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. The development of the oil sector led to rapid economic growth between 1970 and 1985. Growth came to an abrupt halt in 1986, precipitated by steep declines in the prices of major exports: petroleum, coffee, and cocoa. Export earnings were cut by almost one-third, and inefficiencies in fiscal management were exposed. 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, 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 remains a problem. Inflation, which rose to 48% after the devaluation of 1994, has been brought back under control. Progress toward privatization of remaining state industry remains slow. President BIYA's new government of December 1997 has replaced old hands in the government economic control structure with promising technocrats.

GDP purchasing power parity - $30.9 billion (1997 est.)

GDP - real growth rate 5% (1997 est.)

GDP - per capita purchasing power parity - $2,100 (1997 est.)

GDP - composition by sector
agriculture: 32%
industry: 27%
services: 41% (1995 est.)

Inflation rate - consumer price index 3% (1997 est.)

Labor force NA

Unemployment rate NA%

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 - capacity 627,000 kW (1995)

Electricity - production 2.715 billion kWh (1995)

Electricity - consumption per capita 201 kWh (1995)

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

Exports
total value: $1.9 billion (f.o.b., 1996)
commodities: crude oil and petroleum products, lumber, cocoa beans, aluminum, coffee, cotton
partners: EU (particularly France, Italy, and Spain) about 60%, African countries, Korea, Taiwan, and China

Imports
total value: $1.5 billion (f.o.b., 1996)
commodities: machines and electrical equipment, food, consumer goods, transport equipment, petroleum products
partners: EU (France 40%), African countries, US 7%

Debt - external $10 billion (1996 est.)

Economic aid 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 CFA francs (CFAF) per US$1 - 608.36 (January 1998), 583.67 (1997), 511.55 (1996), 499.15 (1995), 555.20 (1994), 283.16 (1993)
note: beginning 12 January 1994, the CFA franc was devalued to CFAF 100 per French franc from CFAF 50 at which it had been fixed since 1948

Fiscal year 1 July - 30 June

NOTE: The information regarding Cameroon on this page is re-published from the 1998 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Cameroon Economy 1998 information contained here. All suggestions for corrections of any errors about Cameroon Economy 1998 should be addressed to the CIA.