Economy of Equatorial Guinea
| Statistics | |
|---|---|
| Main industries | petroleum, fishing, saw-milling, natural gas |
| Ease-of-doing-business rank | 178th (below average, 2020) |
| External | |
| Exports | $15.44 billion (2013 est.) |
How does Equatorial Guinea make money?
Equatorial Guinea’s economy traditionally depended on three commodities—cocoa (from the cacao tree), coffee, and timber—but the discovery and exploitation of petroleum and natural gas changed the country’s economic profile virtually overnight in the 1980s.
Is it expensive to live in Equatorial Guinea?
The cost of living in Equatorial Guinea is $1185, which is 1.61 times more expensive than the world average. Equatorial Guinea ranked 43rd out of 197 countries by cost of living and the 167th best country to live in.
What is the minimum wage in Equatorial Guinea?
129,035
Equatorial Guinea’s Minimum Wage is the lowest amount a worker can be legally paid for his work. Most countries have a nation-wide minimum wage that all workers must be paid. Equatorial Guinea’s minimum wage is 129,035 CFA franc ($224) Equatorial Guinea’s minimum wage was last changed in 1-Jan-2015.
How much does a house cost in Equatorial Guinea?
Summary of cost of living in Equatorial Guinea
| Food | |
|---|---|
| Monthly rent for 85 m2 (900 sqft) furnished accommodation in expensive area | 603,508 Franc |
| Monthly rent for 85 m2 (900 sqft) furnished accommodation in normal area | 305,262 Franc |
| Utilities 1 month (heating, electricity, gas …) for 2 people in 85m2 flat | 100,000 Franc |
How to find a job in Equatorial Guinea as a foreigner?
Most opportunities available for expats will involve something dealing with oil. If you are not interested in oil, I suggest finding another country in Africa. Without further ado, below is a selection of resources for searching for employment opportunities in Equatorial Guinea as a foreigner.
What are the biggest industries in Equatorial Guinea?
The country has a little industry and market for industrial products are also small. Here are some of the biggest industries in Equatorial Guinea. Oil and gas extraction dominates the economy of Equatorial Guinea and accounts for approximately 90% of the country’s GDP.
Why is Equatorial Guinea the richest country in Africa?
Since the 1990s, the Central African country has become a major oil producer in Sub-Saharan Africa. It is Africa’s richest country per capita and its PPP GDP per capita is 31st highest in the world (2016). However, the wealth is unevenly distributed and only a few people benefit from oil.
Where is the capital of Equatorial Guinea located?
Also, the capital of Equatorial Guinea, Malabo, is not actually located on mainland Africa, but on an island just off the coast known as Bioko Island. If your wish is to work in Equatorial Guinea, good luck because job opportunities will be VERY HARD to come by.
