Equatorial Guinea

Equatorial Guinea: explosive, multi-decade catch-up growth, 1980–2024

Offshore oil discoveries in the mid-1990s turned Equatorial Guinea from one of Africa's poorest countries into one with very high per-capita GDP, but declining output since the late 2000s has brought prolonged contraction, while wealth remains highly concentrated. Between 1980 and 2024, Equatorial Guinea's GDP per capita grew from $175 to $6,745 (current US$), a compound annual growth rate of 8.6% — explosive, multi-decade catch-up growth. Annual GDP growth averaged 12.4% with a year-to-year standard deviation of 26.7 points, reflecting considerable volatility and periodic crises. Structurally, agriculture's share of the economy moved from 1.5% to 3.1% of GDP (a notable increase), while services rose from 15.7% to 51.1% of GDP, underscoring a shift toward a services-driven economy. On human development, life expectancy rose from 48.8 to 63.9 years, while tertiary school enrollment moved from 4.1% to 1.8%, while the urban population share grew from 26.3% to 71.4%.

What this growth cost: Growth was not without cost: per-capita CO2 emissions rose from 0.22 to 2.55 tonnes CO2e per person; income inequality (Gini index) widened from 38.5 to 38.5; the poverty headcount ratio increased from 8.8% to 8.8%.