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Economy of Equatorial Guinea vs Latvia compared: GDP & Debt

Updated on by Georank

Equatorial Guinea has a GDP of $12.8B compared to $48.6B for Latvia, ranking 150/197 and 99/197 by economy size, respectively.

Equatorial Guinea has $5.21B in government debt (40.6% of GDP), compared to $22.8B (46.9% of GDP) in Latvia.

Equatorial Guinea vs Latvia GDP by year

Equatorial Guinea
Latvia
1x
Year GDP, current $
Equatorial Guinea Latvia
2025 $12,823,210,426 $48,618,869,160
2024 $13,254,388,261 $44,001,275,013
2023 $12,541,814,273 $42,779,550,937
2022 $13,687,643,436 $38,003,198,509
2021 $12,215,878,033 $38,183,326,785
2020 $9,893,816,008 $33,379,927,435
2019 $11,364,133,550 $33,099,503,951
2018 $13,097,012,134 $33,247,935,477
2017 $12,200,913,879 $29,391,059,767
2016 $11,240,808,848 $27,117,105,060
2015 $13,185,496,881 $26,344,565,877
2014 $21,765,453,082 $30,277,203,767
2013 $21,948,834,284 $29,152,128,168
2012 $22,388,344,144 $27,116,149,949
2011 $21,357,343,669 $26,575,547,901
2010 $16,314,443,436 $23,468,324,572
2009 $15,027,795,173 $25,691,530,442
2008 $19,749,893,536 $34,135,200,994
2007 $13,071,718,759 $29,420,499,248
2006 $10,086,528,699 $20,434,922,247
2005 $8,217,369,093 $16,306,935,905
2004 $4,410,764,339 $13,827,070,379
2003 $2,484,745,935 $11,244,337,720
2002 $1,806,742,742 $9,249,030,241
2001 $1,461,139,022 $8,190,888,740
2000 $1,045,998,496 $7,761,252,607
1999 $621,117,886 $7,324,192,890
1998 $370,687,634 $6,974,112,951
1997 $442,337,871 $6,349,481,007
1996 $232,463,023 $5,799,465,288
1995 $141,853,361 $5,608,208,785
1994 $100,807,003 -
1993 $136,047,906 -
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 (1962–2025, retrieved 2026-07-08).

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

GDP per capita in Equatorial Guinea vs Latvia by year

Equatorial Guinea
GDP per capita

GDP per capita, PPP
Latvia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Equatorial Guinea Latvia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $6,615 - $26,312 -
2024 $7,004 $17,567 $23,579 $43,394
2023 $6,788 $17,412 $22,710 $42,576
2022 $7,589 $18,140 $20,221 $40,559
2021 $6,946 $16,821 $20,262 $36,912
2020 $5,764 $13,677 $17,564 $32,741
2019 $6,804 $16,451 $17,295 $32,199
2018 $8,102 $18,413 $17,252 $29,818
2017 $7,809 $18,435 $15,132 $25,764
2016 $7,453 $16,649 $13,839 $24,063
2015 $9,069 $19,479 $13,322 $22,544
2014 $15,549 $27,177 $15,186 $21,554
2013 $16,304 $27,910 $14,484 $20,474
2012 $17,309 $30,012 $13,329 $19,417
2011 $17,198 $27,242 $12,903 $17,680
2010 $13,720 $26,168 $11,188 $16,373
2009 $13,233 $29,722 $11,996 $15,545
2008 $18,211 $30,523 $15,678 $17,443
2007 $12,617 $26,611 $13,371 $16,246
2006 $10,185 $23,511 $9,212 $14,180
2005 $8,674 $22,137 $7,284 $12,826
2004 $4,901 $19,354 $6,110 $11,319
2003 $2,931 $14,496 $4,915 $10,193
2002 $2,264 $13,255 $4,004 $9,569
2001 $1,949 $11,627 $3,505 $8,808
2000 $1,487 $7,420 $3,278 $7,849
1999 $931 $6,470 $3,064 $7,256
1998 $578 $5,280 $2,894 $6,922
1997 $717 $4,387 $2,610 $6,366
1996 $392 $1,793 $2,360 $5,688
1995 $248.3 $1,098 $2,257 $5,391
1994 $183.2 $951 - $5,012
1993 $256.7 $828 - $4,722
1992 $263.7 $756 - $4,760
1991 $225.3 $569 - $6,762
1990 $236.4 $577 - $7,448
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 (1962–2025, retrieved 2026-07-08).

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

Equatorial Guinea's GDP per capita is $6,615, ranking 107/197, compared to $26,312 in Latvia, ranking 51/197. Adjusted for purchasing power (GDP per capita PPP), Equatorial Guinea ranks 106th at $17,567, while Latvia ranks 53rd at $43,394.

Economic indicators

Equatorial Guinea Latvia
Gross domestic product
$12.8B
2025
$48.6B
2025
GDP rank
150/197
2025
99/197
2025
GDP growth
-5.85%
2024-2025
2.14%
2024-2025
GDP per capita
$6,615
2025
$26,312
2025
GDP per capita rank
107/197
2025
51/197
2025
GDP per capita, PPP
$17,567
2024
$43,394
2024
GDP per capita PPP rank
106/197
2024
53/197
2024
Government debt
$5.21B
2025
$22.8B
2025
Debt-to-GDP ratio
40.6%
2025
46.9%
2025
Government debt per person
$2,686
2025
$12,353
2025
Government debt per person rank
109/185
2025
50/185
2025
Average annual personal income after taxes
$4,723
2026
$16,702
2026
Income share by richest 10%
29.1%
2022
26.2%
2023
Income share by poorest 10%
2.6%
2022
2.6%
2023
Government expenditure, % of GDP
20.7%
2025
45.4%
2025
Consumer prices inflation
2.8%
2024-2025
3.75%
2024-2025
Unemployment rate
8.6%
2014
6.9%
2025
Population
2008950
1826986

Spending and national debt comparison by year

Equatorial Guinea
Spending

Debt
Latvia
Spending

Debt
1x
Year % of GDP
Equatorial Guinea Latvia
Government spending Government debt Government spending Government debt
2025 20.7% 40.6% 45.4% 46.9%
2024 18.5% 36.4% 44% 46.2%
2023 19.2% 39.1% 42.9% 44.4%
2022 14.8% 29.8% 43.6% 44.4%
2021 12.7% 42.3% 44.6% 45.9%
2020 16.2% 49.4% 42.6% 44%
2019 16.8% 43.2% 39% 37.9%
2018 19.1% 40.6% 39.4% 38.3%
2017 20.1% 36.2% 37.8% 40.3%
2016 27.8% 41.1% 37.4% 41.7%
2015 41.6% 31.7% 38.7% 38.3%
2014 31.6% 12.6% 39.2% 43.1%
2013 29.3% 6.27% 38.7% 41.8%
2012 35.2% 7.1% 38.6% 44.4%
2011 27.5% 7.17% 41.2% 46.8%
2010 31.2% 7.89% 43.6% 48.2%
2009 39.8% 4.34% 43.6% 37.6%
2008 19.9% 0.49% 38.2% 19.3%
2007 19.7% 0.75% 34.8% 9%
2006 18.1% 1.22% 35.5% 10.7%
2005 14.1% 2.85% 35.8% 12.5%
2004 15.5% 4.54% 34.8% 15.3%
2003 11.8% 6.77% 34.4% 15.4%
2002 11.3% 19.4% 35.4% 15.4%
2001 13.5% 25.5% 35% 17.8%
2000 22.6% 36.6% 37% 15.1%
1999 18.7% 60.5% 40.4% 14.8%
1998 35.1% 59.2% 38.1% 9.81%
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/latvia | CC BY

In 2025, Equatorial Guinea's government spending was $2.65B, accounting for 20.7% of its GDP, while Latvia spent $22.1B, or 45.4% of GDP.

Debt-to-GDP ratio is 40.6% in Equatorial Guinea and 46.9% in Latvia, ranking 132/185 and 112/185, respectively.

Government deficit by year

Deficit/surplus
Equatorial Guinea

Latvia
1x
Year Deficit/surplus, % of GDP
Equatorial Guinea Latvia
2025 -2.55% -4.05%
2024 -0.55% -1.72%
2023 2.39% -3.36%
2022 11.7% -3.95%
2021 2.65% -5.71%
2020 -1.77% -3.85%
2019 1.82% -0.39%
2018 0.52% -0.77%
2017 -2.59% -0.85%
2016 -10.9% -0.41%
2015 -15.1% -1.57%
2014 -7.54% -1.74%
2013 -4.4% -0.58%
2012 -7.24% 0.18%
2011 0.83% -3.38%
2010 -4.53% -6.56%
2009 -6.47% -7.14%
2008 14.6% -3.29%
2007 17.2% 0.63%
2006 21.8% -0.48%
2005 18.5% -1.06%
2004 9.22% -1.04%
2003 9.99% -1.67%
2002 17.6% -2.59%
2001 14.9% -2.03%
2000 -2.67% -2.57%
1999 -0.19% -3.54%
1998 -7.65% -0.66%
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/latvia | 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 Latvia's deficit of $1.97B, or 4.05% of GDP.

Over the past 28 years, Equatorial Guinea recorded a fiscal deficit in 14 of those years, while Latvia ran a deficit in 26 years. On average, Equatorial Guinea posted an annual surplus equal to 2.48% of GDP, compared to deficit of 2.29% of GDP for Latvia.

Inflation comparison by year

Inflation
Equatorial Guinea

Latvia
1x
Year Consumer prices inflation
Equatorial Guinea Latvia
2025 2.8% 3.75%
2024 3.4% 1.27%
2023 2.4% 8.94%
2022 4.9% 17.3%
2021 -0.1% 3.28%
2020 4.8% 0.22%
2019 1.2% 2.81%
2018 1.3% 2.53%
2017 0.7% 2.93%
2016 1.4% 0.14%
2015 1.7% 0.17%
2014 4.3% 0.62%
2013 3.2% -0.03%
2012 3.4% 2.26%
2011 4.8% 4.37%
2010 5.3% -1.08%
2009 5.7% 3.53%
2008 4.7% 15.4%
2007 2.8% 10.1%
2006 4.5% 6.54%
2005 5.6% 6.75%
2004 4.2% 6.19%
2003 7.3% 2.94%
2002 7.6% 1.94%
2001 8.7% 2.49%
2000 4.8% 2.65%
1999 0.4% 2.36%
1998 7.9% 4.64%
1997 3% 8.45%

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/latvia | CC BY

Over the past 29 years, Equatorial Guinea has recorded an average annual inflation rate of 3.89%, compared with 4.26% in Latvia. In 2025, inflation was 2.8% in Equatorial Guinea and 3.75% in Latvia.

Top exports between countries

Equatorial Guinea
Export category Export value
Chemicals & pharma $18K
Latvia
Export category Export value
Textiles & consumer goods $560K
Wood & paper products $143K
Machinery & equipment $114K

Balance of trade

Equatorial Guinea Latvia
Current account balance
-$344M
1996
-$1.64B
2025
Current account balance ranking
98/190
1996
133/190
2025
Current account balance, % of GDP
-148%
1996
-3.38%
2025
Goods imports
$292M
1996
$25.6B
2025
Goods exports
$175M
1996
$21.1B
2025
Service imports
$185M
1996
$7.07B
2025
Service exports
$4.88M
1996
$9.33B
2025
Imports of goods and services, % of GDP
28.4%
2025
67.2%
2025
Exports of goods and services, % of GDP
46.5%
2025
62.6%
2025

Economic freedom indices

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

Equatorial Guinea Latvia
Economic freedom 47.4 71.6
Economic freedom ranking 175/197 31/197
Property rights 16.9 88.8
Government integrity 6.9 67.7
Judicial effectiveness 7.2 70.9
Tax burden 81 70.9
Government spending 90.8 42.7
Fiscal health 97.3 80.8
Business freedom 35.9 80.7
Labor freedom 45.2 60.5
Monetary freedom 73.5 76.3
Trade freedom 43.6 79.4
Investment freedom 40 80
Financial freedom 30 60

Economic freedom comparison by year

Equatorial Guinea
Latvia
1x
Year Economic freedom index
Equatorial Guinea Latvia
2026 47.4 71.6
2025 47.7 71.4
2024 47.7 71.5
2023 48.3 72.8
2022 47.2 74.8
2021 49.2 72.3
2020 48.3 71.9
2019 41 70.4
2018 42 73.6
2017 45 74.8
2016 43.7 70.4
2015 40.4 69.7
2014 44.4 68.7
2013 42.3 66.5
2012 42.8 65.2
2011 47.5 65.8
2010 48.6 66.2
2009 51.3 66.6
2008 51.6 68.3
2007 53.2 67.9
2006 51.5 66.9
2005 53.3 66.3
2004 53.3 67.4
2003 53.1 66
2002 46.4 65
2001 47.9 66.4
2000 45.6 63.4
1999 45.1 64.2
1998 - 63.4
1997 - 62.4
1996 - 55

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

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

The Economic Freedom Index for Equatorial Guinea is 47.4, ranking 175/197, compared to 71.6 for Latvia, ranking 31/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Equatorial Guinea Latvia
Services, % of GDP
55.5%
2025
64.2%
2025
Industry, % of GDP
41.4%
2025
18.7%
2025
Agriculture, forestry, and fishing, % of GDP
3.21%
2025
4.01%
2025
GNI, Atlas method
$11.4B
2025
$46.1B
2025
GNI per capita, PPP
$14,610
2025
$45,740
2025
Total reserves including gold
$1.08B
2024
$6.1B
2025
Total reserves ranking
141/177
2024
95/177
2025
Net foreign direct investment
-$376M
1996
$72.5M
2025
Net inflows of foreign direct investment
$188M
2024
$1.51B
2024
Net outflows of foreign direct investment
$154M
2024
$257M
2024
Poverty at national poverty lines
50.7%
2022
22.5%
2022
Gross capital formation, % of GDP
-3.68%
2025
24.1%
2025

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/latvia | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1962–2025, 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. TradeMap (2023–2025, retrieved 2026-07-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  8. LivingCost (2026, retrieved 2026-07-08)
  9. 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.

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.