Wednesday, August 1, 2018

Equatorial Guinea Highlights Success of Economic Diversification

The Republic of Equatorial Guinea highlighted the success of economic diversification efforts at the VIII Friends of Obiang Movement (MAO) Forum.

In 2007, Equatorial Guinea created and implemented the Horizon 2020 Development Plan, which called for economic, production, and social diversity and sustainable development.

At that time, the gross domestic product (GDP) included the extraction and production of refined petroleum products represented 74.3%; public administration and social security 6.3%; business and trade services 6.5%; construction 5.6%, transport and communication 2.6%, agriculture, livestock, forestry and hunting represented 1.2%; fishing and fish farming 0.1%; industry in general 1.1%; electricity, gas and water, 0.3%; financial activities 0.7%; social activities in health and education 0.9%, and restaurants and hotels 0.4%

Today, the GDP includes extraction and production of refined petroleum products represents 45.4%; public administration and social security represents 21.8%; business and trade services 9.3%; construction 5.3%, transport and communication 6.8%, agriculture, livestock, forestry and hunting 2%; fishing and fish farming 0.3%; industry 4.3%; electricity, gas and water 0.9%; financial activities 1%; private social activities 1.7%, and restaurants and hotels 0.5%.

While energy remains a dominant sector, Equatorial Guinea has successfully further diversified its economy through the sustainable development of the Horizon 2020 Plan.

Equatorial Guinea has achieved significant milestones in literacy, healthcare services, education and infrastructure development. It has also made significant contributions to pan-African initiatives such as a $30 million contribution to the Trust Fund for Food Security in Africa, $2 million in annual support to the UNESCO-Equatorial Guinea Prize for The Life Sciences, $3 million in support of the response to the Ebola pandemic, as well as emergency aid for several countries that have suffered natural disasters.

The country’s development success is a model for peaceful development that remains committed to fulfilling the obligations of the United Nations. Equatorial Guinea has been acknowledged by the United Nations and numerous civil society agencies for its unwavering efforts to improve the quality of life of its citizens through the implementation of sustainable social programs.