Key Competitive Attractions
Equatorial Guinea has the highest GDP per capita in Africa, and has by some estimates higher GDP per capita rates than several key Western European countries. However, the country ranks low on the United Nations Human Development Index, and income inequality and corruption levels are considered extreme.
Oil export is by far the biggest source of foreign exchange. Equatorial Guinea is the third-largest oil producer in Sub-Saharan Africa.
However, even before the exploration of oil, the country already had the continent’s highest per capita income, in large part due to the export of high quality cocoa. The agricultural sector, though still important, has been neglected in recent years and the production of cocoa and coffee has dropped sharply.
After oil, the biggest export item is timber, while fishing and tuna processing are growing sub-sectors. Most of the population are engaged in subsistence farming.
The country also has significant amounts of unexploited natural resources: titanium, iron ore, manganese, uranium and gold.
Equatorial Guinea has two of the deepest Atlantic seaports in the region: the ports of Bata and Malabo. Both are severely extended and in need of upgrade. However, the country’s third biggest port, in Luba, is undergoing extensive rehabilitation, and may become a significant transportation hub for offshore oil and gas companies in the future.
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