Cameroon Economy 1997

Economy - overview Because of its offshore oil resources and favorable agricultural conditions,Cameroon has one of the best-endowed primary commodity economies in sub-SaharanAfrica. Still, it faces many of the serious problems facing other underdevelopedcountries, such as political instability, a top-heavy civil service, and agenerally unfavorable climate for business enterprise. The development ofthe oil sector led to rapid economic growth between 1970 and 1985. Growthcame to an abrupt halt in 1986, precipitated by steep declines in the pricesof major exports: coffee, cocoa, and petroleum. Export earnings were cut byalmost one-third, and inefficiencies in fiscal management were exposed. Since1990, the government has embarked on various IMF and World Bank programs designedto spur business investment, increase efficiency in agriculture, improve tradeand recapitalize the nation's banks. Political instability, following suspectelections in 1992, has limited the effectiveness of aid programs. Currently,Cameroon receives only minimal assistance from the IMF and the World Bank.Although the 50% devaluation of the currency of 12 January 1994 improvedthe potential for export growth, mismanagement remains and is the main barrierto economic improvement. The devaluation led to a spurt in inflation to 48%in 1994, but it moderated in 1995-96. Progress toward privatization of remainingstate industry remains slow.

GDP purchasing power parity - $17.5 billion (1996 est.)

GDP - real growth rate 3.4% (1996 est.)

GDP - per capita purchasing power parity - $1,230 (1996 est.)

GDP - composition by sector
agriculture: 29%
industry: 25%
services: 46% (1996 est.)

Inflation rate - consumer price index 6% (FY96/97 est.)

Labor force NA

Unemployment rate NA%

Budget
revenues : $2.23 billion
expenditures: $2.23 billion, including capital expenditures of $NA (FY96/97 est.)

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

Industrial production growth rate NA%

Electricity - capacity 630,000 kW (1994)

Electricity - production 2.71 billion kWh (1994)

Electricity - consumption per capita 186 kWh (1995 est.)

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

Exports
total value: $1.9 billion (f.o.b., 1995)
commodities: crude oil and petroleum products, lumber, aluminum, cocoa beans, coffee,cotton
partners: EU (particularly France) about 50%, African countries

Imports
total value : $1.3 billion (f.o.b., 1995)
commodities: machines and electrical equipment, food, consumer goods, transport equipment,petroleum products
partners: EU (France 42%, Germany), African countries, US 4%

Debt - external $8.2 billion (1996 est.)

Economic aid $NA

Currency 1 Communaute Financiere Africaine franc (CFAF) = 100 centimes

Exchange rates CFA francs (CFAF) per US$1 - 541.69 (January 1997), 511.55 (1996), 499.15(1995), 555.20 (1994), 283.16 (1993), 264.69 (1992), 282.11 (1991)
note: beginning 12 January 1994, the CFA franc was devalued to CFAF 100 perFrench 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 1997 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Cameroon Economy 1997 information contained here. All suggestions for corrections of any errors about Cameroon Economy 1997 should be addressed to the CIA.