Economy Overview
Modest oil resources and favorable agricultural conditions provide Cameroon with one of the best-endowed primary commodity economies in sub-Saharan Africa. Cameroon’s economy suffers from political and economic factors that often impact underdeveloped countries, such as stagnant per capita income, a relatively inequitable distribution of income, a top-heavy civil service, endemic corruption, the continuing inefficiencies of a large parastatal system in key sectors, 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 continues to press for economic reforms, including increased budget transparency, privatization, and poverty reduction programs. The Government of Cameroon provides subsidies for electricity, food, and fuel that have strained the federal budget diverting funds from education, healthcare, and infrastructure projects. Cameroon devotes significant resources to several large infrastructure projects under construction, including a deep sea port in Kribi and the Lom Pangar Hydropower Project. Cameroon’s energy sector continues to diversify, recently opening a natural gas powered electricity generating plant. Oil remains Cameroon’s main export commodity accounting for nearly 40% of export earnings despite falling global oil prices. Cameroon continues to seek foreign investment to improve its inadequate infrastructure, create jobs and improve its economic footprint but its unfavorable business environment remains a significant 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
4.9% (2014 est.)
Labor Force
9.105 million (2014 est.)
Labor Force by Occupation
Agriculture: 70%
Industry: 13%
Services: 17% (2001 est.)
Unemployment Rate
30% (2001 est.)
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
47.7 (1996)
Budget
Revenues: $5.503 billion
Expenditures: $6.92 billion (2014 est.)
Public Debt
19.4% of GDP (2013 est.)
Central Bank Discount Rate
4.25% (31 December 2009)
Commercial Bank Prime Lending Rate
Stock of Narrow Money
$3.988 billion (31 December 2013 est.)
Stock of Broad Money
$6.633 billion (31 December 2013 est.)
Stock of Domestic Credit
$3.114 billion (31 December 2013 est.)
Market Value of Publicly Traded Shares
$230 million (31 December 2012 est.)
Reserves of Foreign Exchange and Gold
$3.384 billion (31 December 2013 est.)
Debt External
$4.217 billion (31 December 2013 est.)
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
495.28 (2010 est.)
