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

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

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

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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.