Cameroon Economic Forecast

Cameroon Economic Outlook

June 21, 2022

Recent data shows that economic growth sped up in 2021, on expansions in agriculture, industry and services. That said, violence in the anglophone regions and the Islamist insurgency likely dented activity. In 2022, growth should be gaining steam, as oil price surges strengthen export revenues and pandemic-related constraints are removed. Moreover, in June, the government increased 2022 budget spending from CAF 5.8 trillion (over USD 9 billion) to CAF 6.1 trillion (around USD 9.7 billion). That said, rising food and energy prices are likely hindering consumption. In addition, violence intensified at end-May in the anglophone regions amid National Day celebrations; simmering unrest will negatively affect investment and crop yields. In other news, in May the EU provided USD 129 million to upgrade a key railway line, which should boost both passenger and freight transport in the longer term.

Cameroon Economic Growth

Growth should accelerate in 2022 thanks to surging oil prices, which will support government revenues and also contribute to narrowing current account and fiscal deficits. The reduced impact of the pandemic will also aid growth. However, higher prices for food and fuel could cap domestic activity. Lackluster structural reforms and regional violence remain downside risks. FocusEconomics panelists see GDP expanding 4.0% in 2022, which is unchanged from last month. In 2023, the panel projects GDP to expand 4.4%.

Cameroon Economy Overview

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