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Economy of Equatorial Guinea vs Mongolia compared: GDP & Debt

Updated on by Georank team

Equatorial Guinea has a GDP of $12.8B compared to $23.8B for Mongolia, ranking 148/197 and 121/197 by economy size, respectively.

Equatorial Guinea has $4.65B in government debt (36.4% of GDP), compared to $10.5B (44.1% of GDP) in Mongolia.

Equatorial Guinea vs Mongolia GDP by year

Equatorial Guinea
Mongolia
1x
Year GDP, current $
Equatorial Guinea Mongolia
2024 $12,765,777,677 $23,794,540,025
2023 $12,337,550,584 $20,325,121,394
2022 $13,687,643,436 $17,146,471,714
2021 $12,215,878,033 $15,286,441,738
2020 $9,893,816,008 $13,312,981,429
2019 $11,364,133,550 $14,206,359,018
2018 $13,097,012,134 $13,178,094,720
2017 $12,200,913,879 $11,480,847,741
2016 $11,240,808,848 $11,181,350,649
2015 $13,185,496,881 $11,619,892,591
2014 $21,765,453,082 $12,226,514,668
2013 $21,948,834,284 $12,582,122,604
2012 $22,388,344,144 $12,292,770,632
2011 $21,357,343,669 $10,409,797,378
2010 $16,314,443,436 $7,189,481,999
2009 $15,027,795,173 $4,583,850,368
2008 $19,749,893,536 $5,623,216,608
2007 $13,071,718,759 $4,234,999,704
2006 $10,086,528,699 $3,414,055,662
2005 $8,217,369,093 $2,523,471,601
2004 $4,410,764,339 $1,992,066,808
2003 $2,484,745,935 $1,595,297,356
2002 $1,806,742,742 $1,396,555,720
2001 $1,461,139,022 $1,267,997,934
2000 $1,045,998,496 $1,136,896,124
1999 $621,117,886 $1,057,408,589
1998 $370,687,634 $1,124,440,205
1997 $442,337,871 $1,180,934,203
1996 $232,463,023 $1,345,719,472
1995 $141,853,361 $1,452,165,005
1994 $100,807,003 $925,817,092
1993 $136,047,906 $768,401,634
1992 $134,707,184 $1,317,611,864
1991 $110,906,029 $2,379,018,326
1990 $112,119,411 $2,560,785,660
1989 $88,265,975 $3,576,966,800
1988 $100,534,657 $3,204,461,567
1987 $93,345,860 $3,020,611,600
1986 $76,407,396 $2,896,178,867
1985 $62,118,570 $2,186,505,475
1984 $50,320,914 $2,098,734,600
1983 $44,442,457 $2,725,736,633
1982 $44,294,648 $2,552,401,933
1981 $36,731,423 $2,310,099,100
1980 $50,642,881 $2,101,394,100
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/mongolia | CC BY

GDP per capita in Equatorial Guinea vs Mongolia by year

Equatorial Guinea
GDP per capita

GDP per capita, PPP
Mongolia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Equatorial Guinea Mongolia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $6,745 $17,567 $6,751 $19,145
2023 $6,678 $17,412 $5,839 $18,005
2022 $7,589 $18,140 $4,994 $16,402
2021 $6,946 $16,821 $4,518 $14,792
2020 $5,764 $13,677 $4,001 $13,693
2019 $6,804 $16,451 $4,348 $13,605
2018 $8,102 $18,413 $4,108 $12,317
2017 $7,809 $18,435 $3,646 $11,096
2016 $7,453 $16,649 $3,620 $10,511
2015 $9,069 $19,479 $3,839 $10,458
2014 $15,549 $27,177 $4,126 $10,900
2013 $16,304 $27,910 $4,340 $10,442
2012 $17,309 $30,012 $4,329 $10,152
2011 $17,198 $27,242 $3,736 $8,862
2010 $13,720 $26,168 $2,625 $7,532
2009 $13,233 $29,722 $1,703 $7,119
2008 $18,211 $30,523 $2,127 $7,297
2007 $12,617 $26,611 $1,628 $6,678
2006 $10,185 $23,511 $1,330 $5,977
2005 $8,674 $22,137 $995 $5,406
2004 $4,901 $19,354 $794 $4,942
2003 $2,931 $14,496 $643 $4,399
2002 $2,264 $13,255 $570 $4,083
2001 $1,949 $11,627 $524 $3,889
2000 $1,487 $7,420 $476 $3,740
1999 $931 $6,470 $449 $3,664
1998 $578 $5,280 $484 $3,555
1997 $717 $4,387 $515 $3,449
1996 $392 $1,793 $596 $3,310
1995 $248.3 $1,098 $653 $3,229
1994 $183.2 $951 $423 $3,021
1993 $256.7 $828 $355 $2,929
1992 $263.7 $756 $608 $2,951
1991 $225.3 $569 $1,099 $3,183
1990 $236.4 $577 $1,220 $3,479
1989 $193.2 - $1,684 -
1988 $228.7 - $1,543 -
1987 $220.9 - $1,493 -
1986 $188.8 - $1,469 -
1985 $161.1 - $1,138 -
1984 $137.9 - $1,120 -
1983 $129.4 - $1,490 -
1982 $137.5 - $1,430 -
1981 $121.1 - $1,325 -
1980 $175.5 - $1,235 -
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/mongolia | CC BY

Equatorial Guinea's GDP per capita is $6,745, ranking 106/197, compared to $6,751 in Mongolia, ranking 105/197. Adjusted for purchasing power (GDP per capita PPP), Equatorial Guinea ranks 106th at $17,567, while Mongolia ranks 98th at $19,145.

Economic indicators

Equatorial Guinea Mongolia
Gross domestic product
$12.8B
2024
$23.8B
2024
GDP rank
148/197
2024
121/197
2024
GDP growth
0.91%
2023-2024
5.12%
2023-2024
GDP per capita
$6,745
2024
$6,751
2024
GDP per capita rank
106/197
2024
105/197
2024
GDP per capita, PPP
$17,567
2024
$19,145
2024
GDP per capita PPP rank
106/197
2024
98/197
2024
Government debt
$4.65B
2024
$10.5B
2024
Debt-to-GDP ratio
36.4%
2024
44.1%
2024
Government debt per person
$2,458
2024
$2,974
2024
Government debt per person rank
110/185
2024
101/185
2024
Average annual personal income after taxes
$5,042
2026
$5,311
2026
Income share by richest 10%
29.1%
2022
24.6%
2022
Income share by poorest 10%
2.6%
2022
3.4%
2022
Government expenditure, % of GDP
18.5%
2024
37.5%
2024
Consumer prices inflation
3.4%
2023-2024
6.2%
2023-2024
Central bank interest rate n/a
12%
2025
Unemployment rate
8.6%
2014
5.81%
2024
Population
1998075
3620317

Spending and national debt comparison by year

Equatorial Guinea
Spending

Debt
Mongolia
Spending

Debt
1x
Year % of GDP
Equatorial Guinea Mongolia
Government spending Government debt Government spending Government debt
2024 18.5% 36.4% 37.5% 44.1%
2023 19.2% 39.1% 31.9% 46.7%
2022 14.8% 29.8% 33.7% 64.6%
2021 12.7% 42.3% 35.9% 67.4%
2020 16.2% 49.4% 37.1% 83.4%
2019 16.8% 43.2% 30.8% 66.8%
2018 19.1% 40.6% 28.4% 76.5%
2017 20.1% 36.2% 32.2% 86.9%
2016 27.8% 41.1% 39.7% 78.7%
2015 41.6% 31.7% 31.2% 50.5%
2014 31.6% 12.6% 32.1% 44%
2013 29.3% 6.27% 32.2% 49.4%
2012 35.2% 7.1% 36.1% 43.7%
2011 27.5% 7.17% 37.9% 32.7%
2010 31.2% 7.89% 31.6% 31%
2009 39.8% 4.34% 35.5% 48.5%
2008 19.9% 0.49% 37.6% 31%
2007 19.7% 0.75% 35.3% 36.1%
2006 18.1% 1.22% 26.2% 40.9%
2005 14.1% 2.85% 25.1% 55.9%
2004 15.5% 4.54% 31.8% 75%
2003 11.8% 6.77% 33.7% 90%
2002 11.3% 19.4% 35.5% 72%
2001 13.5% 25.5% 35.2% 69.2%
2000 22.6% 36.6% 34.5% 79.3%
1999 18.7% 60.5% 33.2% 103.7%
1998 35.1% 59.2% 36.2% 77.5%
1997 14.8% 46.3% 30.8% 61%
1996 22.9% 91.2% 28.6% 49.7%
1995 141.5% 136.9% 26.6% 40.2%
1994 510% 216% 32.2% 57.6%
1993 256.3% 152.6% 38.3% 57.8%
1992 595% 136.9% 29.1% 29.3%
1991 284.5% 169.5% 46% -
1990 212.9% 157% 51.7% -
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 (1985–2005, retrieved 2026-02-20).

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

In 2024, Equatorial Guinea's government spending was $2.36B, accounting for 18.5% of its GDP, while Mongolia spent $8.92B, or 37.5% of GDP.

Debt-to-GDP ratio is 36.4% in Equatorial Guinea and 44.1% in Mongolia, ranking 143/185 and 122/185, respectively.

Government deficit by year

Deficit/surplus
Equatorial Guinea

Mongolia
1x
Year Deficit/surplus, % of GDP
Equatorial Guinea Mongolia
2024 -0.55% 1.39%
2023 2.39% 2.73%
2022 11.7% 0.67%
2021 2.65% -3.05%
2020 -1.77% -9.24%
2019 1.82% 1%
2018 0.52% 2.85%
2017 -2.59% -3.72%
2016 -10.9% -15.3%
2015 -15.1% -5.04%
2014 -7.54% -3.73%
2013 -4.4% -0.93%
2012 -7.24% -6.24%
2011 0.83% -4.01%
2010 -4.53% 0.43%
2009 -6.47% -5.2%
2008 14.6% -4.52%
2007 17.2% 2.64%
2006 21.8% 7.58%
2005 18.5% 2.43%
2004 9.22% -1.62%
2003 9.99% -3.38%
2002 17.6% -4.74%
2001 14.9% -4.33%
2000 -2.67% -5.82%
1999 -0.19% -9.91%
1998 -7.65% -12.3%
1997 3.21% -8.09%
1996 -6.36% -6.88%
1995 -123.4% -4.97%
1994 -487% -9.74%
1993 -217.9% -13.3%
1992 -557% -8.1%
1991 -236% -6.37%
1990 -160.2% -9.37%
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/mongolia | 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 Mongolia's surplus of $332M, or 1.39% of GDP.

Over the past 35 years, Equatorial Guinea recorded a fiscal deficit in 20 of those years, while Mongolia ran a deficit in 26 years. On average, Equatorial Guinea posted an annual deficit equal to 49% of GDP, compared to deficit of 4.23% of GDP for Mongolia.

Inflation comparison by year

Inflation
Equatorial Guinea

Mongolia
1x
Year Consumer prices inflation
Equatorial Guinea Mongolia
2024 3.4% 6.2%
2023 2.4% 10.4%
2022 4.9% 15.1%
2021 -0.1% 7.4%
2020 4.8% 3.7%
2019 1.2% 7.3%
2018 1.3% 6.8%
2017 0.7% 4.3%
2016 1.4% 0.8%
2015 1.7% 6.8%
2014 4.3% 12.9%
2013 3.2% 10.6%
2012 3.4% 13.8%
2011 4.8% 8.8%
2010 5.3% 8.3%
2009 5.7% 7.6%
2008 4.7% 28%
2007 2.8% 9.6%
2006 4.5% 4.4%
2005 5.6% 12.6%
2004 4.2% 8.3%
2003 7.3% 5.2%
2002 7.6% 0.9%
2001 8.7% 6.4%
2000 4.8% 11.3%
1999 0.4% 7.6%
1998 7.9% 9.5%
1997 3% 30%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20).

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

Over the past 28 years, Equatorial Guinea has recorded an average annual inflation rate of 3.93%, compared with 9.45% in Mongolia. In 2024, inflation was 3.4% in Equatorial Guinea and 6.2% in Mongolia.

Balance of trade

Equatorial Guinea Mongolia
Current account balance
-$344M
1996
-$2.49B
2024
Current account balance ranking
101/190
1996
149/190
2024
Current account balance, % of GDP
-148%
1996
-10.4%
2024
Goods imports
$292M
1996
$11.7B
2024
Goods exports
$175M
1996
$14.7B
2024
Service imports
$185M
1996
$4.92B
2024
Service exports
$4.88M
1996
$1.6B
2024
Imports of goods and services, % of GDP
25.4%
2024
69.7%
2024
Exports of goods and services, % of GDP
35.2%
2024
68.7%
2024

Economic freedom indices

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

Equatorial Guinea Mongolia
Economic freedom 47.4 63.9
Economic freedom ranking 175/197 76/197
Property rights 16.9 49.2
Government integrity 6.9 35.8
Judicial effectiveness 7.2 54.9
Tax burden 81 83.7
Government spending 90.8 64.6
Fiscal health 97.3 96.1
Business freedom 35.9 68.4
Labor freedom 45.2 68.2
Monetary freedom 73.5 72.1
Trade freedom 43.6 74.4
Investment freedom 40 50
Financial freedom 30 50

Economic freedom comparison by year

Equatorial Guinea
Mongolia
1x
Year Economic freedom index
Equatorial Guinea Mongolia
2026 47.4 63.9
2025 47.7 62.6
2024 47.7 60.6
2023 48.3 61.7
2022 47.2 63.9
2021 49.2 62.4
2020 48.3 55.9
2019 41 55.4
2018 42 55.7
2017 45 54.8
2016 43.7 59.4
2015 40.4 59.2
2014 44.4 58.9
2013 42.3 61.7
2012 42.8 61.5
2011 47.5 59.5
2010 48.6 60
2009 51.3 62.8
2008 51.6 63.6
2007 53.2 60.3
2006 51.5 62.4
2005 53.3 59.7
2004 53.3 56.5
2003 53.1 57.7
2002 46.4 56.7
2001 47.9 56
2000 45.6 58.5
1999 45.1 58.6
1998 - 57.3
1997 - 52.9
1996 - 47.4
1995 - 47.8

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

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

The Economic Freedom Index for Equatorial Guinea is 47.4, ranking 175/197, compared to 63.9 for Mongolia, ranking 76/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Equatorial Guinea Mongolia
Services, % of GDP
51.1%
2024
44.3%
2024
Industry, % of GDP
45.8%
2024
38.1%
2024
Agriculture, forestry, and fishing, % of GDP
3.15%
2024
7.29%
2024
GNI, Atlas method
$8.96B
2024
$19B
2024
GNI per capita, PPP
$12,330
2024
$17,000
2024
Total reserves including gold
$1.54B
2023
$5.51B
2024
Total reserves ranking
134/177
2023
95/177
2024
Net foreign direct investment
-$376M
1996
-$2.73B
2024
Net inflows of foreign direct investment
$188M
2024
$2.78B
2024
Net outflows of foreign direct investment
$154M
2024
$55.5M
2024
Servicing debt to the IMF, % of GNI n/a
25.7%
2024
Poverty at national poverty lines
50.7%
2022
27.1%
2022
Gross capital formation, % of GDP
8.96%
2024
35.5%
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/mongolia | 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 (1985–2005, retrieved 2026-02-20)
  6. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. LivingCost (2026, retrieved 2025-10-14)
  8. 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.

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.