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Country Briefs

  Equatorial Guinea

Reference Date: 19-March-2021

FOOD SECURITY SNAPSHOT

  1. Cereal import requirements forecast slightly above average in 2021

  2. Inflation rate forecast to decrease slightly in 2021

Cereal import requirements forecast slightly above average in 2021

Agriculture contributes to only about 2 percent of the Gross Domestic Product (GDP), reflecting the predominance of the petroleum industry. The country produces a very limited quantity of cereals (mainly maize), while the main food crops grown are cassava, sweet potatoes and plantains.

The country imports the bulk of its cereal requirements through commercial channels. With a population of about 1.4 million, total cereal imports in 2021 are forecast at a slightly above‑average level of 59 000 tonnes, which include 24 000 tonnes of rice and 35 000 tonnes of wheat.

Inflation rate forecast to decrease slightly in 2021

In recent years, the rates of inflation have been at generally low levels (less than 2 percent) due to a reduced demand from slow economic growth and the relatively strong local currency, which exerted downward pressure on prices of imported goods. According to the International Monetary Fund (IMF), the average inflation rates were about 1.3 percent in 2018 and 1.2 percent in 2019. In 2020, the inflation rate is estimated to have increased to 3 percent due to global supply-chain disruptions to imports amid the COVID‑19 pandemic, constraints on domestic production capacity and the depreciation of the local currency. The inflation rate is forecast to decline slightly in 2021, to about 2 percent.

Disclaimer: The designations employed and the presentation of material in this information product do not imply the expression of any opinion whatsoever on the part of FAO concerning the legal status of any country, territory, city or area or of its authorities, or concerning the delimitation of its frontiers or boundaries.