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, privatization, and poverty reduction programs.
International oil and cocoa prices have considerable impact on the
economy.
GDP:
purchasing power parity - $26.84 billion (2002 est.)
GDP - real growth rate:
4% (2002 est.)
GDP - per capita:
purchasing power parity - $1,700 (2002 est.)
GDP - composition by sector:
agriculture: 46%
industry: 21%
services: 33% (2001 est.)
Population below poverty line:
48% (2000 est.)
Household income or consumption by percentage share:
lowest 10%: 1.9%
highest 10%: 36.6% (1996)
Distribution of family income - Gini index:
47.7 (1996)
Inflation rate (consumer prices):
4.5% (2002 est.)
Labor force:
NA
Labor force - by occupation:
agriculture 70%, industry and commerce 13%, other 17%
Unemployment rate:
30% (2001 est.)
Budget:
revenues: $2.2 billion
expenditures: $2.1 billion, including capital expenditures of $NA
(FY 00/01 est.)
Industries:
petroleum production and refining, food processing, light consumer
goods, textiles, lumber
Industrial production growth rate:
4.2% (1999 est.)
Electricity - production:
3.613 billion kWh (2001)
Electricity - production by source:
fossil fuel: 2.7%
hydro: 97.3%
other: 0% (2001)
nuclear: 0%
Electricity - consumption:
3.36 billion kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
0 kWh (2001)
Oil - production:
76,650 bbl/day (2001 est.)
Oil - consumption:
22,000 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Oil - proved reserves:
200 million bbl (37257)
Natural gas - production:
0 cu m (2001 est.)
Natural gas - consumption:
0 cu m (2001 est.)
Natural gas - exports:
0 cu m (2001 est.)
Natural gas - imports:
0 cu m (2001 est.)
Natural gas - proved reserves:
55.22 billion cu m (37257)
Agriculture - products:
coffee, cocoa, cotton, rubber, bananas, oilseed, grains, root
starches; livestock; timber
Exports:
$1.9 billion f.o.b. (2002 est.)
Exports - commodities:
crude oil and petroleum products, lumber, cocoa beans, aluminum,
coffee, cotton
Exports - partners:
Italy 16.7%, Spain 16%, France 12.8%, US 8.3%, Netherlands 8.2%,
Taiwan 7.7%, China 5.2%, UK 4.4% (2002)
Imports:
$1.7 billion f.o.b. (2002 est.)
Imports - commodities:
machinery, electrical equipment, transport equipment, fuel, food
Imports - partners:
France 28.2%, Nigeria 12.8%, US 8%, Belgium 5.7%, Germany 5.3%,
Italy 4.3% (2002)
Debt - external:
$8.6 billion (2002 est.)
Economic aid - recipient:
on 23 January 2001, the Paris Club agreed to reduce Cameroon's debt
of $1.3 billion by $900 million; total debt relief now amounts to
$1.26 billion
Currency:
Communaute Financiere Africaine franc (XAF); note - responsible
authority is the Bank of the Central African States
Currency code:
XAF
Exchange rates:
Communaute Financiere Africaine francs (XAF) per US dollar - 696.99
(2002), 733.04 (2001), 711.98 (2000), 615.7 (1999), 589.95 (1998)
Fiscal year:
1 July - 30 June