Cameroon evaluates its economy over the last five years

The Ministry of Economy, Planning and Regional Planning (Minepat), released on Thursday a document on the evaluation of Cameroon's economy over the last five years. "Focus on the Cameroonian economy", was produced in collaboration with the National Institute of Statistics of Cameroon.

In its edition on newsstands on Friday, September 18, 2015, the daily newspaper Mutations reveals some aspects of the content of the document presented as a truthful picture of the economic reality in Cameroon.

The document reveals that Cameroon has achieved an average growth of 4.7% annually over the past five years. This shows certain stagnation. Although increasing over the years, measures have failed to achieve the target of 5.5% annually, as provided for in the strategy paper for growth and employment ( ECSD).

Further, reveals Mutations, it appears that the government provides for a continuation of the pace of economic growth in 2015 with about 6% rate and controlled inflation of below 3%, despite inflationary pressures fueled by the reevaluation of Fuel prices in July 2014 and rising prices of some foodstuff.

The document also informs of the sectoral distribution of gross domestic product (GDP). The primary sector grew on average by 4.0% annually and represents on average 21.3% of GDP between 2010 and 2014. The manufacturing sector grew by 3.9% per year on average (27.6% of GDP). The tertiary is growing on average by 5.3% per year on average (43.4% of GDP).

In terms of external trade, it appears that exports of goods and services increased on average by 10.9% per year amounting to FCFA 2840 billion in 2010 to FCFA 4245 billion in 2014. The assets represent on average 73% of these values.

Imports of goods and services increased on average by 9.9% per year amounting to FCFA 3,215 billion in 2010 and FCFA 4780 billion in 2014. The assets represent on average 73% of these values. The main services are exchanged with the outside transport, services provided mainly by companies, accommodation and catering.

Exports of goods are very diversified in the period 2010-2014 and consisting mainly (as a percentage of the total value of exports of goods and services) of crude petroleum oils (25.6%), raw cocoa (6.8% ), wood and wooden products (6.4%) and fuels and lubricants (6.3%). Imports of goods are dominated by oil, capital goods and food products.

Compared with partners in imports and exports, the European Union remains the main exchange area with Cameroon (51% of imports and 26.7% of exports). It is followed by East Asia whose trade is driven by China, which is the largest bilateral trading partner of Cameroon (14.7% of exports and 18.0% of imports in 2014). In total, the two areas consume 81.5% of exports and providing 57.4% of Cameroon's imports.