Economy-overview: Because of its 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. The development of the oil sector led to 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: petroleum, coffee, and cocoa. Export earnings were cut by almost one-third, and inefficiencies in fiscal management were exposed. 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 government, however, failed to press forward vigorously with these programs. The latest enhanced structural adjustment agreement was signed in October 1997; the parties hope this will prove more successful, yet government mismanagement remains a problem. Inflation, which rose to 48% after the devaluation of 1994, has been brought back under control. Progress toward privatization of remaining state industry remains slow. President BIYA's new government of December 1997 has replaced old hands in the government economic control structure with promising technocrats.
GDP: purchasing power parity-$30.9 billion (1997 est.)
GDP-real growth rate: 5% (1997 est.)
GDP-per capita: purchasing power parity-$2,100 (1997 est.)
GDP-composition by sector: agriculture: 32% industry: 27% services: 41% (1995 est.)
Inflation rate-consumer price index: 3% (1997 est.)
Labor force: NA
Unemployment rate: NA%
Budget: revenues: $2.23 billion expenditures: $2.23 billion, including capital expenditures of $NA (FY96/97 est.)
Industries: petroleum production and refining, food processing, light consumer goods, textiles, lumber