Capital City: Yaounde
	It is %T:%M %A in Yaounde

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Economic trends

Offshore oil deposits exploited since the early 1970s had made Cameroon one of the most prosperous nations in tropical Africa, but economic mismanagement along with overvalued currency has lead to recession during last few years. The current account and fiscal deficits have widened, and foreign debt has grown. The government has now embarked upon a series of economic reform programs supported by the World Bank and IMF. The GDP growth rate was 3.8% in 2006 and 3.8% in 2007, with a forecast of 5.3% for 2008 by IMF. The economic dynamism of the country is still fragile because the economy is largely dependent on international oil prices (considering that the oil production in the country is declining) and the budgetary deficit is affecting the industrial production. Furthermore, Cameroon is still not able to attract sufficient foreign investments; the country is suffering from insufficient infrastructures and is one of the most corrupt countries in the world. However, inflation remains under control at around 2%.

Main branches of industry

Before the advent of the petroleum business, agriculture was the country's economic mainstay; however it still contributes nearly 40% to the GDP. Cameroon remains one of the world's leading producers of: cocoa, coffee, bananas, palm products, tobacco, rubber, cocoa, and cotton. Fishing and forestry follow oil and agriculture as leading occupations. Cameroon's mineral resources include bauxite and iron ore. Food processing, saw-milling, and the manufacturing of light consumer goods and textiles are important industries. Industry and mining sector contribute nearly 15% to GDP. The services sector accounts for 45% of GDP and benefits from the economic activity created around oil pipeline Doba/Kribi operational since July 2004. This oil pipeline is the hugest private project in Africa in which the World Bank has ever been involved.

International trade

Cameroon is open to international trade. It is a member of the Commonwealth and the Franc Zone. The share of foreign trade in country’s GDP is nearly 50%. Its top three export partners are: Spain, Italy and France. The commodities mainly exported are mineral fuels & oils, wood & charcoal, cocoa, cotton, and aluminium. The top three import partners of Cameroon are: Nigeria, France and China. It mainly imports mineral fuels & oils, cereals, vehicles, machinery, and electric & electronic equipment.