Cameroon Economy Profile 2009

Economy - overview

Because of its modest oil resources and favorable agricultural conditions, Cameroon has one of the best-endowed primary commodity economies in sub-Saharan Africa. Still, it faces many of the serious problems facing other underdeveloped countries, such as stagnating per capita income, a relatively inequitable distribution of income, a top-heavy civil service, and a generally unfavorable climate for business enterprise. International oil and cocoa prices have a significant impact on the economy. Since 1990, the government has embarked on various IMF and World Bank programs designed to spur business investment, increase efficiency in agriculture, improve trade, and recapitalize the nation's banks. The IMF is pressing for more reforms, including increased budget transparency, privatization, and poverty reduction programs.

GDP (purchasing power parity)

$42.75 billion (2008 est.)
$41.14 billion (2007 est.)
$39.83 billion (2006 est.)
note: data are in 2008 US dollars

GDP (official exchange rate)

$23.24 billion (2008 est.)

GDP - real growth rate

3.9% (2008 est.)
3.3% (2007 est.)
3.2% (2006 est.)

GDP - per capita (PPP)

$2,300 (2008 est.)
$2,300 (2007 est.)
$2,300 (2006 est.)
note: data are in 2008 US dollars

GDP - composition by sector

agriculture: 43.6%
industry: 15.9%
services: 40.5% (2008 est.)

Population below poverty line

48% (2000 est.)

Labor force

6.759 million (2008 est.)

Labor force - by occupation

agriculture: 70%
industry: 13%
services: 17% (2001 est.)

Unemployment rate

30% (2001 est.)

Household income or consumption by percentage share

lowest 10%: 2.3%
highest 10%: 35.4% (2001)

Distribution of family income - Gini index

44.6 (2001)
47.7 (1996)

Investment (gross fixed)

17.7% of GDP (2008 est.)

Budget

revenues: $4.714 billion
expenditures: $4.261 billion (2008 est.)

Public debt

14.3% of GDP (2008 est.)
69.1% of GDP (2004 est.)

Inflation rate (consumer prices)

5.3% (2008 est.)
1.1% (2007 est.)

Central bank discount rate

NA% (31 December 2008)
5.25% (31 December 2007)

Commercial bank prime lending rate

NA% (31 December 2008)
15% (31 December 2007)

Stock of money

$NA (31 December 2008)
$2.616 billion (31 December 2007)

Stock of quasi money

$NA (31 December 2008)
$1.698 billion (31 December 2007)

Stock of domestic credit

$NA (31 December 2008)
$1.3 billion (31 December 2007)

Industries

petroleum production and refining, aluminum production, food processing, light consumer goods, textiles, lumber, ship repair

Industrial production growth rate

4.2% (2008 est.)

Electricity - production

3.903 billion kWh (2006 est.)

Electricity - production by source

fossil fuel: 2.7%
hydro: 97.3%
nuclear: 0%
other: 0% (2001)

Electricity - consumption

3.323 billion kWh (2006 est.)

Electricity - exports

0 kWh (2007 est.)

Electricity - imports

0 kWh (2007 est.)

Oil - production

87,400 bbl/day (2008 est.)

Oil - consumption

24,500 bbl/day (2006 est.)

Oil - imports

50,750 bbl/day (2005)

Oil - exports

108,800 bbl/day (2005)

Oil - proved reserves

98 million bbl (1 January 2008 est.)

Natural gas - production

20 million cu m (2006 est.)

Natural gas - consumption

20 million cu m (2006 est.)

Natural gas - exports

0 cu m (2007 est.)

Natural gas - imports

0 cu m (2007 est.)

Natural gas - proved reserves

135.1 billion cu m (1 January 2008 est.)

Current Account Balance

$13 million (2008 est.)
$-547 million (2007 est.)

Agriculture - products

coffee, cocoa, cotton, rubber, bananas, oilseed, grains, root starches; livestock; timber

Exports

$4.816 billion (2008 est.)
$4.345 billion (2007 est.)

Exports - commodities

crude oil and petroleum products, lumber, cocoa beans, aluminum, coffee, cotton

Exports - partners

Spain 18.7%, Italy 12.7%, US 10%, South Korea 9.3%, France 7.7%, Netherlands 7.6%, China 5.3% (2008)

Imports

$4.303 billion (2008 est.)
$4.05 billion (2007 est.)

Imports - commodities

machinery, electrical equipment, transport equipment, fuel, food

Imports - partners

France 21.6%, Nigeria 14.2%, China 9.2%, Belgium 6.2% (2008)

Reserves of foreign exchange and gold

$3.091 billion (31 December 2008 est.)
$2.932 billion (31 December 2007 est.)

Debt - external

$3.091 billion (31 December 2008 est.)
$2.554 billion (31 December 2007 est.)

Market value of publicly traded shares

$NA

Economic aid - recipient

$413.8 million (2005)

Currency (code)

XAF

Currency (code)

Communaute Financiere Africaine franc (XAF); note - responsible authority is the Bank of the Central African States

Exchange rates

Cooperation Financiere en Afrique Centrale francs (XAF) per US dollar - 447.81 (2008 est.), 493.51 (2007), 522.59 (2006), 527.47 (2005), 528.29 (2004)
note: since 1 January 1999, the Central African CFA franc (XAF) has been pegged to the euro at a rate of 655.957 CFA francs per euro; Central African CFA franc (XAF) coins and banknotes are not accepted in countries using West African CFA francs (XOF), and vice versa, even though the two currencies trade at par

Fiscal year

1 July - 30 June