Economic Outlook Bulletin
No. 67, January 2025
A QUARTERLY PUBLICATION OF THE MINISTRY OF FINANCE
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FOR THE THIRD QUARTER OF 2024
MINISTRY OF FINANCE SECRETARIAT GENERAL DIVISION OF FORECASTS REPUBLIC OF CAMEROON Peace - Work - Fatherland
# ECONOMIC OUTLOOK BULLETIN FOR THE THIRD QUARTER OF 2024
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Economic Outlook Bulletin No. 57 January 2025
# TABLE OF CONTENTS
ACRONYMS AND ABBREVIATIONS ...5 OVERVIEW ...6 INTERNATIONAL ECONOMIC ENVIRONMENT ...9 REAL SECTOR ...13 SOCIO-ECONOMIC INFORMATION ...20 EXTERNAL SECTOR ...22 PUBLIC FINANCE ...26 MONETARY SITUATION ...32 EDITORIAL BOARD ...35
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Economic Outlook Bulletin No. 57 January 2025
# ACRONYMS AND ABBREVIATIONS
BEAC: Bank of Central African States CEMAC: Economic and Monetary Community of Central Africa CT: Corporate Tax DF: Division of Forecasts DGD: Directorate General of Customs IMF: International Monetary Fund MINFI: Ministry of Finance NGP: Net Government Position NHC: Cameroon's National Oil Refining Company OECD: Organisation for Economic Cooperation and Development PNT: Net Treasury Position SDR: Special Drawing Rights STPP: Special Tax on Petroleum Products UAE: United Arab Emirates VAT: Value Added Tax (VAT) VSE: Very Small Enterprises
Economic Outlook Bulletin No. 57 January 2025
# OVERVIEW
International economic environment
In the third quarter of 2024, global economic activity was mainly driven by: (i) the persistence of conflicts particularly in the Middle East and Ukraine and extreme weather events around the world; (ii) uncertainties related to the US elections and (iii) the continued easing of monetary policy in major economies.
In the group of advanced countries and according to the OECD, growth remained steady at 0.7% in the United States and accelerated in the euro zone (0.4% after 0.2% in the second quarter of 2024). In emerging and developing countries, there was an acceleration in China (+0.9% after +0.5%) and a contraction in South Africa (-0.3% against +0.3%).
Over the whole of 2024 and according to the IMF, global economic activity slowed down slightly, with growth standing at 3.2% against 3.3% in 2023. According to the major groups, growth accelerated in advanced countries (1.8% after 1.7% in 2023), but slowed down in emerging and developing countries (4.2% after 4.4%). In sub-Saharan Africa in particular, it stood at 3.6% in both 2024 and 2023. In the CEMAC zone, and according to the BEAC, growth stood at 2.9% after 2.5% in 2023.
In terms of prices, global inflation rises from 6.7% in 2023 to 5.8% in 2024. This slowdown is observed both in the group of advanced countries (2.3% after 3.1%) and in the group of emerging and developing countries (7.9% after 8.1% in 2023). In sub-Saharan Africa, inflation stands at 18.1% after 17.6% in 2023. Particularly in the CEMAC zone, it is estimated at 4.2% after 5.1% in 2023.