Cameroonian economy gains 0.3 point of growth in 2014

The Cameroonian economy has gained 0.3 point of growth more as compared to 2013 with the growth rate of 5.9% after 5.6% realized a year earlier, according to a report released by National Institute of Statistics (INS) yesterday.

This performance was mainly driven by domestic demand resulting from the consolidation of final consumption expenditure increased by 5.7% and the Investment Accelerator (13.6% for the private sector and 7.5 % for the public sector).

Regarding supply, the INS report showed that the service sector grew by 5.3% during the study period against 6.3% a year earlier.

At the same time, growth in the secondary sector also accelerated to 6.8% against 5.7% in 2013, while the primary sector continued its consolidation, rising 4.7% or 1 point more as compared to 2013.

This strengthening, says the INS, move in aligns with the objectives of a growth of 6.1% on average over the period 2013-2015 recorded in the Strategy Paper for Growth and Employment (ECSD).

The year 2015 will depend on the commercial and financial relations with the developed countries, but will also be influenced by positive factors such as the surge in oil production, the entry into production of two new cement plants, continued Work on Phase 2 of the Deep-Sea Port in Kribi (south), construction of Mekin and Memve'ele Dams (South), Lom Pangar (East) and the second bridge over the Wouri (Littoral).

According to INS, "the main risk factor on growth in 2015 is the serious threat of insecurity in the northern regions of the country with suicide attacks by terrorist sect, Boko Haram.”

The growth rate, however, could be between 5.5% and 6.0% in relation to all these perspectives.

It should be noted that the INS report appeared after the publication by President Paul Biya on the preparation of the state budget for fiscal year 2015 that tabled not only a growth rate of gross domestic product (GDP) by 6%, but also an almost stagnant oil production by value.

The roadmap also projected an inflation rate of 2.8%, a deficit in the budget balance (excluding grants) of 4.5% of GDP and a current account deficit of around 4.3% of GDP.