What is the EBA?

The “Everything but Arms”(EBA) scheme is a permanent arrangement covering Least Developed Countries (LDC’s) as classified by the United Nations. This arrangement enables duty-free and quota-free access for all products (7200 products in total) originating in LDC’s except for arms and ammunition. Different from the Standard GSP and GSP+, LDC’s are not excluded from the scheme if they benefit from other preferential arrangements.

group

1,67 M

Population

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Presidential Republic

Government

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3.80%

GDP Growth

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4.00%

Inflation

money

$ 12,03 B

GDP

Facts about Equatorial Guinea's economy

Oil Production

Equatorial Guinea belonged to the fastest growing economies on the African continent in the past decade. Economic growth was fuelled by the production of oil, which most recently contributed about 25% to the country’s GDP. Currently, Equatorial Guinea is the third biggest producer in Sub-Saharan Africa.

Export Products

Equatorial Guinea's main export product is petroleum oil, followed by natural gas, methanol, tropical woods, and propane.

Trade Partners

The EU, China and India are the most important trading partners for Equatorial Guinea and together account for almost 72% of total trade.

Economic Structure

The industrial sector, mainly consisting of the petroleum industry, contributes the largest share to the country's GDP, followed by the service sector. Agriculture is traditionally of high importance but only adds a tiny fraction to the GDP as it consists mainly of subsistence farming. Coffee and cocoa are the most prominent agricultural commodities together with cassava, sweet potato, and oil palm fruit. The production of timber is another cornerstone of the economy.

Usage of EBA Preferences

Less than one percent of overall imports from Equatorial Guinea make use of EBA preferences. The country did not take advantage of EBA preferences in 2020, and left the EBA on 01 January 2021.

Trade with the EU

Total trade with the EU summed up to € 3,651 million in 2022. The EU is Equatorial Guinea's first most important export destination, accounting for a share of over 42%.

Equatorial Guinea and the EU (2022)

Imports from Equatorial Guinea by product section

Imports from Equatorial Guinea over time (in € m)

EQUATORIAL GUINEA AND THE EU’s GSP

Economic Impact

1%

Only a tiny fraction of Equatorial Guinea's exports to the European market are eligible for EBA preferences.

0%

Equatorial Guinea currently does not take advantage of EBA preferences.

Preference utilisation and export diversification

Equatorial Guinea's imports to the EU

Preference Utilisation vs. total eligible imports

Equatorial Guinea’s preference utilisation rate showed considerable fluctuations between 2011 and 2020. In 2020, Equatorial Guinea did not take advantage of EBA preferences. The majority of imports from Equatorial Guinea, however, already benefits from zero Most Favoured Nation duties including, for example, mineral products and gold.

The largest product sections under EBA

Equatorial Guinea only makes use of EBA preferences for products falling under two product sections: Prepared foods and beverages, and wood articles. Even though the most important imports from Equatorial Guinea are traded under MFN duties, the level of diversification remains low.

SUSTAINABLE DEVELOPMENT

The preferential access to the EU market granted by the EBA scheme is not bound to the ratification of international conventions. Nevertheless, Equatorial Guinea has a high level of ratification and ratified 14 out of 15 fundamental conventions on the protection of human rights and labour standards. In addition, Equatorial Guinea has ratified 7 conventions on the protection of the environment and the UN Convention against corruption.

Core international conventions on human rights and labour standards

Ratified

International Convention on the Elimination of All Forms of Racial Discrimination (1969)
International Covenant on Civil and Political Rights (1976)
International Covenant on Economic Social and Cultural Rights (1976)
Convention on the Elimination of All Forms of Discrimination Against Women (1981)
Convention Against Torture and other Cruel, Inhuman or Degrading Treatment or Punishment (1987)
Convention on the Rights of the Child (1990)
Convention concerning Forced or Compulsory Labour, No 29 (1930)
Convention concerning Freedom of Association and Protection of the Right to Organise, No 87 (1948)
Convention concerning the Application of the Principles of the Right to Organise and to Bargain Collectively, No 98 (1949)
Convention concerning Equal Remuneration of Men and Women Workers for Work of Equal Value, No 100 (1951)
Convention concerning the Abolition of Forced Labour, No 105 (1957)
Convention concerning Discrimination in Respect of Employment and Occupation, No 111 (1958)
Convention concerning Minimum Age for Admission to Employment, No 138 (1973)
Convention concerning the Prohibition and Immediate Action for the Elimination of the Worst Forms of Child Labour, No 182 (1999)

Not Ratified

Convention on the Prevention and Punishment of the Crime of Genocide (1948)

Additional Conventions

Convention on International Trade in Endangered Species of Wild Fauna and Flora (1973)
Montreal Protocol on Substances that Deplete the Ozone Layer (1987)
Basel Convention on the Control of Transboundary Movements of Hazardous Wastes and Their Disposal (1989)
Convention on Biological Diversity (1992)
The United Nations Framework Convention on Climate Change (1992)
Stockholm Convention on persistent Organic Pollutants (2001)
Kyoto Protocol to the United Nations Framework Convention on Climate Change (1998)
United Nations Convention against Corruption (2004)

EU-Equatorial Guinea Bilateral Development Assistance

DG INTPA

Access all info about EU-Equatorial Guinea relations on the International Partnerships website: https://international-partnerships.ec.europa.eu/countries/equatorial-guinea_en

Opportunities in Equatorial Guinea

Substantial investments in infrastructure, including roads, ports, airports, water supply, and electricity production and distribution
Governmental efforts to stabilise the macroeconomic environment in cooperation with the IMF
Further potential for diversification in the agricultural and fisheries sectors which currently only contribute a small share to the GDP