Republic of Equatorial Guinea: 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Director for the Republic of Equatorial Guinea

Author: International Monetary Fund. African Dept.

Volume/Issue: Volume 2016 Issue 341

Publication date: November 2016

ISBN: 9781475551372

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Topics covered in this book

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Economics- Macroeconomics , Public Finance , Business and Economics - Statistics , ISCR , CR , a number of IMF policy recommendation , deficit , oil-price shock , GDP , holding , balance of payments statistics mission , IMF staff estimate , Equatorial Guinea's debt , Fiscal consolidation , Balance of payments statistics , Sub-Saharan Africa , Global

Also of interest

Republic of Congo : 2001 Article IV

Spain

Peru

Malawi

Summary

This 2016 Article IV Consultation highlights that Equatorial Guinea’s overall real GDP growth has been weak in recent years averaging –0.5 percent from 2010–14, largely owing to a trend decline of the dominant hydrocarbon sector. Economic performance deteriorated substantially in the wake of the 2014 oil-price shock. In 2015, the pace of the contraction intensified, and economic activity declined by 7.4 percent. The near-term outlook is very challenging, given prospects for depressed energy prices and a continued decline in hydrocarbon production. Weak oil revenues and limited buffers will require further cuts to public investment, leading to a deep contraction of the large construction sector and public administration.