Economy Overview
Because of its modest 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 confronting other underdeveloped countries, such as stagnant per capita income, a relatively inequitable distribution of income, a top-heavy civil service, endemic corruption, 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. The IMF is pressing for more reforms, including increased budget transparency, privatization, and poverty reduction programs. Subsidies for electricity, food, and fuel have strained the budget. Cameroon has several large infrastructure projects under construction, including a deep sea port in Kribi and the Lom Pangar Hydropower Project. It also recently opened a natural gas powered electricity generating plant. Cameroon must attract more investment to improve its inadequate infrastructure, but its business environment is a deterrent to foreign investment.
Agriculture Products
coffee, cocoa, cotton, rubber, bananas, oilseed, grains, cassava (manioc, tapioca), livestock; timber
Industries
petroleum production and refining, aluminum production, food processing, light consumer goods, textiles, lumber, ship repair
Industrial Production Growth Rate
4.1% (2013 est.) country comparison to the world: 70
Labor Force
8.426 million (2013 est.) country comparison to the world: 56
Labor Force by Occupation
agriculture: 70%
industry: 13%
services: 17% (2001 est.)
Unemployment Rate
30% (2001 est.) country comparison to the world: 181
Population Below Poverty Line
48% (2000 est.)
Household Income or Consumption by Percentage Share
lowest 10%: 2.3%
highest 10%: 35.4% (2001)
Distribution of Family Income Gini Index
44.6 (2001) country comparison to the world: 43 47.7 (1996)
Budget
revenues: $5.089 billion
expenditures: $6.28 billion (2013 est.)
Public Debt
16.7% of GDP (2013 est.) country comparison to the world: 140 16.1% of GDP (2012 est.)
Central Bank Discount Rate
4.25% (31 December 2009 est.)
Commercial Bank Prime Lending Rate
14% (31 December 2013 est.) country comparison to the world: 49 14% (31 December 2012 est.)
Stock of Narrow Money
$3.764 billion (31 December 2013 est.) country comparison to the world: 110 $3.482 billion (31 December 2012 est.)
Stock of Broad Money
$6.195 billion (31 December 2013 est.) country comparison to the world: 123 $5.731 billion (31 December 2012 est.)
Stock of Domestic Credit
$2.898 billion (31 December 2013 est.) country comparison to the world: 126 $2.772 billion (31 December 2012 est.)
Market Value of Publicly Traded Shares
$230 million (31 December 2012 est.)
Reserves of Foreign Exchange and Gold
$3.353 billion (31 December 2013 est.) country comparison to the world: 104 $3.431 billion (31 December 2012 est.)
Debt External
$3.455 billion (31 December 2013 est.) country comparison to the world: 129 $3.207 billion (31 December 2012 est.)
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
Cooperation Financiere en Afrique Centrale francs (XAF) per dollar -500.7 (2013 est.) 510.53 (2012 est.) 495.28 (2010 est.) 472.19 (2009) 447.81 (2008)
