Cameroon Economy - 2005

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 - $30.17 billion (2004 est.)

GDP - real growth rate:
4.9% (2004 est.)

GDP - per capita:
purchasing power parity - $1,900 (2004 est.)

GDP - composition by sector:
agriculture: 43.7%
industry: 20.1%
services: 36.2% (2004 est.)

Labor force:
6.68 million (2004 est.)

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

Unemployment rate:
30% (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):
1% (2004 est.)

Investment (gross fixed):
16.1% of GDP (2004 est.)

Budget:
revenues: $2.493 billion
expenditures: $2.248 billion, including capital expenditures of NA (2004 est.)

Public debt:
69.1% of GDP (2004 est.)

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

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

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

Electricity - production:
3.571 billion kWh (2002)

Electricity - consumption:
3.321 billion kWh (2002)

Electricity - exports:
0 kWh (2002)

Electricity - imports:
0 kWh (2002)

Oil - production:
94,000 bbl/day (2004 est.)

Oil - consumption:
22,000 bbl/day (2001 est.)

Oil - exports:
NA

Oil - imports:
NA

Oil - proved reserves:
80 million bbl (2004 est.)

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 (2004)

Current account balance:
$-149.1 million (2004 est.)

Exports:
$2.445 billion f.o.b. (2004 est.)

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

Exports - partners:
Spain 16.2%, Italy 14.1%, France 10.2%, UK 9.9%, US 9.6%, Netherlands 5.1% (2004)

Imports:
$1.979 billion f.o.b. (2004 est.)

Imports - commodities:
machinery, electrical equipment, transport equipment, fuel, food

Imports - partners:
France 28.2%, Nigeria 9.4%, Belgium 7.6%, US 4.8%, Germany 4.6%, China 4.4%, Italy 4% (2004)

Reserves of foreign exchange and gold:
$687.5 million (2004 est.)

Debt - external:
$8.46 billion (2004 est.)

Economic aid - recipient:
on 23 January 2001, the Paris Club agreed to reduce Cameroon's debt of $1.3 billion by $900 million; debt relief now totals $1.26 billion

Currency (code):
Communaute Financiere Africaine franc (XAF); note - responsible authority is the Bank of the Central African States

Exchange rates:
Communaute Financiere Africaine francs (XAF) per US dollar - 528.29 (2004), 581.2 (2003), 696.99 (2002), 733.04 (2001), 711.98 (2000)