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Economy of Cameroon

Cameroon is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Cameroon may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Cameroon exports around $6 billion and imports roughly $6.8 billion. 4.3% of population in the country are unemployed. The total number of unemployed people in Cameroon is 1,061,164. In Cameroon, 30% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Cameroon is fairly high, but is not reason for complete concern with regard to investments. Potential financial backers should look at other economic markers, including GDP, urbanization rate, and strength of currency, before making any decisions regarding investments. Government expenditure on education is 3.7% of GDP. The Gini Index of the country is 44.6. Cameroon is experiencing poor equality. The gap between the richest and poorest citizens in this country is quite noticeable. Cameroon has a Human Development Index (HDI) of 0.504. Cameroon has an upper medium HDI score. This indicates that the majority of citizens will be able to attain a desirable life, though some citizens will not be able to achieve high living standards. The Global Peace Index (GPI) for Cameroon is 2.349. The strength of legal rights index for Cameroon is 6. Overall, it is considered to be rather adequate - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders at least decently; credit information is msotly sufficient and generally available.

Currency

The currency of Cameroon is Central African CFA Franc. The plural form of the word Central African CFA Franc is CFA francs. The symbol used for this currency is Fr, and it is abbreviated as XAF. The Central African CFA Franc is divided into Centime; there are 100 in one CFA Franc.

Credit rating

The depth of credit information index for Cameroon is 1, which means that information, if any, is scarce, of insufficient details and almost inaccessible. According to the S&P credit-rating agency, Cameroon has a credit rating score of B, and the prospects of this rating are stable. According to the Fitch credit-rating agency, Cameroon has a credit rating score of B, and the prospects of this rating are stable.

Central bank

The prime lending rate of Cameroon's commercial banks is 13.8. In Cameroon, the institution that manages the state's currency, money supply, and interest rates is called Bank of Central African States. Locally, the central bank of Cameroon is called Banque des États de l'Afrique Centrale, BEAC. The average deposit interest rate offered by local banks in Cameroon is 2.6%.

Public debt

Cameroon has a government debt of 12% of the country's Gross Domestic Product (GDP), as assessed in 2012.

Tax information

The corporate tax in Cameroon is set at 38.5%. Personal income tax ranges from 10% to 35%, depending on your specific situation and income level. VAT in Cameroon is 19.25%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Cameroon is $67783 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Cameroon was last recorded at $3 million. PPP in Cameroon is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Cameroon is 29,568 billion. Based on this statistic, Cameroon is considered to have a medium economy. Countries with medium economies support an average number of industries and opportunities for investment. It should not be too difficult to find worthwhile investment opportunities in medium economies. The Gross Domestic Product (GDP) per capita in Cameroon was last recorded at $1 million. The average citizen in Cameroon has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Cameroon averaged 5.1% in 2014. According to this percentage, Cameroon is currently experiencing significant growth. Countries that are experiencing significant growth offer the best chance for a substantial return on investment, as GDP growth rate is the most important indicator of economic health. As GDP grows, business, jobs, and personal income grow as well. To read more about financial information click on finances of Cameroon.

Industry

Major industries in the country are petroleum production and refining, aluminum production, food processing, light consumer goods, textiles, lumber, ship repair. The total labor force of Cameroon is 10,499,100 people, wherein 4.3% of population in the country are unemployed. The total number of unemployed people in Cameroon is 1,061,164. The Industrial Production growth rate of Cameroon is 4%.To read more about industrial information within Cameroon click on industry of Cameroon.

Agriculture

There are 58868 km2 of arable land in Cameroon, and it comprises 12% of the country's total territory. There are 70698 km2 of cultivated land in Cameroon. The country's major agricultural crops and products are coffee, cocoa, cotton, rubber, bananas, oilseed, grains, root starches, livestock, timber.To read more about agriculture click on agriculture of Cameroon.