Cameroon Economy Profile 2008

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 a top-heavy civil service and a generally unfavorable climate for business enterprise. 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. In June 2000, the government completed an IMF-sponsored, three-year structural adjustment program; however, the IMF is pressing for more reforms, including increased budget transparency, privatization, and poverty reduction programs. In January 2001, the Paris Club agreed to reduce Cameroon's debt of $1.3 billion by $900 million; debt relief now totals $1.26 billion. International oil and cocoa prices have a significant impact on the economy.

GDP (purchasing power parity)

$40.01 billion (2007 est.)

GDP (official exchange rate)

$20.93 billion (2007 est.)

GDP - real growth rate

3.2% (2007 est.)

GDP - per capita (PPP)

$2,300 (2007 est.)

GDP - composition by sector

agriculture: 44.3%
industry: 15.9%
services: 39.8% (2007 est.)

Population below poverty line

48% (2000 est.)

Household income or consumption by percentage share

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

Inflation rate (consumer prices)

2% (2007 est.)

Investment (gross fixed)

17.2% of GDP (2007 est.)

Labor force

6.68 million (2007 est.)

Labor force - by occupation

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

Unemployment rate

30% (2001 est.)

Distribution of family income - Gini index

44.6 (2001)

Budget

revenues: $4.14 billion
expenditures: $3.3 billion (2007 est.)

Public debt

13.8% of GDP (2007 est.)

Industries

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

Industrial production growth rate

3.5% (2007 est.)

Electricity - production

4.09 billion kWh (2005)

Electricity - consumption

3.435 billion kWh (2005)

Electricity - exports

0 kWh (2005)

Electricity - imports

0 kWh (2005)

Oil - production

82,670 bbl/day (2005 est.)

Oil - consumption

24,200 bbl/day (2005 est.)

Oil - imports

63,710 bbl/day (2004)

Oil - exports

107,400 bbl/day (2004)

Oil - proved reserves

400 million bbl (1 January 2006 est.)

Natural gas - production

0 cu m (2005 est.)

Natural gas - consumption

0 cu m (2005 est.)

Natural gas - exports

0 cu m (2005 est.)

Natural gas - imports

0 cu m (2005)

Natural gas - proved reserves

105.9 billion cu m (1 January 2006 est.)

Current Account Balance

-$501 million (2007 est.)

Agriculture - products

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

Exports

$3.705 billion f.o.b. (2007 est.)

Exports - commodities

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

Exports - partners

Spain 21.4%, Italy 15.4%, France 11.6%, South Korea 7.3%, Netherlands 7.2%, US 5.7%, Belgium 4.2% (2006)

Imports

$3.632 billion f.o.b. (2007 est.)

Imports - commodities

machinery, electrical equipment, transport equipment, fuel, food

Imports - partners

France 23.6%, Nigeria 13.2%, China 7.2%, Belgium 6.1%, US 4.5% (2006)

Reserves of foreign exchange and gold

$2.341 billion (31 December 2007 est.)

Debt - external

$2.449 billion (31 December 2007 est.)

Market value of publicly traded shares

$NA

Economic aid - recipient

$413.8 million (2005)

Currency (code)

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

Exchange rates

Communaute Financiere Africaine francs (XAF) per US dollar - 493.51 (2007), 522.59 (2006), 527.47 (2005), 528.29 (2004), 581.2 (2003)

Fiscal year

1 July - 30 June