Economy - overview Because of its 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. The government, however, has failed to press forward vigorously with these programs. The latest enhanced structural adjustment agreement was signed in October 1997; the parties hope this will prove more successful, yet government mismanagement and corruption remain problems. Inflation has been brought back under control. Progress toward privatization of remaining state industry should support continued economic growth in 2000.
GDP purchasing power parity - $31.5 billion (1999 est.)
GDP - real growth rate 5.2% (1999 est.)
GDP - per capita purchasing power parity - $2,000 (1999 est.)
GDP - composition by sector agriculture:42%
industry:22%
services:36% (1997 est.)
Population below poverty line 40% (1984 est.)
Household income or consumption by percentage share lowest 10%:NA%
highest 10%:NA%
Inflation rate (consumer prices) 2.1% (1999 est.)
Labor force NA
Labor force - by occupation agriculture 70%, industry and commerce 13%, other 17%
Unemployment rate 30% (1998 est.)
Budget revenues:$2.23 billion
expenditures:$2.23 billion, including capital expenditures of $NA (FY96/97 est.)
Industries petroleum production and refining, food processing, light consumer goods, textiles, lumber
Industrial production growth rate NA%
Electricity - production 3.285 billion kWh (1998)
Electricity - production by source fossil fuel:2.59%
hydro:97.41%
nuclear:0%
other:0% (1998)
Electricity - consumption 3.055 billion kWh (1998)
Electricity - exports 0 kWh (1998)
Electricity - imports 0 kWh (1998)
Agriculture - products coffee, cocoa, cotton, rubber, bananas, oilseed, grains, root starches; livestock; timber
Exports $2 billion (f.o.b., 1999)
Exports - commodities crude oil and petroleum products, lumber, cocoa beans, aluminum, coffee, cotton
Exports - partners Italy 25%, Spain 20%, France 16%, Netherlands 7% (1997 est.)
Imports $1.5 billion (f.o.b., 1999)
Imports - commodities machines and electrical equipment, transport equipment, fuel, food
Imports - partners France 25%, Nigeria 8%, US 8%, Germany 6% (1997 est.)
Debt - external $11.5 billion (1999 est.)
Economic aid - recipient $606.1 million (1995); note - France signed two loan agreements totaling $55 million in September 1997, and the Paris Club agreed in October 1997 to reduce the official debt by 50% and to reschedule it on favorable terms with a consolidation of payments due through 2000
Currency 1 Communaute Financiere Africaine franc (CFAF) = 100 centimes
Exchange rates Communaute Financiere Africaine francs (CFAF) per US$1 - 647.25 (January 2000), 615.70 (1999), 589.95 (1998), 583.67 (1997), 511.55 (1996), 499.15 (1995)
note:since 1 January 1999, the CFAF is pegged to the euro at a rate of 655.957 CFA francs per euro |
