Cameroon Economy 2001

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.

GDP: purchasing power parity - $26 billion (2000 est.)

GDP - real growth rate: 4.4% (2000 est.)

GDP - per capita: purchasing power parity - $1,700 (2000 est.)

GDP - composition by sector:
agriculture: 43.4%
industry: 20.1%
services: 36.5% (1999 est.)

Population below poverty line: 48% (2000 est.)

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices): 2% (2000 est.)

Labor force: NA

Labor force - by occupation: agriculture 70%, industry and commerce 13%, other 17%

Unemployment rate: 30% (1998 est.)

Budget:
revenues: $2.1 billion
expenditures: $2.1 billion, including capital expenditures of $NA (FY00/01 est.)

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

Industrial production growth rate: 4.2% (1999 est.)

Electricity - production: 3.47 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)

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

Exports: $2.1 billion (f.o.b., 2000 est.)

Exports - commodities: crude oil and petroleum products, lumber, cocoa beans, aluminum, coffee, cotton

Exports - partners: Italy 24%, France 18%, Netherlands 10% (2000 est.)

Imports: $1.6 billion (f.o.b., 2000 est.)

Imports - commodities: machines and electrical equipment, transport equipment, fuel, food

Imports - partners: France 29%, Germany 7%, US 6%, Japan 6% (2000 est.)

Debt - external: $10.9 billion (2000 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 - 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

Fiscal year: 1 July - 30 June

NOTE: The information regarding Cameroon on this page is re-published from the 2001 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Cameroon Economy 2001 information contained here. All suggestions for corrections of any errors about Cameroon Economy 2001 should be addressed to the CIA.