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 experienced serious budgetary difficulties and balance-of-payments disequilibrium. Despite the recent upsurge in oil prices, Cameroon's economic outlook is troubled. 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: $11.5 billion, per capita $1,040; real growth rate 0.7% (1990 est.)

Inflation rate (consumer prices): 8.6% (FY88)

Unemployment rate: 25% (1990 est.)

Budget: revenues $1.7 billion; expenditures $2.2 billion, including capital expenditures of $NA million (FY89)

Exports: $2.1 billion (f.o.b., 1990 est.); commodities--petroleum products 56%, coffee, cocoa, timber, manufactures; partners--EC (particularly the French) about 50%, US 10%

Imports: $2.1 billion (c.i.f., 1990 est.); commodities--machines and electrical equipment, transport equipment, chemical products, consumer goods; partners--France 41%, Germany 9%, US 4%

External debt: $4.9 billion (December 1989 est.)

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

Electricity: 752,000 kW capacity; 2,940 million kWh produced, 270 kWh per capita (1989)

Industries: crude oil products, food processing, light consumer goods industries 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: US commitments, including Ex-Im (FY70-89), $440 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-88), $4.2 billion; OPEC bilateral aid (1979-89), $29 million; Communist countries (1970-89), $125 million

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

Exchange rates: Communaute Financiere Africaine francs (CFAF) per US$1--256.54 (January 1991), 272.26 (1990), 319.01 (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 1991 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Cameroon Economy 1991 information contained here. All suggestions for corrections of any errors about Cameroon Economy 1991 should be addressed to the CIA.