Forest in Cameroon

Cameroon Economy

Cameroon's economy in numbers:

Nominal GDP of USD 43.6 billion in 2022.

GDP per capita of USD 1,562 compared to the global average of USD 10,589.

Average real GDP growth of 4% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

In 2021, services accounted for 59% of overall GDP, manufacturing 13%, other industrial activity 11%, and agriculture 17%. Looking at GDP by expenditure, private consumption accounted for 73% of GDP in 2021, government consumption 12%, fixed investment 18%, and net exports -3%.

GDP by economic sector
GDP by type of expenditure

International trade:

In 2018, manufactured products made up 6% of total merchandise exports, mineral fuels 50%, food 20%, ores and metals 4% and agricultural raw materials 20%, with other categories accounting for 0% of the total. In the same period, manufactured products made up 54% of total merchandise imports, mineral fuels 22%, food 20%, ores and metals 3% and agricultural raw materials 2%, with other goods accounting for -1% of the total. Total exports were worth USD 6 billion in 2021, while total imports were USD 7 billion.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The economy recorded average annual growth of 4.0% in the decade to 2022. To read more about GDP growth in Cameroon, go to our dedicated page.

Fiscal policy:

Cameroon's fiscal deficit averaged 3.3% 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 2022. 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 2022 at 4.50%, up from 4.00% a decade earlier. See our Cameroon monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the Central African CFA franc weakened by 19.1% vs the U.S. dollar. For more info on the Central African CFA franc, click here.
Annual economic growth averaged 3.8% in H1 2023, accelerating from the prior six months’ 3.5% expansion. Robust industrial and services sector performances drove the GDP improvement. Less positively, the hydrocarbons sector’s performance was dimmer. The downturn in oil production worsened in H1, with output contracting 7.2% on average (H2 2022: -3.0% yoy). Turning to Q3, similar dynamics persisted: Oil production fell 13.2% in Q3, worsening from H1 and boding ill for export revenue. More positively, growth will have been underpinned by consumption, as average inflation receded further in Q3 to a one-year low. In other news, on 20 December, the IMF concluded its Article IV consultation and completed another program review; it disbursed USD 73.8 million towards the financial reform program.
Projections out to 2033.

38 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 10 expert analysts.

Want to get insight on the economic outlook for Cameroon in the coming years? FocusEconomics collects projections out to 2033 on 38 economic indicators for Cameroon from a panel of 10 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 .

Cameroon Economic Data

2018 2019 2020 2021 2022
Population (million) 25.2 25.9 26.5 27.2 27.9
GDP (USD bn) 39.9 39.7 40.8 45.0 43.6
GDP per capita (USD) 1,584 1,533 1,537 1,654 1,562
GDP (XAF bn) 22,203 23,244 23,469 24,984 27,224
Economic Growth (Nominal GDP, ann. var. %) 5.9 4.7 1.0 6.5 9.0
Economic Growth (GDP, ann. var. %) 4.0 3.5 0.3 3.5 3.4
Domestic Demand (ann. var. %) 5.3 3.8 -1.1 5.2 3.6
Private Consumption (ann. var. %) 5.1 4.1 0.3 4.7 2.9
Government Consumption (ann. var. %) 4.6 3.8 1.1 3.0 4.2
Fixed Investment (ann. var. %) 12.2 -3.1 -2.0 10.0 4.8
Exports (G&S, ann. var. %) 2.1 11.2 -14.4 3.5 3.3
Imports (G&S, ann. var. %) 8.5 11.4 -17.1 12.8 3.6
Unemployment (% of active population, aop) 3.6 3.7 4.0 4.1 3.8
Fiscal Balance (% of GDP) -2.4 -3.2 -3.2 -3.0 -1.1
Public Debt (% of GDP) 38.3 41.6 44.9 46.8 45.5
Money (ann. var. of M2 %) 10.2 11.8 12.8 17.1 12.0
Inflation (CPI, ann. var. %, aop) 1.1 2.5 2.5 2.3 6.3
Key Lending Rate (%, eop) 3.50 3.50 3.25 3.50 4.50
Exchange Rate (XAF per USD, eop) 574 584 536 577 615
Exchange Rate (XAF per USD, aop) 556 586 575 555 624
Current Account Balance (USD bn) -1.4 -1.7 -1.5 -1.8 -0.8
Current Account Balance (% of GDP) -3.5 -4.3 -3.7 -4.0 -1.8
Merchandise Trade Balance (USD bn) -0.5 -0.7 -0.7 -0.5 -
Merchandise Exports (USD bn) 5.2 5.5 4.4 6.0 -
Merchandise Imports (USD bn) 5.7 6.3 5.1 6.5 -
Merchandise Exports (ann. var. %) 12.6 6.6 -20.1 36.0 -
Merchandise Imports (ann. var. %) 18.4 9.5 -18.6 28.2 -
Foreign Direct Investment (USD bn) 0.8 1.0 0.7 1.0 0.9
International Reserves (USD bn) 3.5 3.7 3.9 4.3 5.2
International Reserves (months of imports) 7.3 7.0 9.3 8.0 -
External Debt (USD bn) 11.0 12.9 14.7 15.4 15.1
External Debt (% of GDP) 27.6 32.6 36.1 34.1 34.6

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