Economic growth

At present Equatorial Guinea is among the ten countries with the highest economic growth rate of the world. From being one of the countries which needed more economic resources of Africa, it has become one of the richest countries of the continent, as a result of a very important economic development.

At the beginning of the nineties oil was discovered in Equatorial Guinea. The beginning of oil production coincided with the decrease of the Official Development Assistance that Guinea was receiving.

At this moment Guinea is suffering an economic transformation that exceeds any prediction ever made. Thanks to the incomes coming from oil activity and the support of companies which have always been present in the country, Guinea does not depend anymore on international aid, and has managed to reorganise its macroeconomic figures.

Analysing the socioeconomic situation of the country, we can say that Equatorial Guinea has moved from depending on the Official Development Assistance to having a self-sufficient economy thanks to the oil excavations.