• Comparison Ranking: 118

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

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

Imports: 

• $6.245 billion (2019 est.)

• Comparison Ranking: 139

Import Commodities: gas turbines, beer, ships, industrial machinery, excavation machinery (2019)

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

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

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

Industries: petroleum, natural gas, sawmilling

Industrial Production Growth Rate: 

• 3.13% (2022 est.) note: annual % change in industrial value added based on constant local currency

• Comparison Ranking: 115

Labor Force: 572,000 (2022 est.)

Unemployment Rate: 8.58% (2022 est.) note: % of labor force seeking employment

Natural Hazards: violent windstorms; flash floods

• Volcanism: Santa Isabel (3,007 m), which last erupted in 1923, is the country's only historically active volcano; Santa Isabel, along with two dormant volcanoes, form Bioko Island in the Gulf of Guinea

Geography:

• Total: 28,051 sq km

• Land: 28,051 sq km

• Water: 0 sq km

(Country Summary, The World Factbook, CIA.gov)

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