About Cameroon & Key Financial Statistics

About Cameroon and Key Financial Statistics

Overview of Economy:

Modest oil resources and favorable agricultural conditions provide Cameroon with one of the best-endowed primary commodity economies in sub-Saharan Africa. Cameroon’s economy suffers from political and economic factors that often impact underdeveloped countries, such as stagnant per capita income, a relatively inequitable distribution of income, a top-heavy civil service, endemic corruption, the continuing inefficiencies of a large parastatal system in key sectors, 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. The IMF continues to press for economic reforms, including increased budget transparency, privatization, and poverty reduction programs. The Government of Cameroon provides subsidies for electricity, food, and fuel that have strained the federal budget diverting funds from education, healthcare, and infrastructure projects. Cameroon devotes significant resources to several large infrastructure projects under construction, including a deep sea port in Kribi and the Lom Pangar Hydropower Project. Cameroon’s energy sector continues to diversify, recently opening a natural gas powered electricity generating plant. Oil remains Cameroon’s main export commodity accounting for nearly 40% of export earnings despite falling global oil prices. Cameroon continues to seek foreign investment to improve its inadequate infrastructure, create jobs and improve its economic footprint but its unfavorable business environment remains a significant deterrent to foreign investment.

Gross Domestic Product (In USD):

$67.78 billion (2014 est.)

$64.15 billion (2013 est.)

$60.76 billion (2012 est.)

Composition of Gross Domestic Product:

% Agricuture: 22.5

% Industry: 30

Composition of Labor Force by Occupation:

% Agriculture: 70

% Industry: 13

% Services: 17

Per Capita Income:

$3,000 (2014 est.)

$2,800 (2013 est.)

$2,700 (2012 est.)

Exports:

$6.027 billion (2014 est.)

$6.08 billion (2013 est.)

Key Export Commodities:

crude oil and petroleum products, lumber, cocoa beans, aluminum, coffee, cotton

Export Partners:

Spain 13.9%, China 12%, India 10.1%, Italy 8.1%, Netherlands 8%, Belgium 5.1%, France 4.6%, Norway 4.5%, UK 4.3% (2014)

Imports:

$6.483 billion (2014 est.)

$6.174 billion (2013 est.)

Key Import Commodities:

machinery, electrical equipment, transport equipment, fuel, food

Import Partners:

China 26.2%, Nigeria 12%, France 11.8%, Belgium 4.9%, US 4.2% (2014)

Inflation Rate (Consumer Price Index):

1.9% (2014 est.)

2.1% (2013 est.)

Exchange Rate to USD:

Cooperation Financiere en Afrique Centrale francs (XAF) per dollar -

494.42 (2014 est.)

494.42 (2013 est.)

510.53 (2012 est.)

471.87 (2011 est.)

495.28 (2010 est.)

Unemployment Rate:

30% (2001 est.)

S&P Rating:

Standard & Poor's Ratings:

• • AAA: The best quality borrowers, reliable and stable

  • AA: Quality borrowers, a bit higher risk than AAA

  • A: Economic situation can affect finance

  • BBB: Medium class borrowers, which are satisfactory at the moment

  • BB: More prone to changes in the economy

  • B: Financial situation varies noticeably

  • CCC: An obligor rated currently vulnerable, and is dependent upon favorable business, financial, and economic conditions to meet its financial commitments.

Ref 2012-2014: CIA World Factbook, Wikipedia, PWC, EY, Standard & Poors ratings