Cameroon Economy - 2024

Economic overview

largest CEMAC economy with many natural resources; recent political instability and terrorism reducing economic output; systemic corruption; poor property rights enforcement; increasing poverty in northern regions

Real GDP (purchasing power parity)

$100.648 billion (2021 est.)
$97.103 billion (2020 est.)
$96.852 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

3.65% (2021 est.)
0.26% (2020 est.)
3.48% (2019 est.)

Real GDP per capita

$3,700 (2021 est.)
$3,700 (2020 est.)
$3,800 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$34.99 billion (2017 est.)

Inflation rate (consumer prices)

2.27% (2021 est.)
2.44% (2020 est.)
2.45% (2019 est.)

Credit ratings

Fitch rating: B (2006)

Moody's rating: B2 (2016)

Standard & Poors rating: B- (2020)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 16.7% (2017 est.)

industry: 26.5% (2017 est.)

services: 56.8% (2017 est.)

GDP - composition, by end use

household consumption: 66.3% (2017 est.)

government consumption: 11.8% (2017 est.)

investment in fixed capital: 21.6% (2017 est.)

investment in inventories: -0.3% (2017 est.)

exports of goods and services: 21.6% (2017 est.)

imports of goods and services: -20.9% (2017 est.)

Agricultural products

cassava, plantains, maize, oil palm fruit, taro, sugar cane, sorghum, tomatoes, bananas, vegetables

Industries

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

Industrial production growth rate

3.22% (2021 est.)

Labor force

11.81 million (2021 est.)

Unemployment rate

3.87% (2021 est.)
3.84% (2020 est.)
3.64% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 6.6% (2021 est.)

male: 6%

female: 7.3%

Population below poverty line

37.5% (2014 est.)

Gini Index coefficient - distribution of family income

46.6 (2014 est.)

Average household expenditures

on food: 45.3% of household expenditures (2018 est.)

on alcohol and tobacco: 2.1% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 37.5%

highest 10%: 35.4% (2001)

Remittances

0.82% of GDP (2020 est.)
0.9% of GDP (2019 est.)
0.83% of GDP (2018 est.)

Budget

revenues: $6.118 billion (2019 est.)

expenditures: $7.405 billion (2019 est.)

Budget surplus (+) or deficit (-)

-3.4% (of GDP) (2017 est.)

Public debt

36.9% of GDP (2017 est.)
32.5% of GDP (2016 est.)

Taxes and other revenues

10.87% (of GDP) (2020 est.)

Fiscal year

1 July - 30 June

Current account balance

-$1.795 billion (2021 est.)
-$1.512 billion (2020 est.)
-$1.695 billion (2019 est.)

Exports

$7.449 billion (2021 est.)
$6.124 billion (2020 est.)
$7.731 billion (2019 est.)

note: Data are in current year dollars and do not include illicit exports or re-exports.

Exports - partners

China 17%, Netherlands 14%, Italy 9%, United Arab Emirates 8%, India 7%, United States 6%, Belgium 6%, Spain 5%, France 5% (2019)

Exports - commodities

crude petroleum, natural gas, cocoa beans, lumber, gold, bananas (2021)

Imports

$9.027 billion (2021 est.) note: data are in current year dollars
$7.212 billion (2020 est.) note: data are in current year dollars
$9.085 billion (2019 est.)

Imports - partners

China 28%, Nigeria 15%, France 9%, Belgium 6% (2019)

Imports - commodities

crude petroleum, scrap vessels, rice, special purpose ships, packaged medicines (2019)

Reserves of foreign exchange and gold

$3.459 billion (31 December 2018 est.)
$3.197 billion (31 December 2017 est.)
$2.26 billion (31 December 2016 est.)

Debt - external

$9.375 billion (31 December 2017 est.)
$7.364 billion (31 December 2016 est.)

Exchange rates

Cooperation Financiere en Afrique Centrale francs (XAF) per US dollar -

Exchange rates:
554.531 (2021 est.)
575.586 (2020 est.)
585.911 (2019 est.)
555.446 (2018 est.)
580.657 (2017 est.)