@Cameroon:Economy
Overview: Because of its offshore oil resources and favorable agricultural conditions, Cameroon has one of the best-endowed, most diversified primary commodity economies in sub-Saharan Africa. Still, it faces many of the serious problems facing other underdeveloped countries, such as political instability, a top-heavy civil service, and a generally unfavorable climate for business enterprise. The development of the oil sector led rapid economic growth between 1970 and 1985. Growth came to an abrupt halt in 1986, precipitated by steep declines in the prices of major exports: coffee, cocoa, and petroleum. Export earnings were cut by almost one-third, and inefficiencies in fiscal management were exposed. In 1990-93, with support from the IMF and World Bank, the government began to introduce reforms designed to spur business investment, increase efficiency in agriculture, and recapitalize the nation's banks. Political instability, following suspect elections in 1992, brought IMF/WB structural adjustment to a halt. Although the 50% devaluation of the currency in January 1994 improved the potential for export growth, mismanagement remains and is the main barrier to economic improvement.
National product: GDP - purchasing power parity - $15.7 billion (1994 est.)
National product real growth rate: -2.9% (1994 est.)
National product per capita: $1,200 (1994 est.)
Inflation rate (consumer prices): -0.8% (FY91/92)
Unemployment rate: 25% (1990 est.)
Budget:
revenues: $1.6 billion
expenditures: $2.3 billion, including capital expenditures of $226
million (FY92/93 est.)
Exports: $1.6 billion (f.o.b., 1993)
commodities: petroleum products, lumber, cocoa beans, aluminum,
coffee, cotton
partners: EC (particularly France) about 40%, African countries, US
Imports: $1.96 billion (c.i.f., 1993)
commodities: machines and electrical equipment, food, consumer goods,
transport equipment
partners: EC about 60% (France 38%, Germany 9%), African countries,
Japan, US 5%