climate for business enterprise. The
development of the oil sector led to rapid economic growth between
1970 and 1985. Growth came to an abrupt halt in 1986, precipitated by
steep declines in the prices of major exports: coffee, cocoa, and
petroleum. Export earnings were cut by almost one-third, and
inefficiencies in fiscal management were exposed. Since 1990, the
government has embarked on various IMF and World Bank programs
designed to spur business investment, increase efficiency in
agriculture, improve trade and recapitalize the nation's banks.
Political instability, following suspect elections in 1992, has
limited the effectiveness of aid programs. Currently, Cameroon
receives only minimal assistance from the IMF and the World Bank.
Although the 50% devaluation of the currency of 12 January 1994
improved the potential for export growth, mismanagement remains and is
the main barrier to economic improvement. The devaluation led to a
spurt in inflation to 48% in 1994, but it moderated in 1995-96.
Progress toward privatization of remaining state industry remains
slow.

GDP: purchasing power parity - $17.5 billion (1996 est.)

GDP - real growth rate: 3.4% (1996 est.)

GDP - per capita: purchasing power parity - $1,230 (1996 est.)

GDP - composition by sector:
agriculture: 29%
industry: 25%
services: 46% (1996 est.)

Inflation rate - consumer price index: 6% (FY96/97 est.)

Labor force: NA

Unemployment rate: NA%

Budget:
revenues : $2.23 billion
expenditures: $2.23 billion, including capital expenditures of $NA
(FY96/97 est.)

Industries: petroleum production and refining, food processing, light
consumer goods, textiles, lumber

Industrial production growth rate: NA%

Electricity - capacity: 630,000 kW (1994)

Electricity - production: 2.71 billion kWh (1994)

Electricity - consumption per capita: 186 kWh (1995 est.)

Agriculture - products: coffee, cocoa, cotton, rubber, bananas,
oilseed, grains, root starches; livestock; timber

Exports:
total value: $1.9 billion (f.o.b., 1995)
commodities: crude oil and petroleum products, lumber, aluminum, cocoa
beans, coffee, cotton
partners: EU (particularly France) about 50%, African countries

Imports:
total value : $1.3 billion (f.o.b., 1995)
commodities: machines and electrical equipment, food, consumer goods,
transport equipment, petroleum products
partners: EU (France 42%, Germany), African countries, US 4%

Debt - external: $8.2 billion (1996 e