Cameroon: Background Papers and Statistical Appendix

This paper describes economic and financial developments in Cameroon during the 1990s. Cameroon’s economic and financial situation continued to deteriorate at a rapid pace in 1993/94. Real GDP growth was negative for the seventh year in a row, and the country’s real per capita GDP declined by a cumulative 45 percent from the peak it had reached in 1985/86. Moreover, the external current account and fiscal deficits remained unsustainably large. With the devaluation of the CFA franc in early 1994, the environment for economic activity changed drastically.

Abstract

This paper describes economic and financial developments in Cameroon during the 1990s. Cameroon’s economic and financial situation continued to deteriorate at a rapid pace in 1993/94. Real GDP growth was negative for the seventh year in a row, and the country’s real per capita GDP declined by a cumulative 45 percent from the peak it had reached in 1985/86. Moreover, the external current account and fiscal deficits remained unsustainably large. With the devaluation of the CFA franc in early 1994, the environment for economic activity changed drastically.

VI. Summary of Tax System as of July 1, 1994 1/

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Sources: Data provided by the Cameroonian authorities.
Table 1.

Cameroon: Selected Economic and Financia it Indicators, 1988/89–1993/94 1/

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Sources: Data provided by the Cameroonian authorities; and staff estimates

Series have been revised on the basis of new national acc aunts and balance of payments data.

Data for semiannual periods are at annual rat is, with percentage changes computed on a 12-montly basis.

In percent of broad money at beginning of period.

Relative to non-oil GDP.

Table 2.

Cameroon: Gross Domestic Product and Expenditure, 1988/89–1993/94 1/

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Sources: Data provided by the Cameroonian authorities; and staff estimates.

Series have been revised on the basis of new national accounts and balance of payments data.

Table 3.

Cameroon: Gross Domestic Product by Sector of Origin, 1988/89–1993/94 1/

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Sources: Data provided by the Cameroonian authorities; and staff estimates.

Series have been revised on the basis of new national accounts and balance of payments data.

Table 4.

Cameroon: Production of Principal Food Crops, 1986/87–1991/92 1/

(In thousands of metric tons)

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Source: Data provided by the Cameroonian authorities.

Fiscal years (July 1-June 30).

Modern sector.

Macabo, taro, cassava, yams, and sweet potatoes.

Table 5.

Cameroon: Domestic Consumption of Petroleum Products, 1986/87–1992/93 1/

(In millions of liters)

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Source: Data provided by the Cameroonian authorities.

Fiscal years (July 1-June 30). Includes sales to other UDEAC countries.

Table 6.

Cameroon: Consumer Price Developments, December 1993-July 1994 1/

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Sources: Data provided by the Cameroonian authorities; and staff estimates.

New series based on the 1983/84 consumer expenditure survey. Cameroon’s Directorate for Statistics did not produce a consumer price index during the period October 1990-December 1993; during December 1990-December 1993, consumer prices declined cumulatively by an estimated 1.7 percent.

Table 7.

Cameroon: Selected Producer Prices, 1987/88–1 994/95 1/

(In CFA francs per kilogram)

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Source: Data provided by the Cameroonian authorities.

Fiscal years (July 1-June 30).

The producer prices for cocoa coffee, and cotton are determined each year in September, January, and November, respectively.

Through end-January 1994.

From February 1994 onward.

Starting from 1993/94, producer price was abolished.

Table 8.

Cameroon: World Market and Ex Refinery Prices of Petroleum Products, 19 90–94

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Sources: Cameroonian authorities; and staff calculations.

Through April 1991.

From April 1991 to January 1994.

From February 1994 onward.

Table 9.

Cameroon: Petroleum Product Price Schedule, 1986–94

(In CFA francs per liter)

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Sources: Data provided by the Cameroonian authorities.

Through April 1991.

From February 1994 onward.

From April 1991 to February 1994.

Table 10.

Cameroon: Retail Prices of Petroleum Products, 1986-94

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Sources: Data provided by the Cameroonian authorities; and staff estimates.

Sales suspended

As at end-August for 1994.

Table 11.

Cameroon. Central Government Operations, 1988/89–1993/94

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Sources: Data provided by the Cameroonian authorities; and staff estimates.

In percent of non-oil GDP.