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Cameroon vs. Equatorial Guinea

Economy

CameroonEquatorial Guinea
Economy - overview

Cameroon's market-based, diversified economy features oil and gas, timber, aluminum, agriculture, mining and the service sector. Oil remains Cameroon's main export commodity, and despite falling global oil prices, still accounts for nearly 40% of exports. Cameroon's economy suffers from factors that often impact underdeveloped countries, such as stagnant per capita income, a relatively inequitable distribution of income, a top-heavy civil service, endemic corruption, continuing inefficiencies of a large parastatal system in key sectors, 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. The IMF continues to press for economic reforms, including increased budget transparency, privatization, and poverty reduction programs. The Government of Cameroon provides subsidies for electricity, food, and fuel that have strained the federal budget and diverted funds from education, healthcare, and infrastructure projects, as low oil prices have led to lower revenues.

Cameroon devotes significant resources to several large infrastructure projects currently under construction, including a deep seaport in Kribi and the Lom Pangar Hydropower Project. Cameroon's energy sector continues to diversify, recently opening a natural gas-powered electricity generating plant. Cameroon continues to seek foreign investment to improve its inadequate infrastructure, create jobs, and improve its economic footprint, but its unfavorable business environment remains a significant deterrent to foreign investment.

Exploitation of oil and gas deposits, beginning in the 1990s, has driven economic growth in Equatorial Guinea; a recent rebasing of GDP resulted in an upward revision of the size of the economy by approximately 30%. Forestry and farming are minor components of GDP. Although preindependence Equatorial Guinea counted on cocoa production for hard currency earnings, the neglect of the rural economy since independence has diminished the potential for agriculture-led growth. Subsistence farming is the dominant form of livelihood. Declining revenue from hydrocarbon production, high levels of infrastructure expenditures, lack of economic diversification, and corruption have pushed the economy into decline in recent years and limited improvements in the general population's living conditions. Equatorial Guinea's real GDP growth has been weak in recent years, averaging -0.5% per year from 2010 to 2014, because of a declining hydrocarbon sector. Inflation remained very low in 2016, down from an average of 4% in 2014.

As a middle income country, Equatorial Guinea is now ineligible for most low-income World Bank and the IMF funding. The government has been widely criticized for its lack of transparency and misuse of oil revenues and has attempted to address this issue by working toward compliance with the Extractive Industries Transparency Initiative. US foreign assistance to Equatorial Guinea is limited in part because of US restrictions pursuant to the Trafficking Victims Protection Act.

Equatorial Guinea hosted two economic diversification symposia in 2014 that focused on attracting investment in five sectors: agriculture and animal ranching, fishing, mining and petrochemicals, tourism, and financial services. Undeveloped mineral resources include gold, zinc, diamonds, columbite-tantalite, and other base metals. In 2017 Equatorial Guinea signed a preliminary agreement with Ghana to sell liquefied natural gas (LNG); as oil production wanes, the government believes LNG could provide a boost to revenues, but it will require large investments and long lead times to develop.

GDP (purchasing power parity)$94.248 billion (2019 est.)

$90.868 billion (2018 est.)

$87.32 billion (2017 est.)

note: data are in 2017 dollars
$25.164 billion (2019 est.)

$26.65 billion (2018 est.)

$28.459 billion (2017 est.)

note: data are in 2010 dollars
GDP - real growth rate3.5% (2017 est.)

4.6% (2016 est.)

5.7% (2015 est.)
-3.2% (2017 est.)

-8.6% (2016 est.)

-9.1% (2015 est.)
GDP - per capita (PPP)$3,642 (2019 est.)

$3,604 (2018 est.)

$3,555 (2017 est.)

note: data are in 2017 dollars
$18,558 (2019 est.)

$20,360 (2018 est.)

$22,551 (2017 est.)

note: data are in 2010 dollars
GDP - composition by sectoragriculture: 16.7% (2017 est.)

industry: 26.5% (2017 est.)

services: 56.8% (2017 est.)
agriculture: 2.5% (2017 est.)

industry: 54.6% (2017 est.)

services: 42.9% (2017 est.)
Population below poverty line37.5% (2014 est.)44% (2011 est.)
Household income or consumption by percentage sharelowest 10%: 37.5%

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

highest 10%: NA
Inflation rate (consumer prices)2.4% (2019 est.)

1% (2018 est.)

0.6% (2017 est.)
1.2% (2019 est.)

1.3% (2018 est.)

0.7% (2017 est.)
Labor force9.912 million (2017 est.)195,200 (2007 est.)
Unemployment rate4.3% (2014 est.)

30% (2001 est.)
8.6% (2014 est.)

22.3% (2009 est.)
Budgetrevenues: 5.363 billion (2017 est.)

expenditures: 6.556 billion (2017 est.)
revenues: 2.114 billion (2017 est.)

expenditures: 2.523 billion (2017 est.)
Industriespetroleum production and refining, aluminum production, food processing, light consumer goods, textiles, lumber, ship repairpetroleum, natural gas, sawmilling
Industrial production growth rate3.3% (2017 est.)-6.9% (2017 est.)
Agriculture - productscassava, plantains, maize, oil palm fruit, taro, sugar cane, sorghum, tomatoes, bananas, vegetablessweet potatoes, cassava, roots/tubers nes, plantains, oil palm fruit, bananas, coconuts, coffee, cocoa, eggs
Exports$4.732 billion (2017 est.)

$4.561 billion (2016 est.)
$8.776 billion (2019 est.)

$8.914 billion (2018 est.)

$9.94 billion (2017 est.)
Exports - commoditiescrude petroleum, cocoa beans, lumber, gold, natural gas, bananas (2019)crude petroleum, natural gas, industrial alcohols, lumber, veneer sheeting (2019)
Exports - partnersChina 17%, Netherlands 14%, Italy 9%, United Arab Emirates 8%, India 7%, United States 6%, Belgium 6%, Spain 5%, France 5% (2019)China 34%, India 19%, Spain 11%, United States 7% (2019)
Imports$4.812 billion (2017 est.)

$4.827 billion (2016 est.)
$6.245 billion (2019 est.)

$6.129 billion (2018 est.)

$5.708 billion (2017 est.)
Imports - commoditiescrude petroleum, scrap vessels, rice, special purpose ships, packaged medicines (2019)gas turbines, beer, ships, industrial machinery, excavation machinery (2019)
Imports - partnersChina 28%, Nigeria 15%, France 9%, Belgium 6% (2019)United States 22%, Spain 19%, China 12%, United Kingdom 6%, United Arab Emirates 5% (2019)
Debt - external$9.375 billion (31 December 2017 est.)

$7.364 billion (31 December 2016 est.)
$1.211 billion (31 December 2017 est.)

$1.074 billion (31 December 2016 est.)
Exchange ratesCooperation Financiere en Afrique Centrale francs (XAF) per US dollar -

605.3 (2017 est.)

593.01 (2016 est.)

593.01 (2015 est.)

591.45 (2014 est.)

494.42 (2013 est.)
Cooperation Financiere en Afrique Centrale francs (XAF) per US dollar -

605.3 (2017 est.)

593.01 (2016 est.)

593.01 (2015 est.)

591.45 (2014 est.)

494.42 (2013 est.)
Fiscal year1 July - 30 Junecalendar year
Public debt36.9% of GDP (2017 est.)

32.5% of GDP (2016 est.)
37.4% of GDP (2017 est.)

43.3% of GDP (2016 est.)
Reserves of foreign exchange and gold$3.235 billion (31 December 2017 est.)

$2.26 billion (31 December 2016 est.)
$45.5 million (31 December 2017 est.)

$62.31 million (31 December 2016 est.)
Current Account Balance-$932 million (2017 est.)

-$1.034 billion (2016 est.)
-$738 million (2017 est.)

-$1.457 billion (2016 est.)
GDP (official exchange rate)$34.99 billion (2017 est.)$10.634 billion (2019 est.)
Ease of Doing Business Index scoresOverall score: 46.1 (2020)

Starting a Business score: 86.3 (2020)

Trading score: 16 (2020)

Enforcement score: 39.9 (2020)
Overall score: 41.1 (2020)

Starting a Business score: 61 (2020)

Trading score: 32 (2020)

Enforcement score: 56.2 (2020)
Taxes and other revenues15.3% (of GDP) (2017 est.)16.9% (of GDP) (2017 est.)
Budget surplus (+) or deficit (-)-3.4% (of GDP) (2017 est.)-3.3% (of GDP) (2017 est.)
GDP - composition, by end usehousehold consumption: 66.3% (2017 est.)

government consumption: 11.8% (2017 est.)

investment in fixed capital: 21.6% (2017 est.)

investment in inventories: -0.3% (2017 est.)

exports of goods and services: 21.6% (2017 est.)

imports of goods and services: -20.9% (2017 est.)
household consumption: 50% (2017 est.)

government consumption: 21.8% (2017 est.)

investment in fixed capital: 10.2% (2017 est.)

investment in inventories: 0.1% (2017 est.)

exports of goods and services: 56.9% (2017 est.)

imports of goods and services: -39% (2017 est.)
Gross national saving17.7% of GDP (2018 est.)

18.2% of GDP (2017 est.)

23.9% of GDP (2015 est.)
6.1% of GDP (2017 est.)

3.6% of GDP (2016 est.)

8.5% of GDP (2015 est.)

Source: CIA Factbook