Republic of Equatorial Guinea: 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Director for the Republic of Equatorial Guinea
IMF Staff Country Reports, November 16, 2016
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- Republic of Equatorial Guinea: 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Director for the Republic of Equatorial Guinea
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Bibliographic details
- Published: November 16, 2016
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781475551372.002
Recent economic performance
- Overall real GDP growth averaged –0.5 percent from 2010–14.
- The dominant hydrocarbon sector experienced a trend decline, driving weak growth.
- Economic performance deteriorated substantially after the 2014 oil-price shock.
- In 2015, economic activity declined by 7.4 percent.
- The contraction in 2015 was associated with a weakening construction sector and public administration activity tied to lower public investment.
Near-term outlook and risks
- The near-term outlook is described as very challenging.
- Prospects include depressed energy prices and a continued decline in hydrocarbon production.
- Weak oil revenues and limited buffers are expected to constrain policy space.
- Expected policy response includes further cuts to public investment, which would deepen contraction in the large construction sector and public administration.
Fiscal and policy implications
- Weak oil revenues and limited buffers will require further cuts to public investment.
- Public investment cuts are likely to have large negative effects on the construction sector and public administration employment and activity.
- Subject areas covered in the report include: Balance of payments statistics, Economic and financial statistics, Expenditure, Fiscal consolidation, Fiscal policy, Public debt, Revenue administration.
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