Economic Outlook Bulletin
No. 56, October 2024
A QUARTERLY PUBLICATION OF THE MINISTRY OF FINANCE
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FOR THE SECOND QUARTER OF 2024
MINISTRY OF FINANCE SECRETARIAT GENERAL DIVISION OF FORECASTS REPUBLIC OF CAMEROON Peace - Work - Fatherland
# ECONOMIC OUTLOOK BULLETIN FOR THE SECOND QUARTER OF 2024
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Economic Outlook Bulletin No. 56 October 2024
# TABLE OF CONTENTS
ACRONYMS AND ABBREVIATIONS ...5 OVERVIEW ...6 INTERNATIONAL ECONOMIC ENVIRONMENT ...9 REAL SECTOR ...13 EXTERNAL SECTOR ...19 PUBLIC FINANCES ...27 MONETARY SITUATION ...33 BANKING SECTOR ...36 SOCIO-ECONOMIC INFORMATION ...40 EDITORIAL COMMITTEE ...43
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Economic Outlook Bulletin No. 56 October 2024
# ACRONYMS AND ABBREVIATIONS
BEAC: Bank of Central African States CEMAC: Economic and Monetary Community of Central Africa HPSF: Hydrocarbons Prices Stabilisation Fund DF: Division of Forecasts DGD: Directorate General of Customs IMF: International Monetary Fund IS: Corporate Income Tax EP: English Pound MINFI: Ministry of Finance GDP: Gross Domestic Product NTP: Net Treasury Position NGP: Net Government Position OECD: Organisation for Economic Cooperation and Development NHC: Cameroon's National Oil Refining Company STPP: Special Tax on Petroleum Products VAT: Value Added Tax (VAT)
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Economic Outlook Bulletin No. 56 October 2024
# OVERVIEW
International economic environment
In the second quarter of 2024, the international economic environment was marked by contrasting trends in real GDP in the various economies and contained inflation in most regions of the world. In the group of advanced economies, and according to the OECD, economic growth is estimated at 0.7%, after 0.8% in the previous quarter. In the emerging and developing countries, there was a slowdown in China (+0.5% after +1.5% in the first quarter) and India (+1.3% after +1.7%), and an upturn in activity in South Africa (+0.4% compared to -0.1% in the previous quarter).
For 2024 as a whole, and according to the IMF (October 2024), growth in the world economy is estimated at 3.2% in 2024 after 3.3% in 2023. Growth is expected to be 1.8% in 2024 after 1.7% in 2023 in the group of advanced countries, and 4.2% after 4.4% in the group of emerging and developing countries. In sub-Saharan Africa, growth is expected to stand at 3.6% in 2024, as in 2023.
In terms of prices, global inflation is set to decelerate to 5.8% in 2024 from 6.7% in 2023. Disinflation would be faster in advanced economies (with an inflation rate of 2.2% after 3.1% in 2023) than in the group of emerging and developing countries (7.9% after 8.1%).
With regard to commodity prices, the index of commodity prices exported by Cameroon rose by 10.1% in the second quarter of 2024 compared to the previous quarter, as a result of the 2.6% increase in the price of energy products and the 13.7% rise in the price of non-energy products. The average price of crude oil rose from $83.0 to $84.6 per barrel, while that of liquefied natural gas stood at $10.0 per million BTU, after $8.7 in the first quarter of 2024.