Cameroon Economic Forecast

Cameroon Economic Outlook

November 16, 2021

Recent data revealed that economic growth accelerated in the first quarter (Q1 2021: +2.4% year-on-year; Q4 2020: +0.8% yoy) on the back of firming activity in the agricultural and industrial sectors. Activity in the services sector, however, lost steam in the period. Moreover, the economy should have continued to perform robustly in Q2. Merchandise import data showed strong cumulative growth in the first six months of the year, pointing to healthier domestic demand, while relatively benign inflationary pressures should have supported household spending. Meanwhile, the country recently secured a deferral on its debt service until the end of this year under the Paris Club’s Debt Service Suspension initiative. The freed-up funds, together with the IMF program agreed in July, will be used to mitigate the impact of the pandemic. However, debt service will rise next year when the deferral ends.

Cameroon Economic Growth

GDP is set to expand at a stronger pace next year. The agricultural and industrial sectors will benefit from greater electricity supply as new hydroelectric dams come online. Household spending should remain a key engine of growth, although it remains vulnerable to Covid-19 outbreaks amid a very low vaccination rate. Continued sectarian violence further clouds the outlook. FocusEconomics panelists see GDP expanding 4.2% in 2022, which is up 0.1 percentage points from last month. For 2023, the panel projects GDP to expand 4.4%.

Cameroon Economy Overview

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