REPUBLIC OF CAMEROON Peace-Work-Fatherland
REPORT ON THE NATION'S ECONOMIC, SOCIAL AND FINANCIAL SITUATION AND PROSPECTS
2016 FINANCIAL YEAR
November 2016
TABLE OF CONTENTS
CHAPTER 1: OVERVIEW
1.1 International Economic Environment 7 1.2 Recent Developments in Cameroon’s Economy 9 1.2.1 Growth and prices 9 1.2.2 Relations with the rest of the world 10 1.2.3 Currency and financing the economy 12 1.2.4 Public finance 13 1.2.5 Social sectors 13 1.2.6 Structural and institutional reforms 14 1.3 Macroeconomic and fiscal outlook for 2015-2018 15 1.3.1 Macroeconomic outlook 15 1.3.2 2017 Budget Projections 19 1.3.3 New measures 21
CHAPTER 2: PRODUCTION
2.1 Primary Sector 22 2.1.1 Agriculture 22 2.1.2 Livestock and fisheries 26 2.1.3 Forestry and wildlife subsector 28 2.1.4 Environment and nature protection 29 2.2 Secondary Sector 30 2.2.1 Manufacturing industries 30 2.2.2 Extractive industries 31 2.2.3 Electricity, gas and water 32 2.2.4 Construction and public works 34 2.3 Tertiary sector 35 2.3.1 Trade 35 2.3.2 Tourism 35 2.3.3 Transport 36 2.3.4 Telecommunications 38 2.3.5 SMEs, social economy and handicraft 38
CHAPTER 3: DEMAND
3.1 Domestic Demand 40 3.1.1 Final consumption 40 3.1.2 Investment 41 3.2 Net External Demand 43 3.2.1 Net external demand for goods 44 3.2.2 Net external demand for services 45
CHAPTER 4: PRICES AND COMPETITIVENESS
4.1 Prices 47 4.1.1 GDP deflator 47 4.1.2 Final household consumer prices 48 4.1.3 Intermediate consumer prices 49 4.1.4 Salaries 50 4.2 Competitiveness 50 4.2.1 Overall competitiveness 50 4.2.2 Business climate 51
CHAPTER 5: FINANCING THE ECONOMY
5.1 Monetary Policy 53 5.1.1 Refinancing policy 53 5.2 Monetary Situation 55 5.2.1 Counterpart money supply 55 5.2.2 Money supply components 56
5.3. Banking and Financial Sector 57 5.3.1- Banking Sub-sector 57 5.3.2. Microfinance 59 5.3.3. Insurance 60 5.3.4. Financial Market 61 5.4. Strategy for Financing the Economy 63
CHAPTER 6: EXTERNAL SECTOR 65
6.1 Balance of payments 65 6.1.1 Balance of current account transactions 65 6.1.2 External Financing 68 6.1.3 Balance of payments by sector 68 6.1.4 Bilateral balances of payments 71 6.1.5 Monthly balance of payments for the first half of 2016 73 6.2 External trade 75 6.2.1- Balance of trade 75 6.2.2- Trade trends 76 6.2.3. Geographical orientation of trade 78
CHAPTER 7: SOCIAL SECTORS 82
7.1 Education 82 7.1.1 Nursery and Primary Education 82 7.1.2 Secondary Education 84 7.1.3 Higher education 86 7.2 Health 88 7.2.1 Mother, Child and Adolescent Health 88 7.2.2 Disease Control and Health Promotion 89 7.2.3 Development of Health Districts 91 7.3 Employment 92 7.3.1 Employment Promotion 92 7.3.2 Vocational Training Promotion 92 7.4 Housing and Urban Development 92 7.4.1 Housing Development 93 7.4.2 Improvement of the Urban Environment 93 7.4.3 Urban Transport Infrastructure Development 93 7.5 Social Affairs, Women's Empowerment, Family and Youth Affairs 93 7.5.1 Social Affairs 93 7.5.2 Women's empowerment and the Family 94 7.5.3 Youth Support and National Integration 95
CHAPTER 8: 2016 BUDGET EXECUTION AND THE 2017 DRAFT BUDGET 96
8.1 2016 budget execution 96 8.1.1 Budgetary resources 96 8.1.2 Budget expenditure levels 99