Economy of Cameroon

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Economy of Cameroon

Douala, the economic capital of Cameroon
Currency	CFA franc (XAF)
Fiscal year	Calendar year
Trade organisations	AU, AfCFTA (signed), ECCAS, WTO
Country group	Developing/Emerging[1] Lower-middle income economy[2]
Statistics
Population	25,216,237 (2018)[3]
GDP	$38.632 billion (nominal, 2019 est.)[4] $100.884 billion (PPP, 2019 est.)[4]
GDP rank	93rd (nominal, 2019) 84th (PPP, 2019)
GDP growth	3.5% (2017) 4.1% (2018) 4.0% (2019e) 4.2% (2020f)[5]
GDP per capita	$1,515 (nominal, 2019 est.)[4] $3,955 (PPP, 2019 est.)[4]
GDP per capita rank	148th (nominal, 2019) 146th (PPP, 2019)
GDP by sector	agriculture: 16.7% industry: 26.5% services: 56.8% (2017 est.)[6]
Inflation (CPI)	2.2% (2020 est.)[4]
Population below poverty line	37.5% (2014, World Bank)[7] 44.7% on less than $3.20/day (2014)[8]
Gini coefficient	46.6 high (2014, World Bank)[9]
Human Development Index	0.563 medium (2018)[10] (150th) 0.371 low IHDI (2018)[11]
Labour force	11,354,044 (2019)[12] 69.6% employment rate (2014)[13]
Labour force by occupation	agriculture: 70% industry: 13% commerce: 17% (2001 est.)[6]
Unemployment	4.3% (2014 est.)[6]
Main industries	petroleum production and refining, aluminium production, food processing, light consumer goods, textiles, lumber, ship repair
External
Exports	$4.732 billion (2017 est.)[6]
Export goods	crude oil and petroleum products, lumber, cocoa beans, aluminium, coffee, cotton
Main export partners	Netherlands 15.6%  France 12.6%  China 11.7%  Belgium 6.8%  Italy 6.3%  Algeria 4.8%  Malaysia 4.4% (2017)[6]
Imports	$4.812 billion (2017 est.)[6]
Import goods	machinery, electrical equipment, transport equipment, fuel, food
Main import partners	China 19%  France 10.3%  Thailand 7.9%  Nigeria 4.1% (2017)[6]
Current account	−$932 million (2017 est.)[6]
Gross external debt	$9.375 billion (31 December 2017 est.)[6]
Public finances
Government debt	36.9% of GDP (2017 est.)[6]
Budget balance	−3.4% (of GDP) (2017 est.)[6]
Revenues	5.363 billion (2017 est.)[6]
Expenses	6.556 billion (2017 est.)[6]
Economic aid	The Paris Club agreed to reduce Cameroon's debt of $1.3 billion by $900 million, debt relief now totals $1.26 billion (2001[update])
Credit rating	Standard & Poor's:[14] B (Domestic) B (Foreign) BBB- (T&C Assessment)
Foreign reserves	$3.235 billion (31 December 2017 est.)[6]
Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars.

The economy of Cameroon was one of the most prosperous in Africa for a quarter of a century after independence. The drop in commodity prices for its principal exports – petroleum, cocoa, coffee, and cotton – in the mid-1980s, combined with an overvalued currency and economic mismanagement, led to a decade-long recession. Real per capita GDP fell by more than 60% from 1986 to 1994. The current account and fiscal deficits widened, and foreign debt grew. Yet because of its oil reserves and favorable agricultural conditions, Cameroon still has one of the best-endowed primary commodity economies in sub-Saharan Africa.^[15]