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Economy of Equatorial Guinea vs Estonia compared: GDP & Debt

Updated on by Georank team

Equatorial Guinea has a GDP of $12.8B compared to $43.1B for Estonia, ranking 148/197 and 100/197 by economy size, respectively.

Equatorial Guinea has $4.65B in government debt (36.4% of GDP), compared to $10.1B (23.4% of GDP) in Estonia.

Equatorial Guinea vs Estonia GDP by year

Equatorial Guinea
Estonia
1x
Year GDP, current $
Equatorial Guinea Estonia
2024 $12,765,777,677 $43,130,419,829
2023 $12,337,550,584 $41,470,344,395
2022 $13,687,643,436 $38,226,641,740
2021 $12,215,878,033 $37,201,101,171
2020 $9,893,816,008 $31,820,771,494
2019 $11,364,133,550 $31,873,748,770
2018 $13,097,012,134 $31,222,632,741
2017 $12,200,913,879 $27,469,461,919
2016 $11,240,808,848 $24,561,027,788
2015 $13,185,496,881 $23,311,847,751
2014 $21,765,453,082 $27,055,689,003
2013 $21,948,834,284 $25,451,032,781
2012 $22,388,344,144 $23,237,406,116
2011 $21,357,343,669 $23,303,915,795
2010 $16,314,443,436 $19,524,355,419
2009 $15,027,795,173 $19,633,984,440
2008 $19,749,893,536 $24,342,935,404
2007 $13,071,718,759 $22,450,264,166
2006 $10,086,528,699 $17,025,671,810
2005 $8,217,369,093 $14,109,491,357
2004 $4,410,764,339 $12,148,595,031
2003 $2,484,745,935 $9,876,595,528
2002 $1,806,742,742 $7,370,119,619
2001 $1,461,139,022 $6,250,218,423
2000 $1,045,998,496 $5,686,579,748
1999 $621,117,886 $5,756,912,266
1998 $370,687,634 $5,674,080,543
1997 $442,337,871 $5,154,420,649
1996 $232,463,023 $4,786,018,988
1995 $141,853,361 $4,502,970,889
1994 $100,807,003 $4,123,011,420
1993 $136,047,906 $4,013,091,682
1992 $134,707,184 -
1991 $110,906,029 -
1990 $112,119,411 -
1989 $88,265,975 -
1988 $100,534,657 -
1987 $93,345,860 -
1986 $76,407,396 -
1985 $62,118,570 -
1984 $50,320,914 -
1983 $44,442,457 -
1982 $44,294,648 -
1981 $36,731,423 -
1980 $50,642,881 -
1979 - -
1978 - -
1977 $103,987,520 -
1976 $103,653,050 -
1975 $104,295,643 -
1974 $94,159,863 -
1973 $81,203,227 -
1972 $65,429,198 -
1971 $64,946,955 -
1970 $66,331,429 -
1969 $67,225,714 -
1968 $67,514,286 -
1967 $72,317,447 -
1966 $69,110,000 -
1965 $64,748,333 -
1964 $51,915,000 -
1963 $44,266,667 -
1962 $37,253,333 -

Data sources: World Bank | Economy & Growth (1962–2024, retrieved 2026-04-06).

GeoRank.org/economy/equatorial-guinea/estonia | CC BY

GDP per capita in Equatorial Guinea vs Estonia by year

Equatorial Guinea
GDP per capita

GDP per capita, PPP
Estonia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Equatorial Guinea Estonia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $6,745 $17,567 $31,428 $49,969
2023 $6,678 $17,412 $30,264 $48,637
2022 $7,589 $18,140 $28,340 $48,218
2021 $6,946 $16,821 $27,951 $44,252
2020 $5,764 $13,677 $23,934 $40,672
2019 $6,804 $16,451 $24,021 $40,586
2018 $8,102 $18,413 $23,618 $37,121
2017 $7,809 $18,435 $20,852 $34,507
2016 $7,453 $16,649 $18,666 $31,948
2015 $9,069 $19,479 $17,722 $29,713
2014 $15,549 $27,177 $20,582 $29,404
2013 $16,304 $27,910 $19,310 $27,831
2012 $17,309 $30,012 $17,568 $26,243
2011 $17,198 $27,242 $17,556 $24,652
2010 $13,720 $26,168 $14,664 $21,614
2009 $13,233 $29,722 $14,712 $20,489
2008 $18,211 $30,523 $18,206 $22,804
2007 $12,617 $26,611 $16,745 $22,201
2006 $10,185 $23,511 $12,641 $19,344
2005 $8,674 $22,137 $10,415 $16,638
2004 $4,901 $19,354 $8,916 $14,538
2003 $2,931 $14,496 $7,205 $13,135
2002 $2,264 $13,255 $5,343 $11,667
2001 $1,949 $11,627 $4,503 $10,309
2000 $1,487 $7,420 $4,071 $9,425
1999 $931 $6,470 $4,141 $8,412
1998 $578 $5,280 $4,093 $8,451
1997 $717 $4,387 $3,683 $7,980
1996 $392 $1,793 $3,381 $6,892
1995 $248.3 $1,098 $3,134 $6,480
1994 $183.2 $951 $2,819 $5,967
1993 $256.7 $828 $2,686 $5,814
1992 $263.7 $756 - $5,872
1991 $225.3 $569 - $7,151
1990 $236.4 $577 - $7,481
1989 $193.2 - - -
1988 $228.7 - - -
1987 $220.9 - - -
1986 $188.8 - - -
1985 $161.1 - - -
1984 $137.9 - - -
1983 $129.4 - - -
1982 $137.5 - - -
1981 $121.1 - - -
1980 $175.5 - - -
1979 - - - -
1978 - - - -
1977 $376 - - -
1976 $369 - - -
1975 $362 - - -
1974 $319 - - -
1973 $268.6 - - -
1972 $211.4 - - -
1971 $205.6 - - -
1970 $206.8 - - -
1969 $208.4 - - -
1968 $211.7 - - -
1967 $231.9 - - -
1966 $226.7 - - -
1965 $217.1 - - -
1964 $177.8 - - -
1963 $154.8 - - -
1962 $132.9 - - -

Data sources: World Bank | Economy & Growth (1962–2024, retrieved 2026-04-06).

GeoRank.org/economy/equatorial-guinea/estonia | CC BY

Equatorial Guinea's GDP per capita is $6,745, ranking 106/197, compared to $31,428 in Estonia, ranking 40/197. Adjusted for purchasing power (GDP per capita PPP), Equatorial Guinea ranks 106th at $17,567, while Estonia ranks 45th at $49,969.

Economic indicators

Equatorial Guinea Estonia
Gross domestic product
$12.8B
2024
$43.1B
2024
GDP rank
148/197
2024
100/197
2024
GDP growth
0.91%
2023-2024
-0.09%
2023-2024
GDP per capita
$6,745
2024
$31,428
2024
GDP per capita rank
106/197
2024
40/197
2024
GDP per capita, PPP
$17,567
2024
$49,969
2024
GDP per capita PPP rank
106/197
2024
45/197
2024
Government debt
$4.65B
2024
$10.1B
2024
Debt-to-GDP ratio
36.4%
2024
23.4%
2024
Government debt per person
$2,458
2024
$7,356
2024
Government debt per person rank
110/185
2024
65/185
2024
Average annual personal income after taxes
$5,042
2026
$23,740
2026
Number of billionaires n/a
2
2025
Income share by richest 10%
29.1%
2022
23.7%
2023
Income share by poorest 10%
2.6%
2022
3.1%
2023
Government expenditure, % of GDP
18.5%
2024
43.6%
2024
Consumer prices inflation
3.4%
2023-2024
3.52%
2023-2024
Unemployment rate
8.6%
2014
7.5%
2024
Population
1998075
1339590

Spending and national debt comparison by year

Equatorial Guinea
Spending

Debt
Estonia
Spending

Debt
1x
Year % of GDP
Equatorial Guinea Estonia
Government spending Government debt Government spending Government debt
2024 18.5% 36.4% 43.6% 23.4%
2023 19.2% 39.1% 43.5% 20.1%
2022 14.8% 29.8% 40.1% 19.2%
2021 12.7% 42.3% 42.1% 18.4%
2020 16.2% 49.4% 44.7% 19.1%
2019 16.8% 43.2% 39.1% 9.05%
2018 19.1% 40.6% 38.8% 8.51%
2017 20.1% 36.2% 38.9% 9.43%
2016 27.8% 41.1% 38.9% 10.2%
2015 41.6% 31.7% 39.3% 10.8%
2014 31.6% 12.6% 37.6% 11.6%
2013 29.3% 6.27% 38.3% 11.4%
2012 35.2% 7.1% 39.4% 11.1%
2011 27.5% 7.17% 37.6% 7.6%
2010 31.2% 7.89% 40.7% 7.99%
2009 39.8% 4.34% 46.1% 7.98%
2008 19.9% 0.49% 39.5% 4.67%
2007 19.7% 0.75% 33.8% 3.91%
2006 18.1% 1.22% 33.5% 4.72%
2005 14.1% 2.85% 33.7% 4.73%
2004 15.5% 4.54% 34.1% 5.16%
2003 11.8% 6.77% 35% 5.6%
2002 11.3% 19.4% 35.9% 5.66%
2001 13.5% 25.5% 35.3% 4.93%
2000 22.6% 36.6% 36.4% 5.11%
1999 18.7% 60.5% 40.7% 5.93%
1998 35.1% 59.2% 38.9% 5.4%
1997 14.8% 46.3% 35.8% 6.03%
1996 22.9% 91.2% 38.6% 7.3%
1995 141.5% 136.9% 39.5% 8.66%
1994 510% 216% - -
1993 256.3% 152.6% - -
1992 595% 136.9% - -
1991 284.5% 169.5% - -
1990 212.9% 157% - -
1989 116.8% 187% - -
1988 227.9% 154.5% - -
1987 183% 141.3% - -
1986 119% 152.5% - -
1985 115.4% 183.8% - -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1985–1989, retrieved 2026-02-20).

GeoRank.org/economy/equatorial-guinea/estonia | CC BY

In 2024, Equatorial Guinea's government spending was $2.36B, accounting for 18.5% of its GDP, while Estonia spent $18.8B, or 43.6% of GDP.

Debt-to-GDP ratio is 36.4% in Equatorial Guinea and 23.4% in Estonia, ranking 143/185 and 171/185, respectively.

Government deficit by year

Deficit/surplus
Equatorial Guinea

Estonia
1x
Year Deficit/surplus, % of GDP
Equatorial Guinea Estonia
2024 -0.55% -1.51%
2023 2.39% -3.13%
2022 11.7% -1.08%
2021 2.65% -2.57%
2020 -1.77% -5.42%
2019 1.82% -0.11%
2018 0.52% -1.15%
2017 -2.59% -1.07%
2016 -10.9% -0.62%
2015 -15.1% -0.24%
2014 -7.54% 0.42%
2013 -4.4% -0.66%
2012 -7.24% -0.86%
2011 0.83% 0.09%
2010 -4.53% -1.09%
2009 -6.47% -3.43%
2008 14.6% -2.92%
2007 17.2% 2.5%
2006 21.8% 2.71%
2005 18.5% 1.07%
2004 9.22% 2.29%
2003 9.99% 1.67%
2002 17.6% 0.29%
2001 14.9% 0.4%
2000 -2.67% -0.11%
1999 -0.19% -3.42%
1998 -7.65% 0.65%
1997 3.21% 2.98%
1996 -6.36% -0.93%
1995 -123.4% -0.26%
1994 -487% -
1993 -217.9% -
1992 -557% -
1991 -236% -
1990 -160.2% -
1989 -76.2% -
1988 -208.5% -
1987 -158% -
1986 -97.3% -
1985 -89.3% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1985–1989, retrieved 2026-02-20).

GeoRank.org/economy/equatorial-guinea/estonia | CC BY

In 2024, Equatorial Guinea's government deficit, the difference between spending and revenue, was $70.8M, equivalent to 0.55% of GDP. This compares to Estonia's deficit of $651M, or 1.51% of GDP.

Over the past 30 years, Equatorial Guinea recorded a fiscal deficit in 15 of those years, while Estonia ran a deficit in 19 years. On average, Equatorial Guinea posted an annual deficit equal to 1.82% of GDP, compared to deficit of 0.52% of GDP for Estonia.

Inflation comparison by year

Inflation
Equatorial Guinea

Estonia
1x
Year Consumer prices inflation
Equatorial Guinea Estonia
2024 3.4% 3.52%
2023 2.4% 9.16%
2022 4.9% 19.4%
2021 -0.1% 4.65%
2020 4.8% -0.44%
2019 1.2% 2.28%
2018 1.3% 3.44%
2017 0.7% 3.42%
2016 1.4% 0.15%
2015 1.7% -0.49%
2014 4.3% -0.11%
2013 3.2% 2.78%
2012 3.4% 3.93%
2011 4.8% 4.98%
2010 5.3% 2.97%
2009 5.7% -0.08%
2008 4.7% 10.4%
2007 2.8% 6.6%
2006 4.5% 4.44%
2005 5.6% 4.08%
2004 4.2% 3.05%
2003 7.3% 1.33%
2002 7.6% 3.57%
2001 8.7% 5.75%
2000 4.8% 4.02%
1999 0.4% 3.3%
1998 7.9% 8.21%
1997 3% 10.6%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20); World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

GeoRank.org/economy/equatorial-guinea/estonia | CC BY

Over the past 28 years, Equatorial Guinea has recorded an average annual inflation rate of 3.93%, compared with 4.46% in Estonia. In 2024, inflation was 3.4% in Equatorial Guinea and 3.52% in Estonia.

Top exports between countries

Equatorial Guinea
Export category Export value
Estonia
Export category Export value
Machinery & equipment $75K
Processed food, beverages & tobacco $65K
Metals $16K
Raw materials & minerals $15K
Textiles & consumer goods $1K

Balance of trade

Equatorial Guinea Estonia
Current account balance
-$344M
1996
-$543M
2024
Current account balance ranking
101/190
1996
107/190
2024
Current account balance, % of GDP
-148%
1996
-1.26%
2024
Goods imports
$292M
1996
$22.1B
2024
Goods exports
$175M
1996
$19B
2024
Service imports
$185M
1996
$10.4B
2024
Service exports
$4.88M
1996
$13.6B
2024
Imports of goods and services, % of GDP
25.4%
2024
75.4%
2024
Exports of goods and services, % of GDP
35.2%
2024
75.7%
2024

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Equatorial Guinea Estonia
Economic freedom 47.4 78.7
Economic freedom ranking 175/197 10/197
Property rights 16.9 93.6
Government integrity 6.9 86.3
Judicial effectiveness 7.2 92.4
Tax burden 81 77.9
Government spending 90.8 46
Fiscal health 97.3 93.1
Business freedom 35.9 82.8
Labor freedom 45.2 59
Monetary freedom 73.5 73.9
Trade freedom 43.6 79.4
Investment freedom 40 90
Financial freedom 30 70

Economic freedom comparison by year

Equatorial Guinea
Estonia
1x
Year Economic freedom index
Equatorial Guinea Estonia
2026 47.4 78.7
2025 47.7 78.9
2024 47.7 77.8
2023 48.3 78.6
2022 47.2 80
2021 49.2 78.2
2020 48.3 77.7
2019 41 76.6
2018 42 78.8
2017 45 79.1
2016 43.7 77.2
2015 40.4 76.8
2014 44.4 75.9
2013 42.3 75.3
2012 42.8 73.2
2011 47.5 75.2
2010 48.6 74.7
2009 51.3 76.4
2008 51.6 77.9
2007 53.2 78
2006 51.5 74.9
2005 53.3 75.2
2004 53.3 77.4
2003 53.1 77.7
2002 46.4 77.6
2001 47.9 76.1
2000 45.6 69.9
1999 45.1 73.8
1998 - 72.5
1997 - 69.1
1996 - 65.4
1995 - 65.2

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).

GeoRank.org/economy/equatorial-guinea/estonia | CC BY

The Economic Freedom Index for Equatorial Guinea is 47.4, ranking 175/197, compared to 78.7 for Estonia, ranking 10/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Equatorial Guinea Estonia
Services, % of GDP
51.1%
2024
65.7%
2024
Industry, % of GDP
45.8%
2024
20.1%
2024
Agriculture, forestry, and fishing, % of GDP
3.15%
2024
1.77%
2024
GNI, Atlas method
$8.96B
2024
$39.6B
2024
GNI per capita, PPP
$12,330
2024
$48,880
2024
Total reserves including gold
$1.54B
2023
$2.07B
2024
Total reserves ranking
134/177
2023
125/177
2024
Net foreign direct investment
-$376M
1996
-$285M
2024
Net inflows of foreign direct investment
$188M
2024
-$3.44B
2024
Net outflows of foreign direct investment
$154M
2024
-$3.72B
2024
Poverty at national poverty lines
50.7%
2022
22.5%
2022
Gross capital formation, % of GDP
8.96%
2024
24.6%
2024

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

GeoRank.org/economy/equatorial-guinea/estonia | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1962–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  4. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. International Monetary Fund (IMF) | Public Finances in Modern History (1985–1989, retrieved 2026-02-20)
  6. TradeMap (2022–2024, retrieved 2026-02-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  8. LivingCost (2026, retrieved 2025-10-14)
  9. Central Intelligence Agency (CIA) (2014, retrieved 2026-02-20)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.