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 and privatization. Higher oil prices in 2000 helped to offset the country's lower cocoa export revenues. A rebound in the cocoa market should increase growth to over 5% in 2001.
Agriculture Products
coffee, cocoa, cotton, rubber, bananas, oilseed, grains, root starches; livestock; timber
Industries
petroleum production and refining, food processing, light consumer goods, textiles, lumber
Industrial Production Growth Rate
4.2% (1999 est.)
Electricity production
3.47 billion kWh (1999)
Electricity production by source
Fossil fuel: 2.59%
Hydro: 97.41%
Nuclear: 0%
Other: 0% (1999)
Electricity Consumption
3.227 billion kWh (1999)
Electricity Exports
0 kWh (1999)
Electricity Imports
0 kWh (1999)
Currency
Communaute Financiere Africaine franc (XAF); note - responsible authority is the Bank of the Central African States
Unemployment Rate
30% (1998 est.)
Population Below Poverty Line
48% (2000 est.)
Household Income or Consumption by Percentage Share
Lowest 10%: NA%
Highest 10%: NA%
Budget
Revenues: $2.1 billion
Expenditures: $2.1 billion, including capital expenditures of $NA (FY00/01 est.)
Commercial Bank Prime Lending Rate
Market Value of Publicly Traded Shares
Reserves of Foreign Exchange and Gold
Debt External
$10.9 billion (2000 est.)
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
Communaute Financiere Africaine francs (XAF) per US dollar - 699.21 (January 2001), 711.98 (2000), 615.70 (1999), 589.95 (1998), 583.67 (1997), 511.55 (1996); note - from 1 January 1999, the XAF is pegged to the euro at a rate of 655.957 XAF per euro
