Cameroon Economy - 2006

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. 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. In June 2000, the government completed an IMF-sponsored, three-year structural adjustment program; however, the IMF is pressing for more reforms, including increased budget transparency, privatization, and poverty reduction programs. International oil and cocoa prices have considerable impact on the economy.

GDP (purchasing power parity):
$31.77 billion (2005 est.)

GDP (official exchange rate):
$15.33 billion (2005 est.)

GDP - real growth rate:
3.7% (2005 est.)

GDP - per capita (PPP):
$1,900 (2005 est.)

GDP - composition by sector:
agriculture: 44.8%
industry: 17.3%
services: 37.9% (2005 est.)

Labor force:
6.86 million (2005 est.)

Labor force - by occupation:
agriculture: 70%
industry: 13%
services: 17%

Unemployment rate:
30% (2001 est.)

Population below poverty line:
48% (2000 est.)

Household income or consumption by percentage share:
lowest 10%: 1.9%
highest 10%: 36.6% (1996)

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

Inflation rate (consumer prices):
1.5% (2005 est.)

Investment (gross fixed):
17.3% of GDP (2005 est.)

Budget:
revenues: $3.263 billion
expenditures: $2.705 billion; including capital expenditures of $NA (2005 est.)

Public debt:
64.8% of GDP (2005 est.)

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

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

Industrial production growth rate:
4.2% (1999 est.)

Electricity - production:
2.988 billion kWh (2003)

Electricity - consumption:
2.779 billion kWh (2003)

Electricity - exports:
0 kWh (2003)

Electricity - imports:
0 kWh (2003)

Oil - production:
82,300 bbl/day (2005 est.)

Oil - consumption:
23,000 bbl/day (2001 est.)

Oil - exports:
NA bbl/day

Oil - imports:
NA bbl/day

Oil - proved reserves:
85 million bbl (2005 est.)

Natural gas - production:
0 cu m (2003 est.)

Natural gas - consumption:
0 cu m (2003 est.)

Natural gas - exports:
NA cu m

Natural gas - imports:
NA cu m

Natural gas - proved reserves:
110.4 billion cu m (2005)

Current account balance:
$159 million (2005 est.)

Exports:
$3.236 billion f.o.b. (2005 est.)

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

Exports - partners:
Spain 15.1%, Italy 12.3%, UK 10.2%, France 9.1%, US 8.8%, South Korea 7.1%, Netherlands 4.3% (2004)

Imports:
$2.514 billion f.o.b. (2005 est.)

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

Imports - partners:
France 28%, Nigeria 9.9%, Belgium 7.6%, US 4.8%, China 4.8%, Germany 4.6%, Italy 4% (2004)

Reserves of foreign exchange and gold:
$1.092 billion (2005 est.)

Debt - external:
$9.223 billion (2005 est.)

Economic aid - recipient:
in January 2001, the Paris Club agreed to reduce Cameroon's debt of $1.3 billion by $900 million; debt relief now totals $1.26 billion

Currency (code):
Communaute Financiere Africaine franc (XAF); note - responsible authority is the Bank of the Central African States

Exchange rates:
Communaute Financiere Africaine francs (XAF) per US dollar - 527.47 (2005), 528.29 (2004), 581.2 (2003), 696.99 (2002), 733.04 (2001)