The hydrocarbon sector continued its multi-year slide in 2024. Based on data from the Energy Information Administration, oil output in Equatorial Guinea dropped to 88,000 barrels per day (bpd) in October from 98,000 bpd in January last year. At these levels, oil production was down 5.4% during the first 10 months of 2024 compared with the same period in 2023. We expect oil production to decline by 6.5% this year, resulting in a 0.2% real GDP contraction in 2025.
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