Overview: Because of its offshore oil resources and favorable agricultural conditions, Cameroon has one of the best-endowed, most diversified primary commodity economies in sub-Saharan Africa. Still, it faces many of the serious problems facing other underdeveloped countries, such as political instability, a top-heavy civil service, and a generally unfavorable climate for business enterprise. The development of the oil sector led 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: coffee, cocoa, and petroleum. Export earnings were cut by almost one-third, and inefficiencies in fiscal management were exposed. In 1990-93, with support from the IMF and World Bank, the government began to introduce reforms designed to spur business investment, increase efficiency in agriculture, and recapitalize the nation's banks. Political instability following suspect elections in 1992 brought IMF/WB structural adjustment to a halt. Although the 50% devaluation of the currency in January 1994 improves the potential for export growth, mismanagement remains and is the main barrier to economic improvement.

National product: GDP - purchasing power equivalent - $19.1 billion (1993 est.)

National product real growth rate: NA

National product per capita: $1,500 (1993 est.)

Inflation rate (consumer prices): 3% (1990 est.)

Unemployment rate: 25% (1990 est.)

Budget:
revenues: $1.7 billion
expenditures: $2.4 billion, including capital expenditures of $422 million (FY90 est.)

Exports: $1.8 billion (f.o.b., 1991)
commodities: petroleum products 51%, coffee, beans, cocoa, aluminum products, timber
partners: EC (particularly France) about 50%, US, African countries

Imports: $1.2 billion (c.i.f., 1991)
commodities: machines and electrical equipment, food, consumer goods, transport equipment
partners: EC about 60% (France 41%, Germany 9%), African countries, Japan, US 4%

External debt: $6 billion (1991)

Industrial production: growth rate 6.4% (FY87); accounts for 30% of GDP

Electricity:
capacity: 755,000 kW
production: 2.19 billion kWh
consumption per capita: 190 kWh (1991)

Industries: petroleum production and refining, food processing, light consumer goods, textiles, sawmills

Agriculture: the agriculture and forestry sectors provide employment for the majority of the population, contributing nearly 25% to GDP and providing a high degree of self-sufficiency in staple foods; commercial and food crops include coffee, cocoa, timber, cotton, rubber, bananas, oilseed, grains, livestock, root starches

Economic aid:
recipient: US commitments, including Ex-Im (FY70-90), $479 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-90), $4.75 billion; OPEC bilateral aid (1979-89), $29 million; Communist countries (1970-89), $125 million

Currency: 1 CFA franc (CFAF) = 100 centimes
Exchange rates: Communaute Financiere Africaine francs (CFAF) per US$1 - 592.05 (January 1994), 283.16 (1993), 264.69 (1992), 282.11 (1991), 272.26 (1990), 319.01 (1989)
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 1995 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Cameroon Economy 1995 information contained here. All suggestions for corrections of any errors about Cameroon Economy 1995 should be addressed to the CIA.