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    Cameroon Economy - 1989

      Overview: Over the past decade the economy has registered a remarkable performance because of the development of an offshore oil industry. Real GDP growth annually averaged 10% from 1978 to 1985. In 1986 Cameroon had one of the highest levels of income per capita in tropical Africa, with oil revenues picking up the slack as growth in other sectors softened. Because of the sharp drop in oil prices, however, the economy is now experiencing serious budgetary difficulties and balance-of-payments disequalibrium. Oil reserves currently being exploited will be depleted in the early 1990s, so ways must be found to boost agricultural and industrial exports in the medium term. The Sixth Cameroon Development Plan (1986-91) stresses balanced development and designates agriculture as the basis of the country's economic future.

      GDP: $12.3 billion, per capita $1,190; real growth rate 0.6% (1987)

      Inflation rate (consumer prices): 3.8% (FY88)

      Unemployment rate: 7% (1985)

      Budget: revenues $2.17 billion; expenditures $2.2 17 billion, including capital expenditures of $833 million (FY88)

      Exports: $2.2 billion (f.o.b., 1987); @m5commodities--petroleum products 56%, coffee, cocoa, timber, manufactures; @m5partners--EC (particularly the Netherlands) about 50%, US 3%

      Imports: $1.7 billion (c.i.f., 1987); @m5commodities--machines and electrical equipment, transport equipment, chemical products, consumer goods; @m5partners--France 42%, Japan 7%, US 4%

      External debt: $4.0 billion (December 1988)

      Industrial production: growth rate - 6.4% (FY87)

      Electricity: 752,000 kW capacity; 2,581 million kWh produced, 250 kWh per capita (1988)

      Industries: crude oil products, small aluminum plant, food processing, light consumer goods industries, 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

      Aid: NA

      Currency: Communaute Financiere Africaine franc (plural--francs); 1 CFA franc (CFAF) = 100 centimes

      Exchange rates: Communaute Financiere Africaine francs (CFAF) per US$1--312.52 (January 1989), 297.85 (1988), 300.54 (1987), 346.30 (1986), 449.26 (1985)

      Fiscal year: 1 July-30 June

      NOTE: The information regarding Cameroon on this page is re-published from the 1989 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Cameroon Economy 1989 information contained here. All suggestions for corrections of any errors about Cameroon Economy 1989 should be addressed to the CIA.

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    Revised 15-Apr-03
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