Cameroon

Economic and political outline

Economic indicators | Foreign Trade in figures | Sources of general economic information | Political outline

Economic indicators

Offshore oil deposits exploited since the early 1970s had made Cameroon one of the most prosperous nations in tropical Africa, but economic mismanagement along with overvalued currency has led to recession during last few years. The current account and fiscal deficits have widened, and foreign debt has grown. The government has now embarked upon a series of economic reform programs supported by the World Bank and IMF.

The GDP growth rate was 3.8% in 2006 and 3.8% in 2007, with a forecast of 5.3% for 2008 by IMF. The economic dynamism of the country is still fragile because on the one hand, the economy is largely dependent on international oil prices (considering that the oil production in the country is declining) and on the other hand, the budgetary deficit is affecting the industrial production. Furthermore, Cameroon is still not able to attract sufficient foreign investments; the country is suffering from insufficient infrastructure and is one of the most corrupt countries in the world. However, inflation remains under control at around 2%.

Main indicators	2006	2007	2008	2009	2010
GDP (billions USD)	17.96e	20.69	23.24e	20.38	21.33e
GDP (constant prices, annual % change)	3.2e	3.5e	3.4e	2.4	2.6
GDP per capita (USD)	979e	1,097e	1,199e	1,023	1,044
Inflation rate (%)	4.9	1.1	5.3e	2.3	2.0
Current Account (billions USD)	0.11	0.16	0.08	-1.19e	-1.09e
Current Account (in % of GDP)	0.6	0.8	0.4	-5.8e	-5.1e

Source: IMF - World Economic Outlook Database

Note: (e) Estimated data

Main sectors of industry

Before the advent of the petroleum business, agriculture was the country's economic mainstay; however it still contributes nearly 40% to the GDP. Cameroon remains one of the world's leading producers of: cocoa, coffee, bananas, palm products, tobacco, rubber and cotton. Fishing and forestry follow oil and agriculture as leading occupations. Cameroon's mineral resources include bauxite and iron ore.

Food processing, saw-milling, and the manufacturing of light consumer goods and textiles are important industries. Industry and mining sector contribute nearly 15% to GDP. The services sector accounts for 45% of GDP and benefits from the economic activity created around the oil pipeline Doba/Kribi operational since July 2004. This oil pipeline is the biggest private project in Africa in which the World Bank has ever been involved.

Breakdown of economic activity by sector	Agriculture	Industry	Services
Employment by sector (in % of total employment)	-	-	-
Value added (in % of GDP)	19.5	30.6	49.9
Value added (annual % change)	3.9	0.1	5.0

- last available data.

Monetary indicators	2004	2005	2006	2007	2008
CFA Franc BEAC (XAF) - Average annual exchange rate for 1 USD	528.28	527.47	522.89	479.27	447.81

Source: World Bank - World Development Indicators

Indicator of economic freedom

Score:: 53/100
Position:: mostly unfree
World Rank:: 136 out of 179
Regional Rank:: 26 out of 47

Distribution of Economic freedom in the world
Source: 2008 Index of Economic freedom, Heritage Foundation

Country risk

See the country risk analysis provided by Ducroire.

Foreign trade in figures

Cameroon is open to international trade. It is a member of the Commonwealth and the Franc Zone. The share of foreign trade in country’s GDP is nearly 50%. Its top three export partners are: Spain, Italy and France. The commodities mainly exported are mineral fuels & oils, wood & charcoal, cocoa, cotton, and aluminium. The top three import partners of Cameroon are: Nigeria, France and China. It mainly imports mineral fuels & oils, cereals, vehicles, machinery, and electric & electronic equipment.

Foreign trade indicators	2003	2004	2005	2006	2007
Imports of goods (millions USD)	2,214	2,695	2,890	3,179	4,050
Exports of goods (millions USD)	2,483	2,904	3,265	3,849	4,345
Imports of services (millions USD)	1,222	1,485	1,455	1,475	1,481
Exports of services (millions USD)	645	940	687	672	607
Imports of goods and services (annual % change)	3.6	12.2	1.9	2.3	6.2
Exports of goods and services (annual % change)	-0.1	9.0	1.4	1.3	-12.1
Imports of goods and services (in % of GDP)	19.9	19.8	21.5	21.0	21.2
Exports of goods and services (in % of GDP)	20.2	19.4	20.5	23.0	22.1
Trade Balance (millions USD)	269	209	375	670	295
Trade Balance (including service) (millions USD)	-309	-336	-393	-133	-579
Foreign trade (in % of GDP)	40.1	39.2	41.9	44.0	43.3

Source: World Bank

Main partner countries

Main customers (% of exports)	2006
Spain	25.9%
Italy	23.1%
France	10.6%
United States	6.4%
Netherlands	6.3%
Belgium	3.4%
China	3.4%
Democratic Republic of Congo	2.8%
United Kingdom	2.0%
Portugal	1.6%
Chad	0.8%
Germany	0.8%
Togo	0.7%
Congo	0.7%
South Africa	0.6%
Nigeria	0.6%
Turkey	0.5%
Malaysia	0.5%
Gabon	0.5%
Senegal	0.4%
See more countries	27.6%

Main suppliers (% of imports)	2006
Nigeria	23.3%
France	17.2%
China	6.3%
Belgium	4.1%
Equatorial Guinea	3.5%
Germany	3.4%
United States	2.9%
Japan	2.7%
Brazil	2.7%
Italy	2.7%
Ivory Coast	2.1%
India	1.9%
Cameroon	1.8%
Mauritania	1.4%
South Africa	1.4%
Netherlands	1.3%
United Kingdom	1.3%
Thailand	1.3%
Romania	1.1%
Spain	1.1%
See more countries	45.7%

Source: Comtrade

Main products

Main exports (% of exports)	2006
Mineral fuels, mineral oils and products of their...Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes	61.6%
Wood and articles of wood; wood charcoalWood and articles of wood; wood charcoal	14.8%
Cocoa and cocoa preparationsCocoa and cocoa preparations	7.4%
Aluminium and articles thereofAluminium and articles thereof	4.7%
CottonCotton	2.9%
Edible fruit and nuts; peel of citrus fruits or...Edible fruit and nuts; peel of citrus fruits or melons	1.9%
Coffee, tea, maté and spicesCoffee, tea, maté and spices	1.9%
Rubber and articles thereofRubber and articles thereof	1.8%
Iron and steelIron and steel	0.4%
Salt; sulphur; earths and stone; plastering...Salt; sulphur; earths and stone; plastering materials, lime and cement	0.3%
Beverages, spirits and vinegarBeverages, spirits and vinegar	0.3%
Miscellaneous edible preparationsMiscellaneous edible preparations	0.3%
Glass and glasswareGlass and glassware	0.2%
Nuclear reactors, boilers, machinery and...Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof	0.2%
Soap, organic surface-active agents, washing...Soap, organic surface-active agents, washing preparations, lubricating preparations, artificial waxes, prepared waxes, polishing or scouring preparations, candles and similar articles, modelling pastes, 'dental waxes' and dental preparations with a basis of plaster	0.2%
Electrical machinery and equipment and parts...Electrical machinery and equipment and parts thereof; sound recorders and reproducers, television image and sound recorders and reproducers, and parts and accessories of such articles	0.1%
See more products	8.6%

Main imports (% of imports)	2006
Mineral fuels, mineral oils and products of their...Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes	32.1%
CerealsCereals	7.4%
Nuclear reactors, boilers, machinery and...Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof	6.1%
Vehicles other than railway or tramway...Vehicles other than railway or tramway rolling-stock, and parts and accessories thereof	5.9%
Electrical machinery and equipment and parts...Electrical machinery and equipment and parts thereof; sound recorders and reproducers, television image and sound recorders and reproducers, and parts and accessories of such articles	5.1%
Inorganic chemicals; organic or inorganic...Inorganic chemicals; organic or inorganic compounds of precious metals, of rare-earth metals, of radioactive elements or of isotopes	3.0%
Pharmaceutical productsPharmaceutical products	2.8%
Salt; sulphur; earths and stone; plastering...Salt; sulphur; earths and stone; plastering materials, lime and cement	2.7%
Plastics and articles thereofPlastics and articles thereof	2.6%
Fish and crustaceans, molluscs and other aquatic...Fish and crustaceans, molluscs and other aquatic invertebrates	2.4%
Paper and paperboard; articles of paper pulp, of...Paper and paperboard; articles of paper pulp, of paper or of paperboard	2.4%
Articles of iron or steelArticles of iron or steel	2.0%
Iron and steelIron and steel	2.0%
Other made-up textile articles; sets; worn...Other made-up textile articles; sets; worn clothing and worn textile articles; rags	1.6%
Miscellaneous chemical productsMiscellaneous chemical products	1.6%
Products of the milling industry; malt; starches;...Products of the milling industry; malt; starches; inulin; wheat gluten	1.4%
Rubber and articles thereofRubber and articles thereof	1.4%
Essential oils and resinoids; perfumery, cosmetic...Essential oils and resinoids; perfumery, cosmetic or toilet preparations	1.3%
Sugars and sugar confectionerySugars and sugar confectionery	1.3%
FertilizersFertilizers	1.2%
Animal or vegetable fats and oils and their...Animal or vegetable fats and oils and their cleavage products; prepared edible fats; animal or vegetable waxes	1.1%
Dairy produce; birds' eggs; natural honey; edible...Dairy produce; birds' eggs; natural honey; edible products of animal origin, not elsewhere specified or included	1.0%
Optical, photographic, cinematographic, measuring,...Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof	0.9%
Miscellaneous edible preparationsMiscellaneous edible preparations	0.8%
Printed books, newspapers, pictures and other...Printed books, newspapers, pictures and other products of the printing industry; manuscripts, typescripts and plans	0.7%
Preparations of cereals, flour, starch or milk;...Preparations of cereals, flour, starch or milk; pastrycooks' products	0.7%
Ceramic productsCeramic products	0.7%
Footwear, gaiters and the like; parts of such...Footwear, gaiters and the like; parts of such articles	0.6%
Aluminium and articles thereofAluminium and articles thereof	0.4%
Miscellaneous articles of base metalMiscellaneous articles of base metal	0.4%
Organic chemicalsOrganic chemicals	0.4%
Beverages, spirits and vinegarBeverages, spirits and vinegar	0.4%
Furniture; bedding, mattresses, mattress supports,...Furniture; bedding, mattresses, mattress supports, cushions and similar stuffed furnishings; lamps and lighting fittings, not elsewhere specified or included; illuminated signs, illuminated name-plates and the like; prefabricated buildings	0.4%
Soap, organic surface-active agents, washing...Soap, organic surface-active agents, washing preparations, lubricating preparations, artificial waxes, prepared waxes, polishing or scouring preparations, candles and similar articles, modelling pastes, 'dental waxes' and dental preparations with a basis of plaster	0.4%
Tanning or dyeing extracts; tannins and their...Tanning or dyeing extracts; tannins and their derivatives; dyes, pigments and other colouring matter; paints and varnishes; putty and other mastics; inks	0.3%
Tools, implements, cutlery, spoons and forks, of...Tools, implements, cutlery, spoons and forks, of base metal; parts thereof of base metal	0.3%
Residues and waste from the food industries;...Residues and waste from the food industries; prepared animal fodder	0.3%
Preparations of vegetables, fruit, nuts or other...Preparations of vegetables, fruit, nuts or other parts of plants	0.3%
Articles of apparel and clothing accessories,...Articles of apparel and clothing accessories, knitted or crocheted	0.3%
Glass and glasswareGlass and glassware	0.3%
Man-made filamentsMan-made filaments	0.2%
Tobacco and manufactured tobacco substitutesTobacco and manufactured tobacco substitutes	0.2%
Meat and edible meat offalMeat and edible meat offal	0.2%
Articles of leather; saddlery and harness; travel...Articles of leather; saddlery and harness; travel goods, handbags and similar containers; articles of animal gut (other than silkworm gut)	0.2%
Miscellaneous manufactured articlesMiscellaneous manufactured articles	0.1%
Albuminoidal substances; modified starches; glues;...Albuminoidal substances; modified starches; glues; enzymes	0.1%
Zinc and articles thereofZinc and articles thereof	0.1%
Railway or tramway locomotives, rolling-stock and...Railway or tramway locomotives, rolling-stock and parts thereof; railway or tramway track fixtures and fittings and parts thereof; mechanical (including electro-mechanical) traffic signalling equipment of all kinds	0.1%
Articles of apparel and clothing accessories, not...Articles of apparel and clothing accessories, not knitted or crocheted	0.1%
Articles of stone, plaster, cement, asbestos, mica...Articles of stone, plaster, cement, asbestos, mica or similar materials	0.1%
Wadding, felt and nonwovens; special yarns; twine,...Wadding, felt and nonwovens; special yarns; twine, cordage, ropes and cables and articles thereof	0.1%
See more products	43.5%

Source: Comtrade

See more products: More imports (Intracen Data)
More exports (Intracen Data)

Sources of general economic information

Ministries: Website of the Government of Cameroon (just in French)
Statistical Office: National Institute of Statistics
Central Bank: Bank of the States of Central Africa
Stock Exchange: Douala Stock Exchange
Search Engines: Dmoz.org
Economic portals: Portal of the Cameroonian government on the economy
Portal on the economy of Cameroon
Information portal on Cameroon that has an excellent section on the economy

Political outline

Executive Power: The President is the chief of the state and holds the executive powers. The President is also the head of the armed forces. He is elected by popular vote for a seven-year term . He appoints the Prime Minister (who is the head of the government) and the Cabinet. The President has the power to dissolve the National Assembly and declare by decree a state of emergency which shall confer upon him special powers.
Legislative Power: The legislature is unicameral. The members of the parliament (called National Assembly) are elected by direct popular vote to serve five-year terms. The President can either lengthen or shorten the term of the legislature elections. The constitution of the country calls for an upper chamber for the legislature (Senate) but it has not yet been ( as of 2006) formed. The main responsibility of the National Assembly is to pass laws, but rarely has it changed any laws or blocked the passing of a legislation. The political rights of the people of Cameroon are very much limited.
Main political parties: RDCP (Democratic Rally of the Cameroonian People), SDF (Social Democratic Front), UDC (Cameroonian Democratic Union), UPC (Union of Cameroonian People), UNDP (National Union for Democracy and Progress)
Current political leaders: President: Paul BIYA (since 6th November 1982, re-elected several times, the latest in Oct 2004) – RDCP
Prime Minister: Ephraim INONI (since December 2004) - RDCP
Next election dates: Presidential: October 2011
National Assembly: July 2012