Cameroon Economy 2008

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 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 a significant impact on the economy.

GDP (purchasing power parity):
$40.01 billion (2007 est.)

GDP (official exchange rate):
$17.25 billion (2007 est.)

GDP - real growth rate:
3.2% (2007 est.)

GDP - per capita (PPP):
$2,300 (2007 est.)

GDP - composition by sector:
agriculture: 44.3%
industry: 15.9%
services: 39.8% (2007 est.)

Labor force:
6.68 million (2007 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:
44.6 (2001)

Inflation rate (consumer prices):
2% (2007 est.)

Investment (gross fixed):
17.2% of GDP (2007 est.)

Budget:
revenues: $4.14 billion
expenditures: $3.3 billion (2007 est.)

Public debt:
13.8% of GDP (2007 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:
3.5% (2007 est.)

Electricity - production:
4.09 billion kWh (2005)

Electricity - consumption:
3.435 billion kWh (2005)

Electricity - exports:
0 kWh (2005)

Electricity - imports:
0 kWh (2005)

Oil - production:
82,670 bbl/day (2005 est.)

Oil - consumption:
24,200 bbl/day (2005 est.)

Oil - exports:
107,400 bbl/day (2004)

Oil - imports:
63,710 bbl/day (2004)

Oil - proved reserves:
400 million bbl (1 January 2006 est.)

natural gas - production:
0 cu m (2005 est.)

natural gas - consumption:
0 cu m (2005 est.)

natural gas - exports:
0 cu m (2005 est.)

natural gas - imports:
0 cu m (2005)

natural gas - proved reserves:
105.9 billion cu m (1 January 2006 est.)

Current account balance:
-$501 million (2007 est.)

Exports:
$3.705 billion f.o.b. (2007 est.)

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

Exports - partners:
Spain 21.3%, Italy 15.4%, France 11.6%, South Korea 7.3%, Netherlands 7.2%, US 5.7%, Belgium 4.2% (2006)

Imports:
$3.632 billion f.o.b. (2007 est.)

Imports - partners:
France 23.6%, Nigeria 13.2%, China 7.3%, Belgium 6.1%, US 4.6% (2006)

Economic aid - recipient:
$413.8 million in 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 (2005)

Reserves of foreign exchange and gold:
$2.341 billion (31 December 2007 est.)

Debt - external:
$2.449 billion (31 December 2007 est.)

Market value of publicly traded shares:
$NA

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 - 493.51 (2007), 522.59 (2006), 527.47 (2005), 528.29 (2004), 581.2 (2003)