Cameroon Economic Forecast

Cameroon Economic Outlook

October 15, 2019

Available data revealed that growth accelerated to 4.2% year-on-year in the first quarter (Q4 2018: +3.5% year-on-year), on the back of solid upturns in the industrial and services sectors. Notably, production in the extractive sub-sector more than doubled in Q1, powered by robust oil output growth, while the agro-processing sub-sector gained traction. Furthermore, upbeat activity in commerce and transport bolstered output in the services sector. That said, the external sector fared poorly in Q1, weighed by a downturn in exports of oil and agricultural products. Meanwhile, following a week-long national dialogue in early October, President Paul Biya freed over 300 separatist prisoners, including opposition leader Maurice Kamto, in a bid to defuse tensions in the English-speaking regions.

Cameroon Economic Growth

Economic growth is projected to accelerate next year. Exports are seen gaining traction as new projects in the gas sector come online, while an influx of Chinese capital should bolster fixed investment. Protracted armed conflict in the English-speaking regions and volatility in commodity markets pose major downside risks to the outlook, however. FocusEconomics analysts see economic growth at 4.3% in 2020, which is down 0.1 percentage points from last month’s forecast, and at 4.7% in 2021.

Cameroon Economy Overview

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