For more information, see Cameroon and the IMF

Cameroon — Enhanced Structural Adjustment Facility
Medium-Term Economic and Financial Policy Framework Paper
(1998/99-2000/01)

Table 3. Cameroon: Selected Economic and Financial Indicators, 1993/94-2000/01 1
  1993/
1994 
1994/
1995 
1995/
1996 
1996/
1997 
   1997/1998   
1998/
1999 
1999/2000    2000/01  
        Est.  Revised
program
 
Est.
Prog. Projections
  (Annual percentage changes, unless otherwise indicated)
National income and prices
   GDP at constant prices -2.5 3.3 5.0 5.1 5.0 5.0 5.2 5.3 5.3
       Of which: non-oil GDP -2.2 4.1 5.5 5.0 5.0 5.0 5.6 5.9 5.8
   GDP deflator 11.0 17.0 5.4 2.7 1.3 1.1 2.4 2.1 2.0
   Consumer prices
       (12-month average) 2
12.7 25.8 6.6 5.2 2.1 2.8 2.0 2.0 2.0
   Consumer prices (end of period) 2 33.8 16.2 4.3 9.6 2.0 -1.6 2.0 2.0 2.0
   Nominal GDP
      (in billions of CFA francs)
3,416 4,130 4,571 4,932 5,250 5,240 5,649 6,075 6,525
   Oil output
       (in thousands of barrels a day)
122 106 101 108 115 115 113 103 94
 
External trade
   Exports (in SDRs) -12.5 8.6 7.1 16.5 2.1 -0.1 4.0 7.2 6.8
      Of which: crude oil -21.9 -9.9 -0.8 36.0 -13.5 -17.0 -5.6 -4.1 -8.1
   Imports (in SDRs) 0.4 -1.2 13.1 16.5 10.4 7.3 10.5 12.1 10.8
   Export volume -11.0 2.0 5.9 11.5 5.1 4.7 6.0 2.9 3.8
       Of which: non-oil sector -16.6 15.9 16.1 11.9 5.8 6.7 8.0 8.9 9.3
   Import volume 3.0 -5.7 13.2 19.5 9.6 7.3 9.3 10.8 8.7
   Average oil export price
       (U.S. dollars per barrel)
14.2 15.6 16.7 19.7 15.7 15.5 14.3 15.0 15.2
   Nominal effective exchange rate -22.7 -26.5 6.5 -2.4 ... ... ... ... ...
   Real effective exchange rate -24.7 -11.9 6.4 -1.8 ... ... ... ... ...
   Average exchange rate
       (CFA francs per SDR)
609 776 743 767 807 815 ... ... ...
   Terms of trade 0.9 1.7 -0.1 8.1 -3.3 -4.2 -2.9 3.1 0.9
   Non-oil export price index
       (in CFA francs)
86.9 34.3 -10.0 1.1 10.8 9.5 -0.1 2.7 2.6
 
Money and credit (end of period)
   Net domestic assets 3 4 33.7 2.2 -3.4 -5.8 9.2 14.9 5.9 2.3 0.6
   Net credit to the public sector 3 4 2.6 2.5 -3.0 0.0 3.0 3.0 1.3 -2.3 -3.5
   Credit to the private sector 4 -9.7 3.4 5.0 3.3 10.3 22.4 9.3 9.8 9.0
   Broad money (M2) 4 17.7 6.1 -5.1 13.8 18.1 15.1 16.1 13.2 12.6
   Velocity (GDP/average M2) 4 5.5 5.6 6.4 8.1 7.3 7.4 6.9 6.5 6.2
   Discount rate (end of period) 4 12.5 8.8 8.0 7.5 ... ... ... ... ...
 
Central government operations
   Total revenue -20.2 55.2 22.4 14.1 9.3 12.3 6.7 12.7 10.2
      Of which: non-oil revenue -15.5 58.0 19.8 6.0 18.5 18.6 14.7 13.0 12.3
   Total expenditure 4.7 1.3 10.2 7.7 16.6 17.8 12.2 11.5 10.9
      Current expenditure 0.4 13.9 10.6 2.7 8.9 10.3 6.3 5.7 8.5
      Capital expenditure 5 95.7 -72.7 38.1 51.1 47.8 47.1 47.4 30.0 26.6
 
  (In percent of GDP)
 
Gross national savings 11.2 13.7 13.0 14.9 15.7 16.0 16.8 18.2 18.9
Gross domestic investment 15.3 14.5 15.4 16.2 18.0 18.4 19.3 20.5 21.2
Central government operations
   Central government revenue 10.1 12.9 14.3 15.1 15.5 16.0 15.8 16.6 17.0
      Of which: non-oil revenue 7.9 10.3 11.2 11.0 12.2 12.2 13.0 13.7 14.3
                        non-oil revenue 6 8.7 11.3 12.1 12.2 13.3 13.3 14.0 14.6 15.1
   Central government expenditure 19.3 16.2 16.1 16.1 17.6 17.8 18.6 19.2 19.9
   Overall fiscal balance -9.2 -3.3 -1.8 -1.0 -2.1 -1.9 -2.7 -2.7 -2.9
   Primary balance 5 0.8 3.8 5.4 5.8 5.6 5.8 5.0 4.8 4.7
      Of which: non-oil sector -1.4 1.2 2.3 1.7 2.3 2.1 2.2 2.0 2.0
   Noninterest expenditure 5 9.3 9.1 8.9 9.3 9.9 10.2 10.9 11.9 12.4
Domestic public debt (before audit) 51.6 38.1 32.6 28.5 25.5 25.6 22.3 19.2 16.8
External sector
   Current account balance
       (including grants)
-4.2 -0.8 -2.4 -1.3 -2.4 -2.4 -2.5 -2.3 -2.3
   External public debt 122.7 97.4 89.0 83.5 65.9 73.7 59.3 55.4 45.3
 
  (In percent of exports of goods and services, unless otherwise indicated)
 
Net present value (NPV) of external public debt 7 500.9 339.1 332.8 271.1 177.0 210.0 212.0 203.3 168.4
Scheduled external debt service 57.2 48.3 55.3 41.8 38.9 40.1 40.5 33.9 29.5
Scheduled external debt service 8 125.4 96.4 93.4 74.1 67.4 67.0 66.9 53.7 46.1
Actual external debt service 43.7 15.0 23.1 18.5 ... 16.0 ... ... ...
Actual external debt service 8 95.8 29.9 39.0 32.8 ... 26.7 ... ... ...
 
  (In millions of SDRs)
 
Current account balance -234 -41 -148 -78 -156 -152 -172 -173 -187
Overall balance of payments -694 -640 -438 -336 -146 -190 -179 -196 -196
Net international reserves
    (end of period)
-445 -454 -409 -286 -217 -256 -161 -43 105
Sources:   Cameroonian authorities; and staff estimates and projections.
1 Fiscal year begins in July.
2 Starting in 1994/95, inflation reflects an updated basket of goods and services in the calculation of CPI; there is a break in the series with respect to the past.
3In percent of broad money at the beginning of the period.
4 Starting in 1996/97, data is rebased to exclude information on two banks liquidated in 1996/1997; there is a break in the series with respect to the past.
5 Excluding foreign-financed investment. In addition, the primary expenditure excludes restructuring expenditure.
6 In percent of non-oil GDP.
7 Based on the results of the baseline scenario of the debt sustainability analysis (Appendix V).
8 In percent of government revenue.


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