What is the main source of income for Equatorial Guinea?

Petroleum now accounts for the vast majority of Equatorial Guinea’s exports and contributes more than four-fifths of its gross domestic product (GDP). Nevertheless, the standard of living of most people has not significantly improved, and farming continues to be the predominant occupation.

Is Guinea Ecuatorial a rich country?

Since the start of oil production in the mid-nineties, Equatorial Guinea has become Africa’s wealthiest nation on a per-capita basis, and the third-largest oil producing country in sub-Saharan Africa.

Why is Equatorial Guinea so rich?

The economy of Equatorial Guinea has traditionally been dependent on commodities such as cocoa and coffee, but is now heavily dependent on petroleum due to the discovery and exploitation of significant oil reserves in the 1980s.

Is Equatorial Guinea safe for Americans?

OVERALL RISK : MEDIUM. Equatorial Guinea is, for the most part, a safe country to visit. However, it does have an extremely high crime rate, though it’s mainly ridden with petty street crime. You should be vigilant and take all possible precaution measures in order to minimize the risk of getting stolen from.

How do people make a living in Equatorial Guinea?

Agricultural Economy: Even though Equatorial Guinea makes most of its revenue through Petroleum, 71 percent of the population is agricultural. Some are subsistence farmers, who clear land by burning away other plant life in order to grow the crops that sustain them.

What is the richest South American country?

Chile is actually the richest country in all of South America with exceedingly high living standards as well as a well-developed economy.

Do U.S. citizens need a visa for Equatorial Guinea?

Equatorial Guinea Tourist Visa for US Passport Holders Not Required. When you are travelling to Equatorial Guinea with a U.S. Passport, a Tourist Visa is not required. No visa required for up to 90 day stay.