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Economy of Equatorial Guinea vs Iraq compared: GDP & Debt

Updated on by Georank

Equatorial Guinea has a GDP of $12.8B compared to $254B for Iraq, ranking 150/197 and 54/197 by economy size, respectively.

Equatorial Guinea has $5.21B in government debt (40.6% of GDP), compared to $137B (53.9% of GDP) in Iraq.

Equatorial Guinea vs Iraq GDP by year

Equatorial Guinea
Iraq
1x
Year GDP, current $
Equatorial Guinea Iraq
2025 $12,823,210,426 $254,367,293,538
2024 $13,254,388,261 $279,641,257,615
2023 $12,541,814,273 $268,881,051,644
2022 $13,687,643,436 $287,372,232,138
2021 $12,215,878,033 $209,691,945,713
2020 $9,893,816,008 $180,898,797,517
2019 $11,364,133,550 $233,636,097,800
2018 $13,097,012,134 $227,367,469,034
2017 $12,200,913,879 $187,217,660,051
2016 $11,240,808,848 $166,743,557,748
2015 $13,185,496,881 $166,774,104,959
2014 $21,765,453,082 $228,415,656,175
2013 $21,948,834,284 $234,637,675,129
2012 $22,388,344,144 $218,002,476,129
2011 $21,357,343,669 $185,749,664,444
2010 $16,314,443,436 $138,516,722,650
2009 $15,027,795,173 $111,657,580,326
2008 $19,749,893,536 $131,614,434,154
2007 $13,071,718,759 $88,837,057,320
2006 $10,086,528,699 $65,147,051,918
2005 $8,217,369,093 $50,065,104,668
2004 $4,410,764,339 $36,633,669,269
2003 $2,484,745,935 $21,921,569,479
2002 $1,806,742,742 $32,928,454,672
2001 $1,461,139,022 $36,176,430,129
2000 $1,045,998,496 $48,364,250,944
1999 $621,117,886 $36,881,601,584
1998 $370,687,634 $20,617,405,044
1997 $442,337,871 $20,764,857,056
1996 $232,463,023 $10,433,698,621
1995 $141,853,361 $12,894,029,888
1994 $100,807,003 $3,991,349,283
1993 $136,047,906 $1,031,944,881
1992 $134,707,184 $553,671,958
1991 $110,906,029 $407,796,350
1990 $112,119,411 $180,408,064,516
1989 $88,265,975 $65,831,935,484
1988 $100,534,657 $62,684,516,129
1987 $93,345,860 $56,774,193,548
1986 $76,407,396 $47,264,516,129
1985 $62,118,570 $48,425,161,290
1984 $50,320,914 $46,938,387,097
1983 $44,442,457 $40,712,903,226
1982 $44,294,648 $42,382,333,333
1981 $36,731,423 $37,823,000,000
1980 $50,642,881 $52,569,000,000
1979 - $37,816,457,839
1978 - $23,762,275,652
1977 $103,987,520 $19,838,130,715
1976 $103,653,050 $17,754,825,601
1975 $104,295,643 $13,458,516,763
1974 $94,159,863 $11,516,762,614
1973 $81,203,227 $5,134,367,778
1972 $65,429,198 $4,113,848,002
1971 $64,946,955 $3,865,346,535
1970 $66,331,429 $3,281,318,687
1969 $67,225,714 $3,007,758,797
1968 $67,514,286 $2,896,598,841
1967 $72,317,447 $2,551,522,656
1966 $69,110,000 $2,530,306,096
1965 $64,748,333 $2,335,785,506
1964 $51,915,000 $2,136,408,198
1963 $44,266,667 $1,805,901,510
1962 $37,253,333 $1,784,174,541
1961 - $1,671,960,965
1960 - $1,537,252,193

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

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

GDP per capita in Equatorial Guinea vs Iraq by year

Equatorial Guinea
GDP per capita

GDP per capita, PPP
Iraq
GDP per capita

GDP per capita, PPP
1x
Year Current $
Equatorial Guinea Iraq
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $6,615 - $5,410 -
2024 $7,004 $17,567 $6,074 $14,464
2023 $6,788 $17,412 $5,965 $14,653
2022 $7,589 $18,140 $6,521 $14,391
2021 $6,946 $16,821 $4,868 $12,732
2020 $5,764 $13,677 $4,295 $10,574
2019 $6,804 $16,451 $5,672 $12,249
2018 $8,102 $18,413 $5,647 $12,034
2017 $7,809 $18,435 $4,759 $10,192
2016 $7,453 $16,649 $4,334 $9,079
2015 $9,069 $19,479 $4,440 $9,334
2014 $15,549 $27,177 $6,249 $13,168
2013 $16,304 $27,910 $6,650 $14,669
2012 $17,309 $30,012 $6,478 $14,402
2011 $17,198 $27,242 $5,776 $12,912
2010 $13,720 $26,168 $4,462 $12,186
2009 $13,233 $29,722 $3,715 $11,687
2008 $18,211 $30,523 $4,543 $11,657
2007 $12,617 $26,611 $3,129 $10,783
2006 $10,185 $23,511 $2,277 $10,223
2005 $8,674 $22,137 $1,762 $9,457
2004 $4,901 $19,354 $1,328 $9,290
2003 $2,931 $14,496 $818 $6,068
2002 $2,264 $13,255 $1,266 $9,682
2001 $1,949 $11,627 $1,436 $10,720
2000 $1,487 $7,420 $1,980 $10,628
1999 $931 $6,470 $1,560 $9,194
1998 $578 $5,280 $901 $7,964
1997 $717 $4,387 $936 $6,020
1996 $392 $1,793 $485 $5,034
1995 $248.3 $1,098 $619 $4,598
1994 $183.2 $951 $198.2 $4,560
1993 $256.7 $828 $53.7 $4,509
1992 $263.7 $756 $30.3 $3,547
1991 $225.3 $569 $23 $2,694
1990 $236.4 $577 $10,261 -
1989 $193.2 - $3,791 -
1988 $228.7 - $3,707 -
1987 $220.9 - $3,436 -
1986 $188.8 - $2,940 -
1985 $161.1 - $3,088 -
1984 $137.9 - $3,066 -
1983 $129.4 - $2,743 -
1982 $137.5 - $2,942 -
1981 $121.1 - $2,700 -
1980 $175.5 - $3,868 -
1979 - - $2,871 -
1978 - - $1,863 -
1977 $376 - $1,609 -
1976 $369 - $1,489 -
1975 $362 - $1,166 -
1974 $319 - $1,031 -
1973 $268.6 - $476 -
1972 $211.4 - $394 -
1971 $205.6 - $384 -
1970 $206.8 - $337 -
1969 $208.4 - $320 -
1968 $211.7 - $319 -
1967 $231.9 - $290.6 -
1966 $226.7 - $298.2 -
1965 $217.1 - $284.8 -
1964 $177.8 - $269.4 -
1963 $154.8 - $235.5 -
1962 $132.9 - $240.7 -
1961 - - $232.4 -
1960 - - $218.9 -

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

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

Equatorial Guinea's GDP per capita is $6,615, ranking 107/197, compared to $5,410 in Iraq, ranking 119/197. Adjusted for purchasing power (GDP per capita PPP), Equatorial Guinea ranks 106th at $17,567, while Iraq ranks 115th at $14,464.

Economic indicators

Equatorial Guinea Iraq
Gross domestic product
$12.8B
2025
$254B
2025
GDP rank
150/197
2025
54/197
2025
GDP growth
-5.85%
2024-2025
-2.16%
2024-2025
GDP per capita
$6,615
2025
$5,410
2025
GDP per capita rank
107/197
2025
119/197
2025
GDP per capita, PPP
$17,567
2024
$14,464
2024
GDP per capita PPP rank
106/197
2024
115/197
2024
Government debt
$5.21B
2025
$137B
2025
Debt-to-GDP ratio
40.6%
2025
53.9%
2025
Government debt per person
$2,686
2025
$2,917
2025
Government debt per person rank
109/185
2025
108/185
2025
Average annual personal income after taxes
$4,723
2026
$6,782
2026
Income share by richest 10%
29.1%
2022
24.2%
2023
Income share by poorest 10%
2.6%
2022
3.7%
2023
Government expenditure, % of GDP
20.7%
2025
42.7%
2025
Consumer prices inflation
2.8%
2024-2025
0.3%
2024-2025
Unemployment rate
8.6%
2014
16.2%
2021
Population
2008950
48531417

Spending and national debt comparison by year

Equatorial Guinea
Spending

Debt
Iraq
Spending

Debt
1x
Year % of GDP
Equatorial Guinea Iraq
Government spending Government debt Government spending Government debt
2025 20.7% 40.6% 42.7% 53.9%
2024 18.5% 36.4% 41.7% 45.2%
2023 19.2% 39.1% 41.2% 42.1%
2022 14.8% 29.8% 33.9% 39%
2021 12.7% 42.3% 36.3% 54.7%
2020 16.2% 49.4% 41.9% 72.5%
2019 16.8% 43.2% 34.7% 41.7%
2018 19.1% 40.6% 31.1% 44.4%
2017 20.1% 36.2% 35.5% 55.9%
2016 27.8% 41.1% 42.4% 60.3%
2015 41.6% 31.7% 43.5% 48.3%
2014 31.6% 12.6% 43.8% 27.6%
2013 29.3% 6.27% 48.2% 32%
2012 35.2% 7.1% 42.9% 34.8%
2011 27.5% 7.17% 43.4% 40.7%
2010 31.2% 7.89% 49.6% 53.5%
2009 39.8% 4.34% 61.1% 87.4%
2008 19.9% 0.49% 57.3% 74.2%
2007 19.7% 0.75% 44% 117.1%
2006 18.1% 1.22% 50.3% 143.2%
2005 14.1% 2.85% 63.2% 227.3%
2004 15.5% 4.54% 91.5% 344%
2003 11.8% 6.77% - -
2002 11.3% 19.4% - -
2001 13.5% 25.5% - -
2000 22.6% 36.6% - -
1999 18.7% 60.5% - -
1998 35.1% 59.2% - -
1997 14.8% 46.3% - -
1996 22.9% 91.2% - -
1995 141.5% 136.9% - -
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 (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1985–1989, retrieved 2026-07-08).

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

In 2025, Equatorial Guinea's government spending was $2.65B, accounting for 20.7% of its GDP, while Iraq spent $109B, or 42.7% of GDP.

Debt-to-GDP ratio is 40.6% in Equatorial Guinea and 53.9% in Iraq, ranking 132/185 and 95/185, respectively.

Government deficit by year

Deficit/surplus
Equatorial Guinea

Iraq
1x
Year Deficit/surplus, % of GDP
Equatorial Guinea Iraq
2025 -2.55% -6.41%
2024 -0.55% -3.45%
2023 2.39% -1.14%
2022 11.7% 8.1%
2021 2.65% -0.38%
2020 -1.77% -12.8%
2019 1.82% 0.83%
2018 0.52% 7.69%
2017 -2.59% -1.52%
2016 -10.9% -14.4%
2015 -15.1% -12.8%
2014 -7.54% -5.63%
2013 -4.4% -6.06%
2012 -7.24% 4.09%
2011 0.83% 4.74%
2010 -4.53% -4.18%
2009 -6.47% -14.9%
2008 14.6% -0.86%
2007 17.2% 9.98%
2006 21.8% 10.7%
2005 18.5% 4.07%
2004 9.22% -35.4%
2003 9.99% -
2002 17.6% -
2001 14.9% -
2000 -2.67% -
1999 -0.19% -
1998 -7.65% -
1997 3.21% -
1996 -6.36% -
1995 -123.4% -
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 (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1985–1989, retrieved 2026-07-08).

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

In 2025, Equatorial Guinea's government deficit, the difference between spending and revenue, was $327M, equivalent to 2.55% of GDP. This compares to Iraq's deficit of $16.3B, or 6.41% of GDP.

Over the past 22 years, Equatorial Guinea recorded a fiscal deficit in 11 of those years, while Iraq ran a deficit in 14 years. On average, Equatorial Guinea posted an annual surplus equal to 1.71% of GDP, compared to deficit of 3.17% of GDP for Iraq.

Inflation comparison by year

Inflation
Equatorial Guinea

Iraq
1x
Year Consumer prices inflation
Equatorial Guinea Iraq
2025 2.8% 0.3%
2024 3.4% 2.61%
2023 2.4% 4.36%
2022 4.9% 4.99%
2021 -0.1% 6.04%
2020 4.8% 0.57%
2019 1.2% -0.2%
2018 1.3% 0.37%
2017 0.7% 0.18%
2016 1.4% 0.56%
2015 1.7% 1.39%
2014 4.3% 2.24%
2013 3.2% 1.88%
2012 3.4% 6.09%
2011 4.8% 5.6%
2010 5.3% 2.43%
2009 5.7% 6.87%
2008 4.7% 12.7%
2007 2.8% -10.1%
2006 4.5% 53.2%
2005 5.6% 37%
2004 4.2% 27%
2003 7.3% 33.6%
2002 7.6% 19.3%
2001 8.7% 16.4%
2000 4.8% 4.98%
1999 0.4% 12.6%
1998 7.9% 14.8%
1997 3% 23.1%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2025, retrieved 2026-07-08); World Bank | Economy & Growth (1997–2025, retrieved 2026-07-08).

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

Over the past 29 years, Equatorial Guinea has recorded an average annual inflation rate of 3.89%, compared with 10% in Iraq. In 2025, inflation was 2.8% in Equatorial Guinea and 0.3% in Iraq.

Balance of trade

Equatorial Guinea Iraq
Current account balance
-$344M
1996
$8.37B
2024
Current account balance ranking
98/190
1996
27/190
2024
Current account balance, % of GDP
-148%
1996
+2.99%
2024
Goods imports
$292M
1996
$74.3B
2024
Goods exports
$175M
1996
$101B
2024
Service imports
$185M
1996
$30.2B
2024
Service exports
$4.88M
1996
$10.2B
2024
Imports of goods and services, % of GDP
28.4%
2025
37.4%
2024
Exports of goods and services, % of GDP
46.5%
2025
39.8%
2024

Economic freedom indices

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

Equatorial Guinea Iraq
Economic freedom 47.4 15.6
Economic freedom ranking 175/197 196/197
Property rights 16.9 8.3
Government integrity 6.9 20.2
Judicial effectiveness 7.2 5.8
Tax burden 81 85.5
Government spending 90.8 65.3
Fiscal health 97.3 95.7
Business freedom 35.9 42.8
Labor freedom 45.2 60.6
Monetary freedom 73.5 68.6
Trade freedom 43.6 40
Investment freedom 40 10
Financial freedom 30 10

Economic freedom comparison by year

Equatorial Guinea
Iraq
1x
Year Economic freedom index
Equatorial Guinea Iraq
2026 47.4 -
2025 47.7 -
2024 47.7 -
2023 48.3 -
2022 47.2 -
2021 49.2 -
2020 48.3 -
2019 41 -
2018 42 -
2017 45 -
2016 43.7 -
2015 40.4 -
2014 44.4 -
2013 42.3 -
2012 42.8 -
2011 47.5 -
2010 48.6 -
2009 51.3 -
2008 51.6 -
2007 53.2 -
2006 51.5 -
2005 53.3 -
2004 53.3 -
2003 53.1 -
2002 46.4 15.6
2001 47.9 17.2
2000 45.6 17.2
1999 45.1 17.2
1998 - 17.2
1997 - 17.2
1996 - 17.2

Data sources: The Heritage Foundation | Economic Freedom Index (1996–2026, retrieved 2026-07-08).

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

The Economic Freedom Index for Equatorial Guinea is 47.4, ranking 175/197, compared to 15.6 for Iraq, ranking 196/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Equatorial Guinea Iraq
Services, % of GDP
55.5%
2025
52.3%
2025
Industry, % of GDP
41.4%
2025
45.4%
2025
Agriculture, forestry, and fishing, % of GDP
3.21%
2025
3.41%
2025
GNI, Atlas method
$11.4B
2025
$267B
2025
GNI per capita, PPP
$14,610
2025
$14,290
2025
Total reserves including gold
$1.08B
2024
$101B
2024
Total reserves ranking
141/177
2024
30/177
2024
Net foreign direct investment
-$376M
1996
$8.09B
2024
Net inflows of foreign direct investment
$188M
2024
-$7.65B
2024
Net outflows of foreign direct investment
$154M
2024
$439M
2024
Servicing debt to the IMF, % of GNI n/a
1.22%
2024
Poverty at national poverty lines
50.7%
2022
17.5%
2023
Gross capital formation, % of GDP
-3.68%
2025
19.1%
2024

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2025, retrieved 2026-07-08); U.S. Census Bureau (1985–2025, retrieved 2026-07-08).

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

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Data sources:

  1. World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08)
  3. The Heritage Foundation | Economic Freedom Index (1996–2026, retrieved 2026-07-08)
  4. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  5. International Monetary Fund (IMF) | Public Finances in Modern History (1985–1989, retrieved 2026-07-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  7. LivingCost (2026, retrieved 2026-07-08)
  8. Central Intelligence Agency (CIA) (2014, retrieved 2026-07-08)

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.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

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.