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The Economy of Cameroon

Cameroonian Economy

Cameroon's map

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. International oil and cocoa prices have a significant impact on the economy. 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 is pressing for more reforms, including increased budget transparency, privatization, and poverty reduction programs.

GDP:

GDP - real growth rate: 3.9% (2008 est.) 3.3% (2007 est.) 3.2% (2006 est.)

GDP - per capita:

GDP - composition by sector: agriculture: 43.5% industry: 16% services: 40.5% (2008 est.)

Population below poverty line:

Household income or consumption by percentage share: lowest 10%: 2.3% highest 10%: 35.4% (2001)

Distribution of family income - Gini index: 44.6 (2001)

Inflation rate (consumer prices):

Labor force: 6.716 million (2008 est.)

Labor force - by occupation: agriculture: 70% industry: 13% services: 17% (2001 est.)

Unemployment rate: 30% (2001 est.)

Budget: revenues: $5.371 billion expenditures: $4.319 billion (2008 est.)

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

Industrial production growth rate: 4.7% (2008 est.)

Electricity - production: 3.903 billion kWh (2006 est.)

Electricity - production by source:

Electricity - consumption: 3.323 billion kWh (2006 est.)

Electricity - exports: 0 kWh (2007 est.)

Electricity - imports: 0 kWh (2007 est.)

Oil - production: 87,400 bbl/day (2008 est.)

Oil - consumption: 24,500 bbl/day (2006 est.)

Oil - exports: 108,800 bbl/day (2005)

Oil - imports: 50,750 bbl/day (2005)

Oil - proved reserves: 200 million bbl (1 January 2008 est.)

Natural gas - production: 20 million cu m (2006 est.)

Natural gas - consumption: 20 million cu m (2006 est.)

Natural gas - exports: 0 cu m (2007 est.)

Natural gas - imports: 0 cu m (2007 est.)

Natural gas - proved reserves: 135.1 billion cu m (1 January 2008 est.)

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

Exports: $5.246 billion f.o.b. (2008 est.)

Exports - commodities: crude oil and petroleum products, lumber, cocoa beans, aluminum, coffee, cotton

Exports - partners: Spain 19.8%, Italy 15.7%, France 11.7%, South Korea 9.4%, Netherlands 6.1%, US 5.7% (2007)

Imports: $4.362 billion f.o.b. (2008 est.)

Imports - commodities: machinery, electrical equipment, transport equipment, fuel, food

Imports - partners: France 23.4%, Nigeria 12.8%, China 9%, Belgium 5.8%, US 4% (2007)

Debt - external: $2.36 billion (31 December 2008 est.)

Economic aid - recipient:

Currency:

Currency code:

Exchange rates: Cooperation Financiere en Afrique Centrale francs (XAF) per US dollar - 447.81 (2008 est.), 493.51 (2007), 522.59 (2006), 527.47 (2005), 528.29 (2004) note: since 1 January 1999, the Central African CFA franc (XAF) has been pegged to the euro at a rate of 655.957 CFA francs per euro; Central African CFA franc (XAF) coins and banknotes are not accepted in countries using West African CFA francs (XOF), and vice versa, even though the two currencies trade at par

Fiscal year: