Cameroon Economic Outlook
A diverse but fragile economy:
Cameroon has one of Central Africa’s largest economies, benefiting from a mix of oil production, agriculture, and manufacturing. The country is a key exporter of crude oil, cocoa, coffee, and timber. However, economic growth has been constrained by weak governance, infrastructure bottlenecks, and ongoing security challenges in the Anglophone regions, where separatist conflicts have disrupted business activity.
Structural weaknesses and debt concerns:While Cameroon has posted moderate GDP growth in recent years, averaging around 3–4%, the country faces structural weaknesses, including a burdensome state presence in the economy, slow business reforms, and inefficient public investment. Public debt has risen above 40% of GDP, partly due to large infrastructure projects, including hydropower dams and road networks. The government has relied on international lenders, including the IMF, for budgetary support and debt restructuring.
Energy and industrial development:The government has prioritized industrialization and energy development, aiming to enhance domestic manufacturing and reduce reliance on imported refined petroleum products. Cameroon’s growing power generation capacity, including investments in hydro and gas power, supports industrialization efforts. However, weak institutional capacity and regulatory challenges remain obstacles to large-scale private sector investment.
Cameroon’s economic outlook:Cameroon’s economy is set to expand at a moderate pace, supported by infrastructure projects and the gradual recovery of global commodity prices. However, political uncertainty, security risks, and governance issues weigh on investor confidence. Long-term economic success will depend on improved business conditions, stronger fiscal management, and greater integration with regional markets under the African Continental Free Trade Agreement (AfCFTA).
Cameroon's Macroeconomic Analysis:
Nominal GDP of USD 49.3 billion in 2023.
Nominal GDP of USD 49.3 billion in 2023.
Nominal GDP of USD 49.3 billion in 2023.
GDP per capita of USD 1,722 compared to the global average of USD 10,589.
GDP per capita of USD 1,722 compared to the global average of USD 10,589.
GDP per capita of USD 1,722 compared to the global average of USD 10,589.
Average real GDP growth of 3.9% over the last decade.
Average real GDP growth of 3.9% over the last decade.
Average real GDP growth of 3.9% over the last decade.
Sector Analysis
In 2022, services accounted for 51.6% of overall GDP, manufacturing 13.3%, other industrial activity 18.4%, and agriculture 16.7%. Looking at GDP by expenditure, private consumption accounted for 73.3% of GDP in 2023, government consumption 11.3%, fixed investment 17.4%, and net exports -2.0%.International trade
In 2021, manufactured products made up 6.2% of total merchandise exports, mineral fuels 51.9%, food 21.3%, ores and metals 2.0% and agricultural raw materials 18.6%, with other categories accounting for 0.0% of the total. In the same period, manufactured products made up 56.5% of total merchandise imports, mineral fuels 18.1%, food 22.3%, ores and metals 1.6% and agricultural raw materials 1.4%, with other goods accounting for 0.1% of the total. Total exports were worth USD 6.30 billion in 2023, while total imports were USD 7.70 billion.Main Economic Indicators
Economic growthThe economy recorded average annual growth of 3.9% in the decade to 2023. To read more about GDP growth in Cameroon, go to our dedicated page.
Fiscal policy
Cameroon's fiscal deficit averaged 3.4% of GDP in the decade to 2022. Find out more on our dedicated page.
Unemployment
The unemployment rate averaged 3.7% in the decade to 2023. For more information on Cameroon's unemployment click here.
Inflation
Inflation averaged 2.3% in the decade to 2022. Go to our Cameroon inflation page for extra insight.
Monetary Policy
Cameroon's monetary policy rate ended 2024 at 5.00%, up from 2.95% a decade earlier. See our Cameroon monetary policy page for additional details.
Exchange Rate
From end-2014 to end-2024 the Central African CFA franc weakened by 14.4% vs the U.S. dollar. For more info on the Central African CFA franc, click here.
Economic situation in Cameroon
The economy ended 2024 on slightly weaker footing, with annual GDP growth edging down to 3.1% in Q4 from 3.7% in Q3. Higher inflation hit purchasing power, which in turn drove a slowdown in the key services sector—responsible for over 50% of GDP—while a protracted malaise in top export oil output plus a decline in manufacturing dragged on industry. Still, agricultural output picked up pace, cushioning the slowdown. Overall in 2024, economic growth rose to 3.5% (2023: +3.2%) but undershot the pre-Covid 10-year average, with maturing oil fields and security fears hindering the development of new ones—hurting industry, trade and the public coffers. Shifting to 2025, crude production remained a key drag on growth through February. As a result, the government recently greenlit around USD 350 million in external borrowing to cover the fiscal shortfall for 2025.Cameroon Economic Forecasts
Projections out to 2034.43 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 11 expert analysts.
Want to get insight on the economic outlook for Cameroon in the coming years? FocusEconomics collects projections out to 2034 on 43 economic indicators for Cameroon from a panel of 11 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Cameroon economy. To download a sample report on the Cameroon's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.