Editing Equatorial Guinea (section)

== Economy ==
{{Main|Economy of Equatorial Guinea}}
[[File:Equatorial Guinea Product Exports (2019).svg|thumb|A proportional representation of Equatorial Guinea exports, 2019]]

Before the nation's independence from Spain, Equatorial Guinea exported [[cocoa bean|cocoa]], coffee and timber, mostly to its colonial ruler, Spain, but also to Germany and the UK. On 1 January 1985, the country became the first non-[[wikt:Francophone|Francophone]] African member of the [[franc zone]], adopting the [[CFA franc]] as its currency. The national currency, the [[ekwele]], had previously been linked to the [[Spanish peseta]].<ref name="web.archive.org">{{cite web|url=http://www.equatorialguinea.org/information1387/information.htm|title=Equatorial Guinea|publisher=equatorialguinea.org|access-date=3 May 2010|archive-url=https://web.archive.org/web/19991003081314/http://www.equatorialguinea.org/information1387/information.htm|archive-date=3 October 1999}}</ref>
[[File:Gepetrol HQ Malabo 2013.jpg|thumb|left|upright|Gepetrol Tower in Malabo, 2013]]
The discovery of large [[oil reserves]] in 1996 and its subsequent exploitation contributed to a dramatic increase in government revenue. {{As of|2004}},<ref>{{cite news|url=https://www.washingtonpost.com/wp-dyn/articles/A1101-2004Sep6.html|title=U.S. Oil Firms Entwined in Equatorial Guinea Deals|newspaper=[[Washington Post]]|author=Justin Blum|date=7 September 2004|access-date=9 July 2008|archive-date=25 January 2021|archive-url=https://web.archive.org/web/20210125204645/https://www.washingtonpost.com/gdpr-consent/?next_url=https://www.washingtonpost.com/wp-dyn/articles/A1101-2004Sep6.html|url-status=live}}</ref> Equatorial Guinea is the third-largest [[List of countries by oil production|oil producer]] in [[Sub-Saharan Africa]]. Its oil production has risen to {{convert|360000|oilbbl/d}}, up from 220,000 only two years earlier. Oil companies operating in Equatorial Guinea include [[ExxonMobil]], [[Marathon Oil]], [[Kosmos Energy]] and [[Chevron Corporation|Chevron]].<ref>{{cite news |title=Equatorial Guinea grants two year extensions on oil & gas exploration |url=https://www.reuters.com/article/us-health-coronavirus-equatorialguinea-idUSKBN22G1XG |work=[[Reuters]] |date=4 May 2020 |access-date=22 January 2022 |archive-date=22 January 2022 |archive-url=https://web.archive.org/web/20220122143326/https://www.reuters.com/article/us-health-coronavirus-equatorialguinea-idUSKBN22G1XG |url-status=live }}</ref><ref>{{cite news |title=Chevron, Equatorial Guinea sign production-sharing agreement for offshore block |url=https://www.reuters.com/business/energy/chevron-equatorial-guinea-sign-production-sharing-agreement-offshore-oil-block-2021-12-09/ |work=Reuters |date=10 December 2021 |access-date=22 January 2022 |archive-date=22 January 2022 |archive-url=https://web.archive.org/web/20220122143324/https://www.reuters.com/business/energy/chevron-equatorial-guinea-sign-production-sharing-agreement-offshore-oil-block-2021-12-09/ |url-status=live }}</ref>

In July 2004, the [[United States Senate]] published an investigation into [[Riggs Bank]], a [[Washington DC|Washington]]-based bank into which most of Equatorial Guinea's oil revenues were paid until recently, and which also banked for [[Chile]]'s [[Augusto Pinochet]]. The Senate report showed at least $35 million siphoned off by Obiang, his family and regime senior officials. The president has denied any wrongdoing. Riggs Bank in February 2005 paid $9 million in restitution for Pinochet's banking, no restitution was made with regard to Equatorial Guinea.<ref>{{cite web |title=Inner City Press / Finance Watch: "Follow the Money, Watchdog the Regulators" |url=http://www.innercitypress.org/finwatch.html |url-status=live |archive-url=https://web.archive.org/web/20110511083001/http://www.innercitypress.org/finwatch.html |archive-date=11 May 2011 |access-date=3 May 2010 |publisher=[[Inner City Press]]}}</ref>

Forestry, farming, and fishing are also major components of the country's [[gross domestic product]] (GDP). Subsistence farming predominates. Agriculture is the country's main source of employment, providing income for 57% of rural households and employment for 52% of the workforce.<ref>{{Cite web|title=Overview|url=https://www.worldbank.org/en/country/guinea/overview|access-date=16 October 2021|website=[[World Bank]]|language=en|archive-date=16 October 2021|archive-url=https://web.archive.org/web/20211016021820/https://www.worldbank.org/en/country/guinea/overview|url-status=live}}</ref> From 2000 to 2010, Equatorial Guinea had the highest average annual increase in GDP, 17%.<ref>{{Cite book |last=Glenday |first=Craig |url=https://archive.org/details/guinnessworldrec0000unse_r3e7/page/123 |title=Guinness Book of Records 2014 |publisher=Guinness World Records Limited |year=2013 |isbn=978-1-908843-15-9 |page=[https://archive.org/details/guinnessworldrec0000unse_r3e7/page/123]}}</ref>

Equatorial Guinea is a member of the [[Organization for the Harmonization of Business Law in Africa]] (OHADA).<ref name="ohada.com">{{cite web|title=OHADA.com: The business law portal in Africa|url=http://www.ohada.com/index.php|access-date=22 March 2009|archive-date=26 March 2009|archive-url=https://web.archive.org/web/20090326033744/http://www.ohada.com/index.php|url-status=live}}</ref> Equatorial Guinea is also a member of the [[Central African Monetary and Economic Union]] (CEMAC), a subregion that comprises more than 50 million people.<ref>{{Cite web|title=Equatorial Guinea|url=https://www.state.gov/reports/2020-investment-climate-statements/equatorial-guinea/|access-date=16 October 2021|website=[[United States Department of State]]|language=en-US|archive-date=18 June 2021|archive-url=https://web.archive.org/web/20210618024722/https://www.state.gov/reports/2020-investment-climate-statements/equatorial-guinea/|url-status=live}}</ref> Equatorial Guinea tried to be validated as an [[Extractive Industries Transparency Initiative]] (EITI)-compliant country. The country obtained candidate status on 22 February 2008; when Equatorial Guinea applied to extend the deadline for completing EITI's validation, the EITI Board did not agree to the extension.<ref>[http://www.eitransparency.org/EquatorialGuinea Equatorial Guinea | EITI] {{webarchive |url=https://web.archive.org/web/20100513205556/http://www.eitransparency.org/EquatorialGuinea |date=13 May 2010 }}. Eitransparency.org (27 September 2007). Retrieved on 5 May 2013.</ref>

[[File:Torre de la Libertad.jpg|thumb|[[Torre de La Libertad]] ("Freedom Tower")]]
According to the [[World Bank]], Equatorial Guinea has the highest [[gross national income]] (GNI) per capita of any African country, 83 times larger than the GNI per capita of [[Burundi]], the poorest country.<ref>{{cite web|title=50 Things You Didn't Know About Africa|work=[[World Bank]]|url=http://www.saylor.org/site/wp-content/uploads/2012/05/polsc325-4.1-50-Things-you-didnt-know-about-Africa.pdf|access-date=7 May 2012|archive-url=https://web.archive.org/web/20130725192911/http://www.saylor.org/site/wp-content/uploads/2012/05/polsc325-4.1-50-Things-you-didnt-know-about-Africa.pdf|archive-date=25 July 2013}}</ref> However, Equatorial Guinea has extreme poverty brought about by [[wealth inequality]].<ref name="CIA 2024 h869">{{cite web | title=The World Factbook: Equatorial Guinea | website=CIA | date=16 April 2024 | url=https://www.cia.gov/the-world-factbook/countries/equatorial-guinea/ | access-date=23 April 2024}}</ref><ref name="The New York Times 2011 m648">{{cite news |last=Hicks |first=Tyler | title=A Wealth Gap in Equatorial Guinea | website=The New York Times | date=31 May 2011 | url=https://www.nytimes.com/slideshow/2011/05/30/world/africa/20110531-GUINEA/s/20110531-GUINEA-slide-BKHR.html | access-date=23 April 2024}}</ref> According to the 2016 United Nations Human Development Report, Equatorial Guinea had a GDP per capita of $21,517, one of the highest levels of wealth in Africa. However, it is one of the most unequal countries in the world according to the [[Gini index]], with 70 per cent of the population living on one dollar a day.<ref>{{Cite web |url=https://www.playgroundmag.net/now/documental-prohibido-guinea-ecuatorial-obiang-franquismo-africa_42978422.html |title=El franquismo resiste en algún lugar de África &#124; PlayGround |access-date=24 November 2021 |archive-date=27 November 2019 |archive-url=https://web.archive.org/web/20191127091730/https://www.playgroundmag.net/now/documental-prohibido-guinea-ecuatorial-obiang-franquismo-africa_42978422.html }}</ref> The country ranks 145th out of 189 on the [[United Nations Human Development Index]] in 2019.<ref name="mondediplo.com" />

Hydrocarbons account for 97% of the state's exports, and it is a member of the [[African Petroleum Producers' Organization|African Petroleum Producers Organization]]. In 2020, it faces its eighth year of recession, due in part to endemic corruption.<ref name="mondediplo.com" /> The economy of Equatorial Guinea was expected to grow about 2.6% in 2021, a projection that was based on the successful completion of a large gas project and the recovery of the world economy by the second half of the year. But the country is expected to return to recession in 2022, with a real GDP decline of about 4.4%.<ref>{{Cite web |date=29 March 2019 |title=Equatorial Guinea Economic Outlook |url=https://www.afdb.org/en/countries/central-africa/equatorial-guinea/equatorial-guinea-economic-outlook |url-status=live |archive-url=https://web.archive.org/web/20211016021328/https://www.afdb.org/en/countries/central-africa/equatorial-guinea/equatorial-guinea-economic-outlook |archive-date=16 October 2021 |access-date=16 October 2021 |website=[[African Development Bank]] |language=en}}</ref> In 2022, the country's [[Gini coefficient]] was 58.8.<ref>{{Cite web |title=Guinea |url=https://www.worldeconomics.com/Inequality/Gini-Coefficient/Guinea.aspx |url-status=live |archive-url=https://web.archive.org/web/20230712052718/https://www.worldeconomics.com/Inequality/Gini-Coefficient/Guinea.aspx |archive-date=12 July 2023 |access-date=12 July 2023 |website=World Economics}}</ref>