Hire in Equatorial Guinea

Overview in Equatorial Guinea

Equatorial Guinea is the 135th economy in the world according to the nominal GDP (Gross Domestic Product) in the year 2020. The Equatorial Guinean economy is dominated by the industrial sector with a huge share of 87.3 %, followed by the service sector with 8 % and the agricultural sector with 4.6 %. The majority of the labor force is employed in the industrial sector and agricultural sector.

Total population – 1,754,993 people (2024)

GDP – €9.45bn (2024 estimate)

Economic Overview

The GDP growth rate has been contracted to 5.8% in 2020 and has reached a valuation of US $10.02 billion. The GDP is expected to grow in the coming years by 2.4 % and is expected to reach a valuation of 12 billion. The unemployment rate has a slight increase of 1.2 % compared to 2019 and is expected to decrease in 2021-22.

Market Size

As the industrial sector rules the economy, there are job opportunities in this sector. The country's economic growth and infrastructure is improving, which resulted in the slight expansion of industries. The country's main industries depend upon the oil and petroleum industry, agriculture, fishing, forestry, and farming industry. Exports also contribute heavily to the country's revenue.

A brief glimpse of the industries

• Oil and gas contribute heavily to the country's economy. This industry accounts for 90% of the country's GDP. It is the largest industry in the country. Even though the industry is huge, job openings are low compared to the other industries. It exports its crude products to countries like China, India, Portugal, and South Korea.
• Another major industry in the country is the agriculture industry. This sector contributes to around 4.6% of the country's GDP. The industry is known for its cocoa production as it is one of the major agricultural products, and its revenue depends heavily on it. Another major product that is exported is coffee. Other minor agricultural products include banana cassava and sweet potato.
• The forest industry is an important industry in Equatorial Guinea. Timber is one of the important exports, after oil. The production is increased at very high rates. One of the major challenges faced by the industry is the lack of proper infrastructure.
• Fishing is both artisanal and industrial. It is one of the largest industries in the country and has been modernized. The country has different types of marine species. Bioko is one of the major fishing center's in the country.

Cost of living in Equatorial Guinea

The cost of living in the country is not expensive. This country, present on the west coast of Africa, is small and a developing country. The living conditions here are average but extremely affordable. The following table depicts the average cost of living in Equatorial Guinea.

Cost of Renting

Various factors can affect the cost of renting an apartment. It depends on the location of the house or the size of an apartment. An apartment with one bedroom may cost you around $ 180, and a three-bedroom apartment costs around $629. The prices will increase lightly if the house is located in the city with an improved lifestyle.

The top sectors that are expected to hire in 2024 in Equatorial Guinea are:

Top skills in Equatorial Guinea

The Equatorial Guinean economy is an emerging and upper-middle-income economy. Knowledge of hard skills and soft skills can fetch you opportunities in the country. As the industrial sector dominates the economy, there are opportunities in this sector. A person with adequate skills can always get a good and satisfying job. From the oil industry to the agricultural and forest industries, the country provides various job opportunities for expats.

Major skills and areas which have witnessed a recent growth rate

• Petroleum
• IT
• Science and Technology
• Forestry
• Marketing
• Finance

Top skills city-wise occupation-wise

Each country has its quality, and certain industries flourish in certain cities. The resources of the country are widely spread across different regions.

• Malabo: It is the capital of Equatorial Guinea and is one of the country's oldest cities. It is the commercial and financial center of the country. The main industry of the city is fish processing. The main ports of the country are situated in Malabo.
• Bata: - It is the largest city in Equatorial Guinea. It is a transport hub and also has one of the main ports of the country. The city is known for its market and nightlife. The city does not have natural labor but has the deepest seaports in the region. The major exports of the city are coffee and timber.

Hiring Cost

Recruiting an employee is not an easy task. It may involve various factors, including time and effort, that employers are expected to meet. Mentioned below are some of the factors that affect the cost of hiring:

• Interview process
• Training and Onboarding expenses
• Orientation costs
• Time invested for the entire hiring process

Salary structure for various roles

The table below depicts the average salaries that are offered to employees in Equatorial Guinea according to different sectors:

Employment Laws in Equatorial Guinea

The employment system in Equatorial Guinea is regulated and has a neat system. Various factors like working hours, maternity leave and other factors vary in different industries. The following aspects regulate the National Labor Law:

• Minimum wage
• Discrimination protection
• Unpaid and Paid leaves
• Protection against dismissal
• Employee privacy
• Redundancies

According to Article 81, employers can terminate the contract at any time, and the employees are free to resign from the work at any time.

How Can Skuad Help You with Hiring in Equatorial Guinea?

Organizing a recruitment drive in Equatorial Guinea might be a momentous task due to the various rules and regulations in place. So, instead of dedicating your time and resources to this complicated process, enjoy seamless recruitments with experienced consultants from Skuad. Connect with Skuad Experts to know more.