Cameroon Economy
Economy - overviewBecause 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. 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. International oil and cocoa prices have considerable impact on the economy.
GDP
purchasing power parity - $27.75 billion (2003 est.)
GDP - real growth rate
4.2% (2003 est.)
GDP - per capita
purchasing power parity - $1,800 (2003 est.)
GDP - composition by sector
agriculture: 42.6%
industry: 19.8%
services: 37.6% (2003 est.)
Investment
19.4% of GDP (2003)
Population below poverty line
48% (2000 est.)
Household income or consumption by percentage share
lowest 10%: 1.9%
highest 10%: 36.6% (1996)
Distribution of family income - Gini index
47.7 (1996)
Inflation rate
2.3% (2003 est.)
Labor force
6.49 million NA (2003)
Labor force - by occupation
agriculture 70%, industry and commerce 13%, other 17%
Unemployment rate
30% (2001 est.)
Budget
revenues: $2.442 billion
expenditures: $1.941 billion, including capital expenditures of NA (2003 est.)
Public debt
57.1% of GDP (2003)
Agriculture - products
coffee, cocoa, cotton, rubber, bananas, oilseed, grains, root starches; livestock; timber
Industries
petroleum production and refining, food processing, light consumer goods, textiles, lumber
Industrial production growth rate
4.2% (1999 est.)
Electricity - production
3.613 billion kWh (2001)
Electricity - consumption
3.36 billion kWh (2001)
Electricity - exports
0 kWh (2001)
Electricity - imports
0 kWh (2001)
Oil - production
76,650 bbl/day (2001 est.)
Oil - consumption
22,000 bbl/day (2001 est.)
Oil - exports
NA (2001)
Oil - imports
NA (2001)
Oil - proved reserves
200 million bbl (1 January 2002)
Natural gas - production
0 cu m (2001 est.)
Natural gas - consumption
0 cu m (2001 est.)
Natural gas - exports
0 cu m (2001 est.)
Natural gas - imports
0 cu m (2001 est.)
Natural gas - proved reserves
55.22 billion cu m (1 January 2002)
Current account balance
$-564 million (2003)
Exports
$1.873 billion f.o.b. (2003 est.)
Exports - commodities
crude oil and petroleum products, lumber, cocoa beans, aluminum, coffee, cotton
Exports - partners
Spain 21.9%, Italy 13.4%, France 10.8%, Netherlands 10.6%, US 7.5%, China 4.4% (2003)
Imports
$1.959 billion f.o.b. (2003 est.)
Imports - commodities
machinery, electrical equipment, transport equipment, fuel, food
Imports - partners
France 21.9%, Nigeria 9.5%, Japan 6.8%, US 5.7%, China 4.9%, Germany 4.3% (2003)
Reserves of foreign exchange & gold
$634 million (2003)
Debt - external
$7.236 billion (2003 est.)
Currency
Communaute Financiere Africaine franc (XAF); note - responsible authority is the Bank of the Central African States
Currency code
XAF
Exchange rates
Communaute Financiere Africaine francs (XAF) per US dollar - 581.2 (2003), 696.988 (2002), 733.039 (2001), 711.976 (2000), 615.699 (1999)
