Abstract
Regional growth weakened in 2013 due to a fall in oil production in most countries. GDP growth is expected to pick-up in 2014 due to the recovery of oil production and the continuation of the implementation of public investment plans in most of CEMAC countries. Despite large spending of oil wealth during the last years, poverty, income inequality and unemployment remain high. The business climate is one of the most challenging in Africa. The region’s most pressing challenge is to implement structural reforms to promote sustainable and inclusive growth while adopting macro policies to preserve financial stability, ensure an efficient use of oil revenues and increase resilience to shocks.
Introduction
1. The CEMAC region has recorded robust growth for more than a decade but substantial development challenges remain. Oil producing countries (all CEMAC countries except CAR) have benefited from a prolonged period of high oil prices and launched ambitious public investment programs to fill infrastructure gaps.1 Despite large spending of oil wealth, poverty, income inequality and unemployment (especially among the young) remain high as public spending was often poorly targeted and used unproductively.2 The business climate is one of the most challenging in Africa. The region’s most pressing challenge is to implement structural reforms to promote sustainable and inclusive growth while adopting macro policies to preserve financial stability, ensure an efficient use of oil revenues and increase resilience against shocks. Regional institutions face important capacity constraints and should be strengthened to support reform efforts.
2. Policy direction has been broadly in line with IMF recommendations but reform implementation has been too slow (see Annex 1). Weak governance and capacity of CEMAC institutions (i.e. regional central bank -Banque Centrale des Etats d’Afrique Centrale, BEAC, the Banking Commission—Commission Bancaire, COBAC, the CEMAC Commission and the Central African Development Bank—Banque de Développment des Etats d’Afrique Centrale, BDEAC) hamper regional integration and growth. Following serious governance challenges, the BEAC launched an ambitious reform agenda and has made progress in some areas. The CEMAC Commission activities were substantially affected by the conflict in Central African Republic (CAR) where it was headquartered, seriously limiting progress in various policy coordination initiatives. The issue of non-full repatriation of foreign assets by some member states remains unresolved, the monetary policy framework is unchanged despite the extensive technical assistance provided by the Fund, and preparation for possible reform of the surveillance framework has not progressed much.
Recent Economic Developments, Medium-Term Outlook and Risks
3. Overall macroeconomic performance weakened in 2013, due to a further decline in oil production. Real GDP growth decelerated in 2013 to 2½ percent, due to falls in oil production in most member countries (Chad, Congo, Equatorial Guinea and Gabon). Non-oil GDP growth remained solid, largely driven by the continuation of large public investment programs (Cameroon, Congo, Gabon) and buoyant domestic consumption contributing to a 4½ percent growth in the non-oil sectors. Inflation declined to 1.8 percent, below the regional convergence ceiling of 3 percent due to the decline of food prices and an appreciation of the nominal effective exchange rate.
4. The regional fiscal position further deteriorated in 2013. The continuation of expansionary fiscal policies and declining oil revenues turned the regional primary balance into a deficit for the first time since 2009 and the non-oil primary deficit reached 24.6 percent of non-oil GDP (NOGDP)3. With all but one eligible country (Chad) having benefited from debt relief, the average public debt for the region has slightly increased but remains low at around 23 percent of GDP, well below the 70 percent of GDP ceiling set by the regional surveillance framework for individual countries. The debt sustainability analyses (DSAs) for the individual countries show only low risk of debt distress.
5. The external current account widened in 2013 but the external reserves position remains sound. The current account deficit increased to 3.1 percent of GDP as oil exports declined and investment-related imports remained large. Foreign reserves (not taking into account the non-repatriated foreign assets) decreased slightly but remained around US$17.5 billion, equivalent to 5.1 months of imports at end-2013.
6. Large unsterilized surpluses resulting from the surge in oil export revenues over the last decade continue to impair the monetary policy transmission mechanism and make monetary policy largely ineffective. The growth of bank deposits slowed in 2013 but remained strong, while the growth of credit accelerated due to the dynamism of the non-oil sector and domestic consumption. Liquidity in the banking system decreased following a decline in foreign assets. Nevertheless, excess liquidity in the system remains high in part due to some liquidity injection by the BEAC to support some financial institutions.
7. In 2014, regional growth is projected to pick-up to 5 to 5½ percent. The increase in oil production (mostly in Cameroon and Chad) and the continued implementation of public investment plans in a large number of CEMAC countries is expected to support growth. The inflation rate should remain moderate, reflecting favorable trends in food prices. The continuation of expansionary fiscal policies in some countries (Cameroon, Republic of Congo and Gabon) will maintain the fiscal deficit at around 3 percent of GDP on average despite an increase in hydrocarbon revenues. The current account deficit is expected to remain around 3 percent of GDP as higher hydrocarbon export revenues (nearly 90 percent of the total exports) will be offset by strong imports.
8. CEMAC’s medium-term outlook would remain relatively positive, provided significant reforms are implemented4. Assuming the implementation of reforms to promote private investment, including an improved business climate and deepening of the financial sector, non-oil growth could average around 5½ percent per annum over the 2014-19 period, while oil output would initially grow by 1 to 1½ percent before declining at the end of the period. The regional fiscal balance would remain in deficit due to declining hydrocarbon revenue, which would be partially offset by a considerable improvement of the non-oil primary deficit (from 28 percent of non-oil GDP in 2013 to 16 percent in 2019) resulting from a substantial scaling back of public investment in Equatorial Guinea, Republic of Congo and Chad. The current account deficit is expected to stay between 3 and 4 percent of GDP owing to lower oil prices and continued high levels of imports associated with public and private investment. However, capital account surpluses would support the steady growth of reserves, which should be around the equivalent of six months of goods and services imports in 2019.5
9. The CEMAC could face potentially significant risks in the coming years (see Annex 2). The region remains highly dependent on oil revenues, and a significant, prolonged drop in oil and other commodity prices represents the main risk for the CEMAC. It would have a significant impact on fiscal balances and the current account balance.6 Although the baseline scenario already asssumes a substiantial scaling down in public investment, the materialization of the downside scenario would require a larger and more abrupt fiscal consolidation effort. In addition, in a context where an extremely difficult business climate severely limits private investment growth, the lack of reforms could weigh on the potential for medium-term growth. Without enhanced capacity of regional institutions and stronger political support by member states, regional integration will remain limited.7 Finally, increased political instability and security risks in the region with the deepening of the crisis in the Central African Republic and a number of attacks by Boko Haram could weigh on FDI and growth.
CEMAC Nominal GDP, 2013
(CFAF, Billions)
Citation: IMF Staff Country Reports 2014, 252; 10.5089/9781498315685.002.A001
Sources: WEO Database and IMF Staff Estimates
CEMAC Nominal GDP, 2013
(CFAF, Billions)
Citation: IMF Staff Country Reports 2014, 252; 10.5089/9781498315685.002.A001
Sources: WEO Database and IMF Staff EstimatesCEMAC Nominal GDP, 2013
(CFAF, Billions)
Citation: IMF Staff Country Reports 2014, 252; 10.5089/9781498315685.002.A001
Sources: WEO Database and IMF Staff Estimates
GDP Growth Contribution, 2013
(in percentage points)
Citation: IMF Staff Country Reports 2014, 252; 10.5089/9781498315685.002.A001
Sources: WEO Database and IMF Staff Estimates
GDP Growth Contribution, 2013
(in percentage points)
Citation: IMF Staff Country Reports 2014, 252; 10.5089/9781498315685.002.A001
Sources: WEO Database and IMF Staff EstimatesGDP Growth Contribution, 2013
(in percentage points)
Citation: IMF Staff Country Reports 2014, 252; 10.5089/9781498315685.002.A001
Sources: WEO Database and IMF Staff Estimates
CEMAC Selected Economic Indicators, 2011–13
Citation: IMF Staff Country Reports 2014, 252; 10.5089/9781498315685.002.A001
Sources: Country authorities and IMF Staff Estimates.
CEMAC Selected Economic Indicators, 2011–13
Citation: IMF Staff Country Reports 2014, 252; 10.5089/9781498315685.002.A001
Sources: Country authorities and IMF Staff Estimates.CEMAC Selected Economic Indicators, 2011–13
Citation: IMF Staff Country Reports 2014, 252; 10.5089/9781498315685.002.A001
Sources: Country authorities and IMF Staff Estimates.
Recent Economic Developments, 2010–13
Citation: IMF Staff Country Reports 2014, 252; 10.5089/9781498315685.002.A001
Source: IMF Regional Economic Outlook, April, 2014.
Recent Economic Developments, 2010–13
Citation: IMF Staff Country Reports 2014, 252; 10.5089/9781498315685.002.A001
Source: IMF Regional Economic Outlook, April, 2014.Recent Economic Developments, 2010–13
Citation: IMF Staff Country Reports 2014, 252; 10.5089/9781498315685.002.A001
Source: IMF Regional Economic Outlook, April, 2014.
Medium-term Outlook, 2014–19
Citation: IMF Staff Country Reports 2014, 252; 10.5089/9781498315685.002.A001
Source: IMF Regional Economic Outlook, April, 2014.
Medium-term Outlook, 2014–19
Citation: IMF Staff Country Reports 2014, 252; 10.5089/9781498315685.002.A001
Source: IMF Regional Economic Outlook, April, 2014.Medium-term Outlook, 2014–19
Citation: IMF Staff Country Reports 2014, 252; 10.5089/9781498315685.002.A001
Source: IMF Regional Economic Outlook, April, 2014.Policy Discussions
The discussions covered four major challenges: a) improving the fiscal surveillance framework to ensure stability and sustainability of the Monetary Union; b) making the conduct of monetary policy more effective; c) ensuring the stability and development of the financial sector and financing of the economy; and d) promoting regional integration and enhancing the potential for regional growth. The strengthening of regional institutions needed to overcome these challenges was also discussed. A number of reforms will require stronger support by CEMAC member states.
A. Improving the Regional Surveillance Framework to Ensure the Stability of the Union
Fiscal surveillance framework reform
10. The CEMAC’s current fiscal surveillance framework does not provide an appropriate anchor for fiscal policies of CEMAC member states. Natural resources, particularly oil, offer a unique opportunity to foster economic development but also pose significant challenges to macroeconomic management (IMF, 2012).8 In this context, the current fiscal convergence criteria do not provide an effective basis to ensure the sustainability of fiscal policies. For example, the budget balance rule based on the basic fiscal balance9 could contribute to procyclicality of fiscal policies, and the failure to include investment expenditure financed from external resources could mask an unsustainable debt dynamic. In a monetary union, this challenge is even more complex because fiscal policy management at the individual country level can have implications for the stability of the entire zone. Also, following debt relief and the increase in hydrocarbon resources, the public debt criterion of 70 percent of GDP no longer presents a constraint and would not prevent the risk of another debt crisis.
Staff advice
11. The CEMAC’s budget rule could be improved to address current challenges. As discussed also during the 2013 regional consultations, staff identified potential avenues of reform to ensure sustainability and reduce procyclicality of fiscal policies while remaining simple, transparent, and as uniform as possible.10 One option could be to adopt a rule based on a structural primary fiscal balance with an oil price smoothing formula. Fiscal objectives should be calibrated to ensure building-up or preserving adequate fiscal buffers. The new rule could also include country-specific objectives on the level of fiscal savings accumulated, for example in stabilization funds. These types of funds could be important for those countries most dependent on hydrocarbon resources, which need to protect themselves against large and prolonged commodity price fluctuations and avoid sudden, drastic adjustments in public spending.
12. The reform of the budget rule could be supplemented with a downward revision of the public debt ceiling. Staff conducted an analysis to determine an appropriate debt ceiling and concluded that the risk of debt distress for the region would increase considerably if public debt exceeded 50 percent of GDP (see Annex 4). On this basis, the debt ceiling could be lowered from 70 percent to around 50 percent of GDP to limit the risk of debt distress in the future. The aim should also be to establish consistency among the fiscal surveillance criteria to ensure, for instance, that an excessively high limit on the primary fiscal balance does not lead countries to exceed the debt ceiling. In addition, complementary fiscal rules, consistent with the regional rules, could be considered at the national level to provide better anchoring of policies taking account of the economies’ specific structural characteristics. The criteria should be simple, transparent, and easy to implement and monitor.
13. The authorities should design a comprehensive regional medium-term debt strategy. The definition of an optimal composition of debt in CEMAC would help the authorities to balance the cost-risk debt management objectives. A regional medium-term debt strategy11 should play a supportive role in strengthening the regional debt market by setting harmonized rules for government debt issuance, while preventing crowding-out one country by another when issuing debt at the regional market. A regional debt strategy would have to go in tandem with capacity building at the individual country level.
14. Enforcement of the fiscal surveillance framework should be strengthened. Fiscal convergence criteria are often not respected, with no consequence (Table 7). First of all, ownership of the surveillance framework by member states should be enhanced. To this end, an inclusive, participatory approach should be adopted in any reform of the regional surveillance mechanism. The regional institutions (especially the CEMAC commission) should be strengthened to ensure wider dissemination of the results of regional surveillance, and should be more involved in the preparation of national budgets. Authorities should also consider improving compliance with fiscal criteria, by expanding the role of national supervisory entities in monitoring and disseminating regional rules. Finally, the regional surveillance framework should be supplemented by additional structural changes at the national level, including strengthening public financial management in the selection of investment projects.
CEMAC: Selected Economic and Financial Indicators, 2011–19
Using as weights the shares of member countries in CEMAC’s GDP in purchasing power parity US dollar.
Excluding grants and foreign-financed investment and interest payments.
Excluding grants and foreign-financed investment.
CEMAC: Selected Economic and Financial Indicators, 2011–19
| 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Est. | Proj. | Proj. | Proj. | Proj. | Proj. | Proj. | |||||
| (Annual percent change) | |||||||||||
| National income and prices | |||||||||||
| GDP at constant prices | 3.9 | 5.2 | 2.6 | 5.3 | 4.7 | 6.4 | 5.4 | 3.8 | 3.5 | ||
| Oil GDP | −2.2 | −2.7 | −7.1 | 3.2 | 1.8 | 6.1 | 5.9 | −3.3 | −6.5 | ||
| Non-oil GDP | 5.9 | 6.6 | 4.6 | 5.4 | 5.1 | 6.4 | 5.7 | 5.3 | 5.3 | ||
| Consumer prices (period average)1 | 2.5 | 2.7 | 1.8 | 2.7 | 2.1 | 2.1 | 2.0 | 2.0 | 2.0 | ||
| Consumer prices (end of period)1 | 4.3 | 3.1 | 2.3 | 2.7 | 2.6 | 2.6 | 2.7 | 2.4 | 2.5 | ||
| Nominal effective exchange rate1 | 1.1 | −3.1 | 3.1 | … | … | … | … | … | … | ||
| Real effective exchange rate1 | −0.9 | −1.5 | 3.6 | … | … | … | … | … | … | ||
| (Annual changes in percent of beginning-of-period broad money) | |||||||||||
| Money and credit | |||||||||||
| Net foreign assets | 16.9 | 9.5 | −0.4 | … | … | … | … | … | … | ||
| Net domestic assets | 0.4 | 6.7 | 9.0 | … | … | … | … | … | … | ||
| Broad money | 18.0 | 16.6 | 6.4 | … | … | … | … | … | … | ||
| (Percent of GDP, unless otherwise indicated) | |||||||||||
| Gross national savings | 33.0 | 30.4 | 28.3 | 28.7 | 27.3 | 26.3 | 24.7 | 23.4 | 22.3 | ||
| Gross domestic investment | 31.2 | 31.0 | 31.4 | 31.9 | 31.1 | 29.7 | 27.4 | 26.5 | 26.0 | ||
| Of which: public | 13.9 | 14.1 | 14.8 | 14.5 | 13.4 | 11.8 | 10.6 | 9.8 | 9.4 | ||
| Government financial operations | |||||||||||
| Total revenue, excluding grants | 27.9 | 27.9 | 26.8 | 26.1 | 25.9 | 25.3 | 24.8 | 24.1 | 23.1 | ||
| Government expenditure | 25.6 | 29.4 | 29.5 | 29.5 | 29.2 | 28.0 | 26.9 | 26.5 | 26.1 | ||
| Primary basic fiscal balance2 | 5.6 | 2.0 | 2.3 | 1.4 | 1.6 | 1.3 | 1.7 | 1.5 | 0.9 | ||
| Basic fiscal balance 3 | 4.9 | 0.7 | 0.5 | −0.1 | 0.2 | 0.4 | 0.8 | 0.5 | −0.2 | ||
| Overall fiscal balance, excluding grants | 2.0 | −1.6 | −2.7 | −3.5 | −3.4 | −2.7 | −2.2 | −2.4 | −3.0 | ||
| Primary balance | 3.6 | 0.3 | −0.4 | −1.3 | −1.3 | −1.2 | −0.7 | −0.8 | −1.4 | ||
| Non-oil overall fiscal balance, excluding grants (percent of non-oil GDP) | −26.2 | −31.1 | −27.9 | −26.8 | −24.4 | −21.7 | −19.6 | −17.7 | −16.1 | ||
| Non-oil primary balance (percent of non-oil GDP) | −23.7 | −28.0 | −24.6 | −23.6 | −21.5 | −19.7 | −17.6 | −15.7 | −14.1 | ||
| Total Public Debt | 19.2 | 20.0 | 22.9 | 23.7 | 25.2 | 26.7 | 28.2 | 30.4 | 32.2 | ||
| External sector | |||||||||||
| Exports of goods and nonfactor services | 55.5 | 55.1 | 51.3 | 49.3 | 46.3 | 45.1 | 43.9 | 41.2 | 38.3 | ||
| Imports of goods and nonfactor services | 43.8 | 43.5 | 43.4 | 42.2 | 41.6 | 40.2 | 38.5 | 37.1 | 36.0 | ||
| Balance on goods and nonfactor services | 11.7 | 11.6 | 7.9 | 7.2 | 4.7 | 4.9 | 5.4 | 4.2 | 2.3 | ||
| Current account, including grants | 1.8 | −0.6 | −3.1 | −3.2 | −3.8 | −3.4 | −2.7 | −3.2 | −3.7 | ||
| External public debt | 12.4 | 14.2 | 16.8 | 17.2 | 18.4 | 19.0 | 19.7 | 20.6 | 21.1 | ||
| Gross official reserves (end of period) | |||||||||||
| Millions of U.S. dollars | 15,717 | 17,531 | 17,490 | 17,698 | 17,528 | 18,325 | 19,750 | 20,945 | 21,489 | ||
| Months of imports of goods and services (less intra regional imports) | 5.0 | 5.4 | 5.1 | 5.0 | 4.8 | 4.8 | 5.1 | 5.3 | 5.8 | ||
| Percent of broad money | 85.6 | 88.6 | 80.4 | … | … | … | … | … | … | ||
| Memorandum items: | |||||||||||
| Nominal GDP (Billions of CFA francs) | 42,407 | 45,445 | 45,727 | 48,273 | 49,827 | 52,728 | 55,904 | 57,872 | 60,027 | ||
| CFA francs per U.S. dollar, average | 471.9 | 510.5 | 494 | 479 | 471 | 465 | 458 | 452 | 445 | ||
| Oil prices (US dollars per barrel) | 104.0 | 105.0 | 104 | 104 | 98 | 93 | 90 | 88 | 87 | ||
Using as weights the shares of member countries in CEMAC’s GDP in purchasing power parity US dollar.
Excluding grants and foreign-financed investment and interest payments.
Excluding grants and foreign-financed investment.
CEMAC: Selected Economic and Financial Indicators, 2011–19
| 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Est. | Proj. | Proj. | Proj. | Proj. | Proj. | Proj. | |||||
| (Annual percent change) | |||||||||||
| National income and prices | |||||||||||
| GDP at constant prices | 3.9 | 5.2 | 2.6 | 5.3 | 4.7 | 6.4 | 5.4 | 3.8 | 3.5 | ||
| Oil GDP | −2.2 | −2.7 | −7.1 | 3.2 | 1.8 | 6.1 | 5.9 | −3.3 | −6.5 | ||
| Non-oil GDP | 5.9 | 6.6 | 4.6 | 5.4 | 5.1 | 6.4 | 5.7 | 5.3 | 5.3 | ||
| Consumer prices (period average)1 | 2.5 | 2.7 | 1.8 | 2.7 | 2.1 | 2.1 | 2.0 | 2.0 | 2.0 | ||
| Consumer prices (end of period)1 | 4.3 | 3.1 | 2.3 | 2.7 | 2.6 | 2.6 | 2.7 | 2.4 | 2.5 | ||
| Nominal effective exchange rate1 | 1.1 | −3.1 | 3.1 | … | … | … | … | … | … | ||
| Real effective exchange rate1 | −0.9 | −1.5 | 3.6 | … | … | … | … | … | … | ||
| (Annual changes in percent of beginning-of-period broad money) | |||||||||||
| Money and credit | |||||||||||
| Net foreign assets | 16.9 | 9.5 | −0.4 | … | … | … | … | … | … | ||
| Net domestic assets | 0.4 | 6.7 | 9.0 | … | … | … | … | … | … | ||
| Broad money | 18.0 | 16.6 | 6.4 | … | … | … | … | … | … | ||
| (Percent of GDP, unless otherwise indicated) | |||||||||||
| Gross national savings | 33.0 | 30.4 | 28.3 | 28.7 | 27.3 | 26.3 | 24.7 | 23.4 | 22.3 | ||
| Gross domestic investment | 31.2 | 31.0 | 31.4 | 31.9 | 31.1 | 29.7 | 27.4 | 26.5 | 26.0 | ||
| Of which: public | 13.9 | 14.1 | 14.8 | 14.5 | 13.4 | 11.8 | 10.6 | 9.8 | 9.4 | ||
| Government financial operations | |||||||||||
| Total revenue, excluding grants | 27.9 | 27.9 | 26.8 | 26.1 | 25.9 | 25.3 | 24.8 | 24.1 | 23.1 | ||
| Government expenditure | 25.6 | 29.4 | 29.5 | 29.5 | 29.2 | 28.0 | 26.9 | 26.5 | 26.1 | ||
| Primary basic fiscal balance2 | 5.6 | 2.0 | 2.3 | 1.4 | 1.6 | 1.3 | 1.7 | 1.5 | 0.9 | ||
| Basic fiscal balance 3 | 4.9 | 0.7 | 0.5 | −0.1 | 0.2 | 0.4 | 0.8 | 0.5 | −0.2 | ||
| Overall fiscal balance, excluding grants | 2.0 | −1.6 | −2.7 | −3.5 | −3.4 | −2.7 | −2.2 | −2.4 | −3.0 | ||
| Primary balance | 3.6 | 0.3 | −0.4 | −1.3 | −1.3 | −1.2 | −0.7 | −0.8 | −1.4 | ||
| Non-oil overall fiscal balance, excluding grants (percent of non-oil GDP) | −26.2 | −31.1 | −27.9 | −26.8 | −24.4 | −21.7 | −19.6 | −17.7 | −16.1 | ||
| Non-oil primary balance (percent of non-oil GDP) | −23.7 | −28.0 | −24.6 | −23.6 | −21.5 | −19.7 | −17.6 | −15.7 | −14.1 | ||
| Total Public Debt | 19.2 | 20.0 | 22.9 | 23.7 | 25.2 | 26.7 | 28.2 | 30.4 | 32.2 | ||
| External sector | |||||||||||
| Exports of goods and nonfactor services | 55.5 | 55.1 | 51.3 | 49.3 | 46.3 | 45.1 | 43.9 | 41.2 | 38.3 | ||
| Imports of goods and nonfactor services | 43.8 | 43.5 | 43.4 | 42.2 | 41.6 | 40.2 | 38.5 | 37.1 | 36.0 | ||
| Balance on goods and nonfactor services | 11.7 | 11.6 | 7.9 | 7.2 | 4.7 | 4.9 | 5.4 | 4.2 | 2.3 | ||
| Current account, including grants | 1.8 | −0.6 | −3.1 | −3.2 | −3.8 | −3.4 | −2.7 | −3.2 | −3.7 | ||
| External public debt | 12.4 | 14.2 | 16.8 | 17.2 | 18.4 | 19.0 | 19.7 | 20.6 | 21.1 | ||
| Gross official reserves (end of period) | |||||||||||
| Millions of U.S. dollars | 15,717 | 17,531 | 17,490 | 17,698 | 17,528 | 18,325 | 19,750 | 20,945 | 21,489 | ||
| Months of imports of goods and services (less intra regional imports) | 5.0 | 5.4 | 5.1 | 5.0 | 4.8 | 4.8 | 5.1 | 5.3 | 5.8 | ||
| Percent of broad money | 85.6 | 88.6 | 80.4 | … | … | … | … | … | … | ||
| Memorandum items: | |||||||||||
| Nominal GDP (Billions of CFA francs) | 42,407 | 45,445 | 45,727 | 48,273 | 49,827 | 52,728 | 55,904 | 57,872 | 60,027 | ||
| CFA francs per U.S. dollar, average | 471.9 | 510.5 | 494 | 479 | 471 | 465 | 458 | 452 | 445 | ||
| Oil prices (US dollars per barrel) | 104.0 | 105.0 | 104 | 104 | 98 | 93 | 90 | 88 | 87 | ||
Using as weights the shares of member countries in CEMAC’s GDP in purchasing power parity US dollar.
Excluding grants and foreign-financed investment and interest payments.
Excluding grants and foreign-financed investment.
CEMAC: Millennium Development Goals, 2012
CEMAC: Millennium Development Goals, 2012
| 1990 | 2012 | ||||
|---|---|---|---|---|---|
| CEMAC | SSA | CEMAC | SSA | ||
| Goal 1: Eradicate extreme poverty and hunger | |||||
| Employment to population ratio, 15+, total (%) | 64 | 63 | 67 | 66 | |
| Employment to population ratio, ages 15-24, total (%) | 50 | 49 | 45 | 48 | |
| GDP per person employed (constant 1990 PPP $) | … | 2,479 | 2,882 | 3,504 | |
| Income share held by lowest 20% | … | … | … | … | |
| Malnutrition prevalence, weight for age (% of children under 5) | 18 | … | 7 | 14 | |
| Poverty gap at $1.25 a day (PPP) (%) | … | … | … | … | |
| Poverty headcount ratio at $1.25 a day (PPP) (% of population) | … | … | … | … | |
| Vulnerable employment, total (% of total employment) | |||||
| Goal 2: Achieve universal primary education | |||||
| Literacy rate, youth female (% of females ages 15–24) | … | … | … | … | |
| Literacy rate, youth male (% of males ages 15–24) | … | … | … | … | |
| Persistence to last grade of primary, total (% of cohort) | … | … | … | … | |
| Primary completion rate, total (% of relevant age group) | 40 | 51 | 56 | 68 | |
| Total enrollment, primary (% net) | 65 | … | 79 | 80 | |
| Goal 3: Promote gender equality and empower women | |||||
| Proportion of seats held by women in national parliaments (%) | 12 | … | 12 | 20 | |
| Ratio of female to male primary enrollment (%) | 71 | … | 89 | 94 | |
| Ratio of female to male secondary enrollment (%) | 52 | … | 67 | 88 | |
| Ratio of female to male tertiary enrollment (%) | 19 | … | 49 | 82 | |
| Share of women employed in the nonagricultural sector (% of total nonagricultural employment) | 13 | … | … | 48 | |
| Goal 4: Reduce child mortality | |||||
| Immunization, measles (% of children ages 12—23 months) | 68 | 57 | 66 | 79 | |
| Mortality rate, infant (per 1,000 live births) | 95 | 105 | 70 | 58 | |
| Mortality rate, under-5 (per 1,000) | 151 | 175 | 105 | 87 | |
| Goal 5: Improve maternal health | |||||
| Adolescent fertility rate (births per 1,000 women ages 15–19) | … | … | 118 | 99 | |
| Births attended by skilled health staff (% of total) | 58 | … | 91 | 69 | |
| Contraceptive prevalence (% of women ages 15–49) | 16 | 15 | 38 | 21 | |
| Maternal mortality ratio (modeled estimate, per 100,000 live births) | 763 | 870 | … | … | |
| Pregnant women receiving prenatal care (%) | 79 | … | 94 | 89 | |
| Unmet need for contraception (% of married women ages 15–49) | 22 | … | 27 | 27 | |
| Goal 6: Combat HIV/AIDS, malaria, and other diseases | |||||
| Incidence of tuberculosis (per 100,000 people) | 126 | 210 | 284 | 280 | |
| Prevalence of HIV, female (% ages 15–24) | … | … | 2 | 3 | |
| Prevalence of HIV, male (% ages 15–24) | … | … | 1 | 1 | |
| Prevalence of HIV, total (% of population ages 15–49) | 2 | 2 | 4 | 5 | |
| Tuberculosis case detection rate (%, all forms) | 52 | 39 | 58 | 59 | |
| Goal 7: Ensure environmental sustainability | |||||
| CO2 emissions (kg per PPP $ of GDP) | 0 | 1 | … | … | |
| CO2 emissions (metric tons per capita) | 1 | 1 | … | … | |
| Forest area (% of land area) | 53 | 31 | … | … | |
| Improved sanitation facilities (% of population with access) | 21 | 27 | 27 | 34 | |
| Improved water source (% of population with access) | 49 | 49 | 72 | 73 | |
| Marine protected areas (% of territorial waters) | 0 | 3 | 2 | 10 | |
| Terrestrial protected areas (% of total land area) | 8 | 11 | 19 | 16 | |
| Goal 8: Develop a global partnership for development | |||||
| Net ODA received per capita (current US$) | 94 | 35 | 35 | 85 | |
| Debt service (PPG and IMF only, in % of exports, excluding workers’ remittances) | … | … | 4 | 4 | |
| Internet users (per 100 people) | 0 | 0 | 7 | 11 | |
| Mobile cellular subscriptions (per 100 people) | 0 | 0 | 78 | 67 | |
| Telephone lines (per 100 people) | 0.6 | 1 | 1 | 3 | |
| Fertility rate, total (births per woman) | 6 | 6 | 5 | 5 | |
| Other | |||||
| GNI per capita, Atlas method (current US dollars) | 690 | 586 | 4,800 | 2,298 | |
| GNI, Atlas method (current US dollars), billions | 21 | … | 77 | 1,372 | |
| Gross capital formation (% of GDP) | 15 | 18 | 29 | 26 | |
| Life expectancy at birth, total (years) | 53 | 50 | 55 | 58 | |
| Literacy rate, adult total (% of people ages 15 and above) | 34 | … | … | … | |
| Population, total (millions) | 25 | … | 45 | 875 | |
| Trade (% of GDP) | 67 | 52 | 79 | 83 | |
CEMAC: Millennium Development Goals, 2012
| 1990 | 2012 | ||||
|---|---|---|---|---|---|
| CEMAC | SSA | CEMAC | SSA | ||
| Goal 1: Eradicate extreme poverty and hunger | |||||
| Employment to population ratio, 15+, total (%) | 64 | 63 | 67 | 66 | |
| Employment to population ratio, ages 15-24, total (%) | 50 | 49 | 45 | 48 | |
| GDP per person employed (constant 1990 PPP $) | … | 2,479 | 2,882 | 3,504 | |
| Income share held by lowest 20% | … | … | … | … | |
| Malnutrition prevalence, weight for age (% of children under 5) | 18 | … | 7 | 14 | |
| Poverty gap at $1.25 a day (PPP) (%) | … | … | … | … | |
| Poverty headcount ratio at $1.25 a day (PPP) (% of population) | … | … | … | … | |
| Vulnerable employment, total (% of total employment) | |||||
| Goal 2: Achieve universal primary education | |||||
| Literacy rate, youth female (% of females ages 15–24) | … | … | … | … | |
| Literacy rate, youth male (% of males ages 15–24) | … | … | … | … | |
| Persistence to last grade of primary, total (% of cohort) | … | … | … | … | |
| Primary completion rate, total (% of relevant age group) | 40 | 51 | 56 | 68 | |
| Total enrollment, primary (% net) | 65 | … | 79 | 80 | |
| Goal 3: Promote gender equality and empower women | |||||
| Proportion of seats held by women in national parliaments (%) | 12 | … | 12 | 20 | |
| Ratio of female to male primary enrollment (%) | 71 | … | 89 | 94 | |
| Ratio of female to male secondary enrollment (%) | 52 | … | 67 | 88 | |
| Ratio of female to male tertiary enrollment (%) | 19 | … | 49 | 82 | |
| Share of women employed in the nonagricultural sector (% of total nonagricultural employment) | 13 | … | … | 48 | |
| Goal 4: Reduce child mortality | |||||
| Immunization, measles (% of children ages 12—23 months) | 68 | 57 | 66 | 79 | |
| Mortality rate, infant (per 1,000 live births) | 95 | 105 | 70 | 58 | |
| Mortality rate, under-5 (per 1,000) | 151 | 175 | 105 | 87 | |
| Goal 5: Improve maternal health | |||||
| Adolescent fertility rate (births per 1,000 women ages 15–19) | … | … | 118 | 99 | |
| Births attended by skilled health staff (% of total) | 58 | … | 91 | 69 | |
| Contraceptive prevalence (% of women ages 15–49) | 16 | 15 | 38 | 21 | |
| Maternal mortality ratio (modeled estimate, per 100,000 live births) | 763 | 870 | … | … | |
| Pregnant women receiving prenatal care (%) | 79 | … | 94 | 89 | |
| Unmet need for contraception (% of married women ages 15–49) | 22 | … | 27 | 27 | |
| Goal 6: Combat HIV/AIDS, malaria, and other diseases | |||||
| Incidence of tuberculosis (per 100,000 people) | 126 | 210 | 284 | 280 | |
| Prevalence of HIV, female (% ages 15–24) | … | … | 2 | 3 | |
| Prevalence of HIV, male (% ages 15–24) | … | … | 1 | 1 | |
| Prevalence of HIV, total (% of population ages 15–49) | 2 | 2 | 4 | 5 | |
| Tuberculosis case detection rate (%, all forms) | 52 | 39 | 58 | 59 | |
| Goal 7: Ensure environmental sustainability | |||||
| CO2 emissions (kg per PPP $ of GDP) | 0 | 1 | … | … | |
| CO2 emissions (metric tons per capita) | 1 | 1 | … | … | |
| Forest area (% of land area) | 53 | 31 | … | … | |
| Improved sanitation facilities (% of population with access) | 21 | 27 | 27 | 34 | |
| Improved water source (% of population with access) | 49 | 49 | 72 | 73 | |
| Marine protected areas (% of territorial waters) | 0 | 3 | 2 | 10 | |
| Terrestrial protected areas (% of total land area) | 8 | 11 | 19 | 16 | |
| Goal 8: Develop a global partnership for development | |||||
| Net ODA received per capita (current US$) | 94 | 35 | 35 | 85 | |
| Debt service (PPG and IMF only, in % of exports, excluding workers’ remittances) | … | … | 4 | 4 | |
| Internet users (per 100 people) | 0 | 0 | 7 | 11 | |
| Mobile cellular subscriptions (per 100 people) | 0 | 0 | 78 | 67 | |
| Telephone lines (per 100 people) | 0.6 | 1 | 1 | 3 | |
| Fertility rate, total (births per woman) | 6 | 6 | 5 | 5 | |
| Other | |||||
| GNI per capita, Atlas method (current US dollars) | 690 | 586 | 4,800 | 2,298 | |
| GNI, Atlas method (current US dollars), billions | 21 | … | 77 | 1,372 | |
| Gross capital formation (% of GDP) | 15 | 18 | 29 | 26 | |
| Life expectancy at birth, total (years) | 53 | 50 | 55 | 58 | |
| Literacy rate, adult total (% of people ages 15 and above) | 34 | … | … | … | |
| Population, total (millions) | 25 | … | 45 | 875 | |
| Trade (% of GDP) | 67 | 52 | 79 | 83 | |
CEMAC: National Accounts, 2011–19
CEMAC: National Accounts, 2011–19
| 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Est. | Proj. | Proj. | Proj. | Proj. | Proj. | Proj. | |||||
| (Annual percent change) | |||||||||||
| Real GDP | |||||||||||
| Cameroon | 4.1 | 4.6 | 5.5 | 5.5 | 5.5 | 5.5 | 5.5 | 5.5 | 5.5 | ||
| Central African Republic | 3.3 | 4.1 | −36.0 | 1.5 | 5.3 | 5.7 | 5.7 | 5.8 | 5.7 | ||
| Chad | 0.1 | 8.9 | 3.9 | 9.2 | 6.6 | 9.6 | 7.0 | 3.1 | 3.3 | ||
| Congo, Republic of | 3.4 | 3.8 | 3.3 | 6.0 | 7.5 | 7.3 | 9.0 | 3.5 | 1.9 | ||
| Equatorial Guinea | 5.0 | 3.2 | −4.9 | −2.4 | −8.3 | 0.9 | −5.5 | −7.7 | −9.4 | ||
| Gabon | 6.9 | 5.5 | 5.9 | 5.8 | 6.4 | 6.8 | 6.1 | 6.1 | 5.8 | ||
| CEMAC | 3.9 | 5.2 | 2.6 | 5.3 | 4.7 | 6.4 | 5.4 | 3.8 | 3.5 | ||
| Nominal GDP | |||||||||||
| Cameroon | 7.2 | 7.7 | 7.0 | 7.6 | 7.5 | 7.6 | 7.5 | 7.5 | 7.6 | ||
| Central African Republic | 5.3 | 6.9 | −31.4 | 6.4 | 10.2 | 8.1 | 7.7 | 8.1 | 8.0 | ||
| Chad | 8.7 | 10.1 | 4.9 | 13.5 | 8.8 | 12.3 | 7.7 | 2.0 | 4.0 | ||
| Congo, Republic of | 14.4 | 2.6 | −4.6 | 3.2 | 5.2 | 4.1 | 13.1 | 1.2 | −1.9 | ||
| Equatorial Guinea | 29.2 | 13.5 | −8.6 | −3.2 | −13.4 | −3.0 | −7.6 | −8.5 | −9.0 | ||
| Gabon | 22.9 | 2.7 | 4.6 | 5.6 | 2.8 | 4.3 | 4.9 | 5.5 | 6.1 | ||
| CEMAC | 15.0 | 7.2 | 0.6 | 5.6 | 3.2 | 5.8 | 6.0 | 3.5 | 3.7 | ||
| Real non-oil GDP | |||||||||||
| Cameroon | 4.6 | 4.6 | 5.6 | 5.6 | 5.4 | 5.4 | 5.4 | 5.4 | 5.5 | ||
| Central African Republic | 3.3 | 4.1 | −36.0 | 1.5 | 5.3 | 5.7 | 5.7 | 5.8 | 5.7 | ||
| Chad | 0.2 | 11.6 | 5.9 | 6.3 | 4.9 | 4.9 | 4.9 | 4.9 | 5.0 | ||
| Congo, Republic of | 7.4 | 9.7 | 8.1 | 7.5 | 7.3 | 8.5 | 6.3 | 5.0 | 5.2 | ||
| Equatorial Guinea | 9.9 | 0.3 | 2.9 | −0.4 | −4.8 | 5.6 | 2.7 | −1.0 | −1.0 | ||
| Gabon | 12.2 | 10.4 | 9.1 | 7.2 | 8.9 | 9.2 | 8.2 | 7.9 | 7.2 | ||
| CEMAC | 5.9 | 6.6 | 4.6 | 5.4 | 5.1 | 6.4 | 5.7 | 5.3 | 5.3 | ||
| Consumer price inflation (period average) | |||||||||||
| Cameroon | 2.9 | 2.4 | 2.1 | 2.2 | 2.2 | 2.2 | 2.2 | 2.2 | 2.2 | ||
| Central African Republic | 1.2 | 5.9 | 6.6 | 4.5 | 4.2 | 2.0 | 1.8 | 2.0 | 2.0 | ||
| Chad | 1.9 | 0.9 | −0.5 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | ||
| Congo, Republic of | 1.8 | 5.0 | 4.6 | 3.0 | 2.9 | 2.9 | 2.8 | 2.7 | 2.4 | ||
| Equatorial Guinea | 4.8 | 3.4 | 3.2 | 3.9 | 3.7 | 3.4 | 3.2 | 3.0 | 3.0 | ||
| Gabon | 1.3 | 2.7 | 0.5 | 4.7 | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 | ||
| CEMAC | 2.5 | 2.7 | 1.8 | 2.7 | 2.1 | 2.1 | 2.0 | 2.0 | 2.0 | ||
| End of period inflation | |||||||||||
| Cameroon | 2.7 | 2.5 | 1.7 | 2.2 | 2.2 | 2.2 | 2.2 | 2.2 | 2.2 | ||
| Central African Republic | 4.3 | 5.9 | 5.9 | 3.9 | 2.3 | 1.5 | 2.0 | 2.0 | 2.0 | ||
| Chad | 10.8 | 2.1 | 0.9 | 3.7 | 3.0 | 3.0 | 3.0 | 3.0 | 3.0 | ||
| Congo, Republic of | 1.8 | 7.5 | 2.1 | 3.2 | 2.5 | 2.6 | 3.9 | 2.0 | 2.5 | ||
| Equatorial Guinea | 4.9 | 2.6 | 4.9 | 3.7 | 3.4 | 3.4 | 3.2 | 2.8 | 2.7 | ||
| Gabon | 2.3 | 2.2 | 3.3 | 1.7 | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 | ||
| CEMAC | 4.3 | 3.1 | 2.3 | 2.7 | 2.6 | 2.6 | 2.7 | 2.4 | 2.5 | ||
| (Percent of GDP) | |||||||||||
| Gross national savings | |||||||||||
| Cameroon | 17.5 | 17.1 | 17.2 | 17.6 | 17.7 | 17.9 | 18.1 | 18.4 | 18.7 | ||
| Central African Republic | 4.6 | 9.4 | −1.7 | −2.3 | 3.0 | 5.0 | 5.9 | 6.8 | 7.5 | ||
| Chad | 22.8 | 22.8 | 17.3 | 26.3 | 24.9 | 25.6 | 21.4 | 18.7 | 16.2 | ||
| Congo, Republic of | 31.1 | 24.7 | 27.4 | 33.4 | 30.7 | 31.9 | 32.4 | 31.3 | 29.1 | ||
| Equatorial Guinea | 59.7 | 49.9 | 46.4 | 42.8 | 44.0 | 40.2 | 38.1 | 36.2 | 38.8 | ||
| Gabon | 44.3 | 44.2 | 41.2 | 36.6 | 34.0 | 31.0 | 27.8 | 26.1 | 24.2 | ||
| CEMAC | 33.0 | 30.4 | 28.3 | 28.7 | 27.3 | 26.3 | 24.7 | 23.4 | 22.3 | ||
| Gross domestic investment | |||||||||||
| Cameroon | 20.2 | 20.7 | 21.1 | 21.4 | 21.9 | 22.3 | 22.5 | 22.9 | 23.1 | ||
| Central African Republic | 12.2 | 15.0 | 8.7 | 11.6 | 16.4 | 17.5 | 18.1 | 18.7 | 19.4 | ||
| Chad | 28.5 | 31.5 | 26.7 | 33.1 | 31.1 | 30.2 | 25.1 | 23.2 | 21.3 | ||
| Congo, Republic of | 25.3 | 26.0 | 30.9 | 36.4 | 34.9 | 34.0 | 30.9 | 30.8 | 31.5 | ||
| Equatorial Guinea | 60.3 | 54.4 | 58.4 | 53.0 | 54.6 | 49.1 | 46.2 | 44.2 | 45.9 | ||
| Gabon | 31.1 | 30.1 | 30.7 | 30.1 | 30.0 | 28.5 | 26.5 | 25.5 | 24.3 | ||
| CEMAC | 31.2 | 31.0 | 31.4 | 31.9 | 31.1 | 29.7 | 27.4 | 26.5 | 26.0 | ||
CEMAC: National Accounts, 2011–19
| 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Est. | Proj. | Proj. | Proj. | Proj. | Proj. | Proj. | |||||
| (Annual percent change) | |||||||||||
| Real GDP | |||||||||||
| Cameroon | 4.1 | 4.6 | 5.5 | 5.5 | 5.5 | 5.5 | 5.5 | 5.5 | 5.5 | ||
| Central African Republic | 3.3 | 4.1 | −36.0 | 1.5 | 5.3 | 5.7 | 5.7 | 5.8 | 5.7 | ||
| Chad | 0.1 | 8.9 | 3.9 | 9.2 | 6.6 | 9.6 | 7.0 | 3.1 | 3.3 | ||
| Congo, Republic of | 3.4 | 3.8 | 3.3 | 6.0 | 7.5 | 7.3 | 9.0 | 3.5 | 1.9 | ||
| Equatorial Guinea | 5.0 | 3.2 | −4.9 | −2.4 | −8.3 | 0.9 | −5.5 | −7.7 | −9.4 | ||
| Gabon | 6.9 | 5.5 | 5.9 | 5.8 | 6.4 | 6.8 | 6.1 | 6.1 | 5.8 | ||
| CEMAC | 3.9 | 5.2 | 2.6 | 5.3 | 4.7 | 6.4 | 5.4 | 3.8 | 3.5 | ||
| Nominal GDP | |||||||||||
| Cameroon | 7.2 | 7.7 | 7.0 | 7.6 | 7.5 | 7.6 | 7.5 | 7.5 | 7.6 | ||
| Central African Republic | 5.3 | 6.9 | −31.4 | 6.4 | 10.2 | 8.1 | 7.7 | 8.1 | 8.0 | ||
| Chad | 8.7 | 10.1 | 4.9 | 13.5 | 8.8 | 12.3 | 7.7 | 2.0 | 4.0 | ||
| Congo, Republic of | 14.4 | 2.6 | −4.6 | 3.2 | 5.2 | 4.1 | 13.1 | 1.2 | −1.9 | ||
| Equatorial Guinea | 29.2 | 13.5 | −8.6 | −3.2 | −13.4 | −3.0 | −7.6 | −8.5 | −9.0 | ||
| Gabon | 22.9 | 2.7 | 4.6 | 5.6 | 2.8 | 4.3 | 4.9 | 5.5 | 6.1 | ||
| CEMAC | 15.0 | 7.2 | 0.6 | 5.6 | 3.2 | 5.8 | 6.0 | 3.5 | 3.7 | ||
| Real non-oil GDP | |||||||||||
| Cameroon | 4.6 | 4.6 | 5.6 | 5.6 | 5.4 | 5.4 | 5.4 | 5.4 | 5.5 | ||
| Central African Republic | 3.3 | 4.1 | −36.0 | 1.5 | 5.3 | 5.7 | 5.7 | 5.8 | 5.7 | ||
| Chad | 0.2 | 11.6 | 5.9 | 6.3 | 4.9 | 4.9 | 4.9 | 4.9 | 5.0 | ||
| Congo, Republic of | 7.4 | 9.7 | 8.1 | 7.5 | 7.3 | 8.5 | 6.3 | 5.0 | 5.2 | ||
| Equatorial Guinea | 9.9 | 0.3 | 2.9 | −0.4 | −4.8 | 5.6 | 2.7 | −1.0 | −1.0 | ||
| Gabon | 12.2 | 10.4 | 9.1 | 7.2 | 8.9 | 9.2 | 8.2 | 7.9 | 7.2 | ||
| CEMAC | 5.9 | 6.6 | 4.6 | 5.4 | 5.1 | 6.4 | 5.7 | 5.3 | 5.3 | ||
| Consumer price inflation (period average) | |||||||||||
| Cameroon | 2.9 | 2.4 | 2.1 | 2.2 | 2.2 | 2.2 | 2.2 | 2.2 | 2.2 | ||
| Central African Republic | 1.2 | 5.9 | 6.6 | 4.5 | 4.2 | 2.0 | 1.8 | 2.0 | 2.0 | ||
| Chad | 1.9 | 0.9 | −0.5 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | ||
| Congo, Republic of | 1.8 | 5.0 | 4.6 | 3.0 | 2.9 | 2.9 | 2.8 | 2.7 | 2.4 | ||
| Equatorial Guinea | 4.8 | 3.4 | 3.2 | 3.9 | 3.7 | 3.4 | 3.2 | 3.0 | 3.0 | ||
| Gabon | 1.3 | 2.7 | 0.5 | 4.7 | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 | ||
| CEMAC | 2.5 | 2.7 | 1.8 | 2.7 | 2.1 | 2.1 | 2.0 | 2.0 | 2.0 | ||
| End of period inflation | |||||||||||
| Cameroon | 2.7 | 2.5 | 1.7 | 2.2 | 2.2 | 2.2 | 2.2 | 2.2 | 2.2 | ||
| Central African Republic | 4.3 | 5.9 | 5.9 | 3.9 | 2.3 | 1.5 | 2.0 | 2.0 | 2.0 | ||
| Chad | 10.8 | 2.1 | 0.9 | 3.7 | 3.0 | 3.0 | 3.0 | 3.0 | 3.0 | ||
| Congo, Republic of | 1.8 | 7.5 | 2.1 | 3.2 | 2.5 | 2.6 | 3.9 | 2.0 | 2.5 | ||
| Equatorial Guinea | 4.9 | 2.6 | 4.9 | 3.7 | 3.4 | 3.4 | 3.2 | 2.8 | 2.7 | ||
| Gabon | 2.3 | 2.2 | 3.3 | 1.7 | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 | ||
| CEMAC | 4.3 | 3.1 | 2.3 | 2.7 | 2.6 | 2.6 | 2.7 | 2.4 | 2.5 | ||
| (Percent of GDP) | |||||||||||
| Gross national savings | |||||||||||
| Cameroon | 17.5 | 17.1 | 17.2 | 17.6 | 17.7 | 17.9 | 18.1 | 18.4 | 18.7 | ||
| Central African Republic | 4.6 | 9.4 | −1.7 | −2.3 | 3.0 | 5.0 | 5.9 | 6.8 | 7.5 | ||
| Chad | 22.8 | 22.8 | 17.3 | 26.3 | 24.9 | 25.6 | 21.4 | 18.7 | 16.2 | ||
| Congo, Republic of | 31.1 | 24.7 | 27.4 | 33.4 | 30.7 | 31.9 | 32.4 | 31.3 | 29.1 | ||
| Equatorial Guinea | 59.7 | 49.9 | 46.4 | 42.8 | 44.0 | 40.2 | 38.1 | 36.2 | 38.8 | ||
| Gabon | 44.3 | 44.2 | 41.2 | 36.6 | 34.0 | 31.0 | 27.8 | 26.1 | 24.2 | ||
| CEMAC | 33.0 | 30.4 | 28.3 | 28.7 | 27.3 | 26.3 | 24.7 | 23.4 | 22.3 | ||
| Gross domestic investment | |||||||||||
| Cameroon | 20.2 | 20.7 | 21.1 | 21.4 | 21.9 | 22.3 | 22.5 | 22.9 | 23.1 | ||
| Central African Republic | 12.2 | 15.0 | 8.7 | 11.6 | 16.4 | 17.5 | 18.1 | 18.7 | 19.4 | ||
| Chad | 28.5 | 31.5 | 26.7 | 33.1 | 31.1 | 30.2 | 25.1 | 23.2 | 21.3 | ||
| Congo, Republic of | 25.3 | 26.0 | 30.9 | 36.4 | 34.9 | 34.0 | 30.9 | 30.8 | 31.5 | ||
| Equatorial Guinea | 60.3 | 54.4 | 58.4 | 53.0 | 54.6 | 49.1 | 46.2 | 44.2 | 45.9 | ||
| Gabon | 31.1 | 30.1 | 30.7 | 30.1 | 30.0 | 28.5 | 26.5 | 25.5 | 24.3 | ||
| CEMAC | 31.2 | 31.0 | 31.4 | 31.9 | 31.1 | 29.7 | 27.4 | 26.5 | 26.0 | ||
CEMAC: Nominal and Real Effective Exchange Rates, 2005–13
CEMAC data are weighted by GDP in purchasing power parity US dollar.
CEMAC: Nominal and Real Effective Exchange Rates, 2005–13
| 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| Nominal effective exchange rate | ||||||||||
| (Index, 2005 = 100) | ||||||||||
| Cameroon | 100.0 | 99.5 | 102.6 | 105.1 | 106.1 | 101.4 | 102.7 | 99.4 | 103.0 | |
| Central African Republic | 100.0 | 99.9 | 102.9 | 105.5 | 104.7 | 100.3 | 101.1 | 98.1 | 101.6 | |
| Chad | 100.0 | 100.0 | 102.5 | 105.4 | 106.3 | 103.2 | 104.4 | 101.9 | 103.9 | |
| Congo, Republic of | 100.0 | 99.9 | 102.6 | 106.4 | 105.6 | 100.3 | 101.5 | 98.5 | 102.3 | |
| Equatorial Guinea | 100.0 | 99.7 | 104.3 | 110.4 | 109.0 | 104.1 | 106.1 | 100.9 | 103.5 | |
| Gabon | 100.0 | 100.0 | 102.1 | 104.1 | 103.3 | 99.8 | 100.1 | 97.5 | 100.5 | |
| CEMAC 1 | 100.0 | 99.8 | 102.7 | 105.9 | 105.9 | 101.6 | 102.8 | 99.6 | 102.7 | |
| (Annual percent change) | ||||||||||
| Cameroon | −1.7 | −0.5 | 3.1 | 2.5 | 0.9 | −4.4 | 1.2 | −3.2 | 3.6 | |
| Central African Republic | −1.4 | −0.1 | 3.0 | 2.5 | −0.8 | −4.2 | 0.8 | −3.0 | 3.6 | |
| Chad | 0.0 | 0.0 | 2.5 | 2.8 | 0.9 | −2.9 | 1.2 | −2.4 | 1.9 | |
| Congo, Republic of | −1.1 | −0.1 | 2.7 | 3.7 | −0.8 | −5.0 | 1.1 | −2.9 | 3.9 | |
| Equatorial Guinea | −0.2 | −0.3 | 4.6 | 5.8 | −1.3 | −4.5 | 2.0 | −5.0 | 2.6 | |
| Gabon | −0.5 | 0.0 | 2.2 | 1.9 | −0.7 | −3.4 | 0.3 | −2.6 | 3.1 | |
| CEMAC1 | −0.9 | −0.2 | 3.0 | 3.1 | 0.0 | −4.0 | 1.1 | −3.1 | 3.1 | |
| Real effective exchange rate | (Index, 2005=100) | |||||||||
| Cameroon | 100.0 | 101.5 | 102.5 | 105.5 | 107.8 | 101.1 | 101.1 | 96.8 | 99.6 | |
| Central African Republic | 100.0 | 104.0 | 105.2 | 113.3 | 115.7 | 110.3 | 109.2 | 109.4 | 110.1 | |
| Chad | 100.0 | 104.7 | 94.9 | 102.5 | 112.0 | 103.6 | 96.2 | 100.4 | 103.8 | |
| Congo, Republic of | 100.0 | 101.7 | 103.6 | 108.6 | 112.0 | 108.7 | 108.0 | 106.4 | 112.3 | |
| Equatorial Guinea | 100.0 | 101.5 | 106.4 | 115.5 | 119.3 | 120.5 | 127.4 | 125.8 | 135.1 | |
| Gabon | 100.0 | 96.4 | 101.0 | 104.5 | 105.3 | 101.3 | 99.9 | 97.7 | 99.5 | |
| CEMAC 1 | 100.0 | 101.1 | 101.6 | 106.8 | 110.4 | 105.2 | 104.2 | 102.7 | 106.3 | |
| (Annual percent change) | ||||||||||
| Cameroon | −2.6 | 1.5 | 1.0 | 3.0 | 2.2 | −6.3 | 0.1 | −4.2 | 2.8 | |
| Central African Republic | −0.8 | 4.0 | 1.2 | 7.7 | 2.0 | −4.7 | −1.0 | 0.2 | 0.6 | |
| Chad | 4.9 | 4.7 | −9.4 | 8.0 | 9.3 | −7.5 | −7.1 | 4.3 | 3.4 | |
| Congo, Republic of | −1.2 | 1.7 | 1.9 | 4.8 | 3.2 | −3.0 | −0.7 | −1.5 | 5.6 | |
| Equatorial Guinea | 2.6 | 1.5 | 4.9 | 8.6 | 3.3 | 1.0 | 5.7 | −1.3 | 7.4 | |
| Gabon | 1.0 | −3.6 | 4.7 | 3.5 | 0.8 | −3.8 | −1.4 | −2.2 | 1.9 | |
| CEMAC 1 | 0.3 | 1.1 | 0.5 | 5.1 | 3.4 | −4.7 | −0.9 | −1.5 | 3.6 | |
CEMAC data are weighted by GDP in purchasing power parity US dollar.
CEMAC: Nominal and Real Effective Exchange Rates, 2005–13
| 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| Nominal effective exchange rate | ||||||||||
| (Index, 2005 = 100) | ||||||||||
| Cameroon | 100.0 | 99.5 | 102.6 | 105.1 | 106.1 | 101.4 | 102.7 | 99.4 | 103.0 | |
| Central African Republic | 100.0 | 99.9 | 102.9 | 105.5 | 104.7 | 100.3 | 101.1 | 98.1 | 101.6 | |
| Chad | 100.0 | 100.0 | 102.5 | 105.4 | 106.3 | 103.2 | 104.4 | 101.9 | 103.9 | |
| Congo, Republic of | 100.0 | 99.9 | 102.6 | 106.4 | 105.6 | 100.3 | 101.5 | 98.5 | 102.3 | |
| Equatorial Guinea | 100.0 | 99.7 | 104.3 | 110.4 | 109.0 | 104.1 | 106.1 | 100.9 | 103.5 | |
| Gabon | 100.0 | 100.0 | 102.1 | 104.1 | 103.3 | 99.8 | 100.1 | 97.5 | 100.5 | |
| CEMAC 1 | 100.0 | 99.8 | 102.7 | 105.9 | 105.9 | 101.6 | 102.8 | 99.6 | 102.7 | |
| (Annual percent change) | ||||||||||
| Cameroon | −1.7 | −0.5 | 3.1 | 2.5 | 0.9 | −4.4 | 1.2 | −3.2 | 3.6 | |
| Central African Republic | −1.4 | −0.1 | 3.0 | 2.5 | −0.8 | −4.2 | 0.8 | −3.0 | 3.6 | |
| Chad | 0.0 | 0.0 | 2.5 | 2.8 | 0.9 | −2.9 | 1.2 | −2.4 | 1.9 | |
| Congo, Republic of | −1.1 | −0.1 | 2.7 | 3.7 | −0.8 | −5.0 | 1.1 | −2.9 | 3.9 | |
| Equatorial Guinea | −0.2 | −0.3 | 4.6 | 5.8 | −1.3 | −4.5 | 2.0 | −5.0 | 2.6 | |
| Gabon | −0.5 | 0.0 | 2.2 | 1.9 | −0.7 | −3.4 | 0.3 | −2.6 | 3.1 | |
| CEMAC1 | −0.9 | −0.2 | 3.0 | 3.1 | 0.0 | −4.0 | 1.1 | −3.1 | 3.1 | |
| Real effective exchange rate | (Index, 2005=100) | |||||||||
| Cameroon | 100.0 | 101.5 | 102.5 | 105.5 | 107.8 | 101.1 | 101.1 | 96.8 | 99.6 | |
| Central African Republic | 100.0 | 104.0 | 105.2 | 113.3 | 115.7 | 110.3 | 109.2 | 109.4 | 110.1 | |
| Chad | 100.0 | 104.7 | 94.9 | 102.5 | 112.0 | 103.6 | 96.2 | 100.4 | 103.8 | |
| Congo, Republic of | 100.0 | 101.7 | 103.6 | 108.6 | 112.0 | 108.7 | 108.0 | 106.4 | 112.3 | |
| Equatorial Guinea | 100.0 | 101.5 | 106.4 | 115.5 | 119.3 | 120.5 | 127.4 | 125.8 | 135.1 | |
| Gabon | 100.0 | 96.4 | 101.0 | 104.5 | 105.3 | 101.3 | 99.9 | 97.7 | 99.5 | |
| CEMAC 1 | 100.0 | 101.1 | 101.6 | 106.8 | 110.4 | 105.2 | 104.2 | 102.7 | 106.3 | |
| (Annual percent change) | ||||||||||
| Cameroon | −2.6 | 1.5 | 1.0 | 3.0 | 2.2 | −6.3 | 0.1 | −4.2 | 2.8 | |
| Central African Republic | −0.8 | 4.0 | 1.2 | 7.7 | 2.0 | −4.7 | −1.0 | 0.2 | 0.6 | |
| Chad | 4.9 | 4.7 | −9.4 | 8.0 | 9.3 | −7.5 | −7.1 | 4.3 | 3.4 | |
| Congo, Republic of | −1.2 | 1.7 | 1.9 | 4.8 | 3.2 | −3.0 | −0.7 | −1.5 | 5.6 | |
| Equatorial Guinea | 2.6 | 1.5 | 4.9 | 8.6 | 3.3 | 1.0 | 5.7 | −1.3 | 7.4 | |
| Gabon | 1.0 | −3.6 | 4.7 | 3.5 | 0.8 | −3.8 | −1.4 | −2.2 | 1.9 | |
| CEMAC 1 | 0.3 | 1.1 | 0.5 | 5.1 | 3.4 | −4.7 | −0.9 | −1.5 | 3.6 | |
CEMAC data are weighted by GDP in purchasing power parity US dollar.
CEMAC: Balance of Payments, 2011–19
CEMAC: Balance of Payments, 2011–19
| 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Est. | Proj. | Proj. | Proj. | Proj. | Proj. | Proj. | |||||||||
| (CFAF billions) | |||||||||||||||
| Balance on current account | 775 | −295 | −1,421 | −1,525 | −1,893 | −1,781 | −1,529 | −1,832 | −2,229 | ||||||
| Balance on goods and services | 4,961 | 5,263 | 3,599 | 3,461 | 2,341 | 2,604 | 3,007 | 2,413 | 1,361 | ||||||
| Total exports | 23,518 | 25,040 | 23,465 | 23,813 | 23,081 | 23,777 | 24,554 | 23,869 | 22,974 | ||||||
| Exports of goods | 21,923 | 23,421 | 21,637 | 21,866 | 21,011 | 21,575 | 22,209 | 21,369 | 20,296 | ||||||
| Oil exports | 19,197 | 20,382 | 18,112 | 18,117 | 17,000 | 17,222 | 17,436 | 16,221 | 14,734 | ||||||
| Non- oil exports | 2,726 | 3,039 | 3,526 | 3,749 | 4,011 | 4,353 | 4,772 | 5,147 | 5,562 | ||||||
| Exports of services | 1,594 | 1,620 | 1,828 | 1,947 | 2,070 | 2,202 | 2,346 | 2,501 | 2,678 | ||||||
| Total imports | 18,557 | 19,777 | 19,866 | 20,352 | 20,740 | 21,173 | 21,547 | 21,457 | 21,613 | ||||||
| Imports of goods | 12,104 | 12,982 | 13,026 | 13,271 | 13,380 | 13,458 | 13,560 | 13,445 | 13,614 | ||||||
| Imports of services | 6,453 | 6,796 | 6,841 | 7,081 | 7,360 | 7,715 | 7,987 | 8,011 | 8,000 | ||||||
| Income, net | −4,243 | −5,609 | −5,143 | −5,124 | −4,358 | −4,499 | −4,651 | −4,379 | −3,732 | ||||||
| Income credits | 232 | 266 | 204 | 203 | 207 | 211 | 216 | 221 | 228 | ||||||
| Income debits | −4,474 | −5,875 | −5,347 | −5,327 | −4,565 | −4,710 | −4,867 | −4,600 | −3,960 | ||||||
| Of which: | |||||||||||||||
| Investment income, debit | −2,012 | −1,683 | −1,564 | −1,754 | −2,023 | −2,083 | −2,382 | −2,397 | −2,344 | ||||||
| Interest paid on public debt | −69 | −63 | −73 | −89 | −101 | −130 | −156 | −174 | −193 | ||||||
| Interest paid on nonpublic debt | −445 | −505 | −469 | −474 | −441 | −428 | −5 | −6 | −6 | ||||||
| Current transfers, net | 57 | 51 | 124 | 138 | 125 | 113 | 115 | 134 | 142 | ||||||
| Private current transfers, net | −123 | −83 | −62 | −56 | −57 | −66 | −66 | −63 | −58 | ||||||
| Official current transfers, net | 181 | 135 | 186 | 194 | 181 | 179 | 180 | 197 | 200 | ||||||
| Balance on capital and financial accounts | −294 | −685 | 1,584 | 1,778 | 2,037 | 1,855 | 1,640 | 1,973 | 2,368 | ||||||
| Balance on capital account (incl. capital transfers) | 154 | 202 | 147 | 242 | 244 | 234 | 247 | 263 | 282 | ||||||
| Balance on financial account (incl. reserves) | −448 | −887 | 1,437 | 1,537 | 1,792 | 1,621 | 1,393 | 1,710 | 2,087 | ||||||
| Direct investment, net | 2,432 | 2,405 | 2,607 | 2,865 | 2,739 | 2,750 | 2,281 | 2,186 | 2,015 | ||||||
| Portfolio investment, net | −25 | −1 | −26 | −25 | −25 | −24 | −24 | −24 | −23 | ||||||
| Other investment, net | −2,203 | −1,757 | −1,454 | −1,463 | −1,151 | −834 | −342 | −39 | 209 | ||||||
| Reserve assets (accumulation -) | −652 | −1,533 | 309 | 160 | 229 | −270 | −522 | −413 | −113 | ||||||
| Errors and omissions, net | −481 | 980 | −163 | −253 | −144 | −74 | −111 | −141 | −139 | ||||||
| Memorandum items: | |||||||||||||||
| Nominal GDP | 42,407 | 45,445 | 45,727 | 48,273 | 49,827 | 52,728 | 55,904 | 57,872 | 60,027 | ||||||
| Gross official reserves (end of period) | |||||||||||||||
| Billions CFAF | 7,416 | 8,950 | 8,641 | 8,481 | 8,252 | 8,522 | 9,044 | 9,457 | 9,570 | ||||||
| Millions U.S. dollars | 15,717 | 17,531 | 17,490 | 17,698 | 17,528 | 18,325 | 19,750 | 20,945 | 21,489 | ||||||
| Months of imports of goods and services | 5.0 | 5.4 | 5.1 | 5.0 | 4.8 | 4.8 | 5.1 | 5.3 | 5.8 | ||||||
CEMAC: Balance of Payments, 2011–19
| 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Est. | Proj. | Proj. | Proj. | Proj. | Proj. | Proj. | |||||||||
| (CFAF billions) | |||||||||||||||
| Balance on current account | 775 | −295 | −1,421 | −1,525 | −1,893 | −1,781 | −1,529 | −1,832 | −2,229 | ||||||
| Balance on goods and services | 4,961 | 5,263 | 3,599 | 3,461 | 2,341 | 2,604 | 3,007 | 2,413 | 1,361 | ||||||
| Total exports | 23,518 | 25,040 | 23,465 | 23,813 | 23,081 | 23,777 | 24,554 | 23,869 | 22,974 | ||||||
| Exports of goods | 21,923 | 23,421 | 21,637 | 21,866 | 21,011 | 21,575 | 22,209 | 21,369 | 20,296 | ||||||
| Oil exports | 19,197 | 20,382 | 18,112 | 18,117 | 17,000 | 17,222 | 17,436 | 16,221 | 14,734 | ||||||
| Non- oil exports | 2,726 | 3,039 | 3,526 | 3,749 | 4,011 | 4,353 | 4,772 | 5,147 | 5,562 | ||||||
| Exports of services | 1,594 | 1,620 | 1,828 | 1,947 | 2,070 | 2,202 | 2,346 | 2,501 | 2,678 | ||||||
| Total imports | 18,557 | 19,777 | 19,866 | 20,352 | 20,740 | 21,173 | 21,547 | 21,457 | 21,613 | ||||||
| Imports of goods | 12,104 | 12,982 | 13,026 | 13,271 | 13,380 | 13,458 | 13,560 | 13,445 | 13,614 | ||||||
| Imports of services | 6,453 | 6,796 | 6,841 | 7,081 | 7,360 | 7,715 | 7,987 | 8,011 | 8,000 | ||||||
| Income, net | −4,243 | −5,609 | −5,143 | −5,124 | −4,358 | −4,499 | −4,651 | −4,379 | −3,732 | ||||||
| Income credits | 232 | 266 | 204 | 203 | 207 | 211 | 216 | 221 | 228 | ||||||
| Income debits | −4,474 | −5,875 | −5,347 | −5,327 | −4,565 | −4,710 | −4,867 | −4,600 | −3,960 | ||||||
| Of which: | |||||||||||||||
| Investment income, debit | −2,012 | −1,683 | −1,564 | −1,754 | −2,023 | −2,083 | −2,382 | −2,397 | −2,344 | ||||||
| Interest paid on public debt | −69 | −63 | −73 | −89 | −101 | −130 | −156 | −174 | −193 | ||||||
| Interest paid on nonpublic debt | −445 | −505 | −469 | −474 | −441 | −428 | −5 | −6 | −6 | ||||||
| Current transfers, net | 57 | 51 | 124 | 138 | 125 | 113 | 115 | 134 | 142 | ||||||
| Private current transfers, net | −123 | −83 | −62 | −56 | −57 | −66 | −66 | −63 | −58 | ||||||
| Official current transfers, net | 181 | 135 | 186 | 194 | 181 | 179 | 180 | 197 | 200 | ||||||
| Balance on capital and financial accounts | −294 | −685 | 1,584 | 1,778 | 2,037 | 1,855 | 1,640 | 1,973 | 2,368 | ||||||
| Balance on capital account (incl. capital transfers) | 154 | 202 | 147 | 242 | 244 | 234 | 247 | 263 | 282 | ||||||
| Balance on financial account (incl. reserves) | −448 | −887 | 1,437 | 1,537 | 1,792 | 1,621 | 1,393 | 1,710 | 2,087 | ||||||
| Direct investment, net | 2,432 | 2,405 | 2,607 | 2,865 | 2,739 | 2,750 | 2,281 | 2,186 | 2,015 | ||||||
| Portfolio investment, net | −25 | −1 | −26 | −25 | −25 | −24 | −24 | −24 | −23 | ||||||
| Other investment, net | −2,203 | −1,757 | −1,454 | −1,463 | −1,151 | −834 | −342 | −39 | 209 | ||||||
| Reserve assets (accumulation -) | −652 | −1,533 | 309 | 160 | 229 | −270 | −522 | −413 | −113 | ||||||
| Errors and omissions, net | −481 | 980 | −163 | −253 | −144 | −74 | −111 | −141 | −139 | ||||||
| Memorandum items: | |||||||||||||||
| Nominal GDP | 42,407 | 45,445 | 45,727 | 48,273 | 49,827 | 52,728 | 55,904 | 57,872 | 60,027 | ||||||
| Gross official reserves (end of period) | |||||||||||||||
| Billions CFAF | 7,416 | 8,950 | 8,641 | 8,481 | 8,252 | 8,522 | 9,044 | 9,457 | 9,570 | ||||||
| Millions U.S. dollars | 15,717 | 17,531 | 17,490 | 17,698 | 17,528 | 18,325 | 19,750 | 20,945 | 21,489 | ||||||
| Months of imports of goods and services | 5.0 | 5.4 | 5.1 | 5.0 | 4.8 | 4.8 | 5.1 | 5.3 | 5.8 | ||||||
CEMAC: Balance of Payments Indicators by Country, 2011–19
(Percent of GDP)
CEMAC: Balance of Payments Indicators by Country, 2011–19
(Percent of GDP)
| 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Est. | Proj. | Proj. | Proj. | Proj. | Proj. | Proj. | |||||
| Balance on Current Account | |||||||||||
| Cameroon | −2.7 | −3.6 | −3.9 | −3.8 | −4.2 | −4.4 | −4.4 | −4.5 | −4.4 | ||
| Central African Republic | −7.6 | −5.6 | −10.4 | −13.9 | −13.4 | −12.5 | −12.1 | −11.9 | −11.9 | ||
| Chad | −5.6 | −8.7 | −9.5 | −6.8 | −6.2 | −4.6 | −3.6 | −4.5 | −5.1 | ||
| Congo, Republic of | 6.1 | −1.2 | −3.6 | −3.0 | −4.2 | −2.1 | 1.6 | 0.6 | −2.4 | ||
| Equatorial Guinea | −0.6 | −4.6 | −12.0 | −10.2 | −10.6 | −9.0 | −8.1 | −8.0 | −7.1 | ||
| Gabon | 13.2 | 14.0 | 10.6 | 6.5 | 4.0 | 2.4 | 1.3 | 0.6 | −0.1 | ||
| CEMAC | 1.8 | −0.6 | −3.1 | −3.2 | −3.8 | −3.4 | −2.7 | −3.2 | −3.7 | ||
| Oil Exports | |||||||||||
| Cameroon | 11.1 | 11.2 | 10.7 | 10.5 | 10.0 | 9.7 | 9.5 | 9.4 | 9.3 | ||
| Central African Republic | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||
| Chad | 32.2 | 30.2 | 24.1 | 27.1 | 27.7 | 32.1 | 32.8 | 29.2 | 25.5 | ||
| Congo, Republic of | 76.2 | 63.8 | 62.7 | 60.4 | 57.2 | 53.6 | 54.6 | 51.4 | 45.9 | ||
| Equatorial Guinea | 89.7 | 91.8 | 87.3 | 85.5 | 82.1 | 81.5 | 78.4 | 72.2 | 64.6 | ||
| Gabon | 48.9 | 48.5 | 44.2 | 40.3 | 35.8 | 31.9 | 28.7 | 26.3 | 24.0 | ||
| CEMAC | 45.3 | 44.8 | 39.6 | 37.5 | 34.1 | 32.7 | 31.2 | 28.0 | 24.5 | ||
| Imports | |||||||||||
| Cameroon | 30.9 | 30.8 | 30.3 | 30.0 | 29.8 | 29.2 | 28.8 | 28.7 | 28.5 | ||
| Central African Republic | 22.4 | 21.6 | 24.6 | 26.4 | 25.9 | 24.9 | 24.4 | 24.0 | 23.8 | ||
| Chad | 48.0 | 49.0 | 42.4 | 42.2 | 41.6 | 42.7 | 41.6 | 39.1 | 36.4 | ||
| Congo, Republic of | 59.6 | 51.4 | 63.4 | 64.2 | 62.5 | 58.4 | 53.3 | 52.1 | 52.6 | ||
| Equatorial Guinea | 69.4 | 65.3 | 68.5 | 64.5 | 68.7 | 65.9 | 65.2 | 62.7 | 64.3 | ||
| Gabon | 30.1 | 31.7 | 32.8 | 31.9 | 31.4 | 30.5 | 29.8 | 29.5 | 28.8 | ||
| CEMAC | 43.8 | 43.5 | 43.4 | 42.2 | 41.6 | 40.2 | 38.5 | 37.1 | 36.0 | ||
| Balance on Capital Account | |||||||||||
| Cameroon | 0.1 | 0.1 | 0.0 | 0.3 | 0.3 | 0.1 | 0.1 | 0.1 | 0.1 | ||
| Central African Republic | 2.5 | 3.9 | 1.4 | 2.9 | 3.6 | 3.7 | 3.7 | 3.7 | 3.7 | ||
| Chad | 1.5 | 2.2 | 1.6 | 1.8 | 1.8 | 1.7 | 1.7 | 1.8 | 1.8 | ||
| Congo, Republic of | 0.5 | 0.1 | 0.4 | 0.6 | 0.3 | 0.4 | 0.3 | 0.3 | 0.3 | ||
| Equatorial Guinea | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||
| Gabon | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||
| CEMAC | 0.4 | 0.4 | 0.3 | 0.5 | 0.5 | 0.4 | 0.4 | 0.5 | 0.5 | ||
| Foreign Direct Investment | |||||||||||
| Cameroon | 1.9 | 3.1 | 2.7 | 2.3 | 1.9 | 1.7 | 1.4 | 1.2 | 1.1 | ||
| Central African Republic | 1.7 | 3.3 | 0.0 | 0.5 | 2.2 | 2.1 | 2.0 | 1.9 | 2.0 | ||
| Chad | 2.3 | 2.8 | 3.9 | 6.1 | 5.5 | 5.3 | 3.5 | 2.6 | 1.7 | ||
| Congo, Republic of | 22.2 | 15.1 | 19.5 | 20.4 | 18.3 | 17.9 | 12.0 | 11.8 | 11.0 | ||
| Equatorial Guinea | 3.6 | 3.5 | 3.8 | 4.3 | 4.8 | 4.8 | 5.0 | 5.2 | 5.6 | ||
| Gabon | 3.7 | 3.8 | 4.3 | 3.6 | 3.2 | 2.9 | 3.0 | 3.1 | 3.1 | ||
| CEMAC | 5.7 | 5.3 | 5.7 | 5.9 | 5.5 | 5.2 | 4.1 | 3.8 | 3.4 | ||
| Reserves | (Million USD) | ||||||||||
| Cameroon | 3,199 | 3,381 | 3,288 | 3,252 | 3,185 | 3,119 | 3,054 | 2,989 | 2,926 | ||
| Central African Republic | 155 | 158 | 179 | 181 | 204 | 206 | 208 | 207 | 214 | ||
| Chad | 951 | 1,156 | 1,134 | 1,134 | 1,111 | 1,655 | 2,440 | 3,288 | 3,952 | ||
| Congo, Republic of | 5,641 | 5,550 | 5,005 | 5,795 | 7,133 | 8,462 | 9,672 | 10,465 | 10,762 | ||
| Equatorial Guinea | 3,054 | 4,397 | 4,258 | 3,866 | 3,015 | 2,515 | 2,451 | 2,401 | 2,362 | ||
| Gabon | 2,157 | 2,352 | 3,087 | 3,016 | 2,957 | 3,023 | 3,078 | 3,128 | 3,161 | ||
| CEMAC | 15,717 | 17,531 | 17,490 | 17,782 | 18,143 | 19,519 | 21,441 | 23,016 | 23,917 | ||
CEMAC: Balance of Payments Indicators by Country, 2011–19
(Percent of GDP)
| 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Est. | Proj. | Proj. | Proj. | Proj. | Proj. | Proj. | |||||
| Balance on Current Account | |||||||||||
| Cameroon | −2.7 | −3.6 | −3.9 | −3.8 | −4.2 | −4.4 | −4.4 | −4.5 | −4.4 | ||
| Central African Republic | −7.6 | −5.6 | −10.4 | −13.9 | −13.4 | −12.5 | −12.1 | −11.9 | −11.9 | ||
| Chad | −5.6 | −8.7 | −9.5 | −6.8 | −6.2 | −4.6 | −3.6 | −4.5 | −5.1 | ||
| Congo, Republic of | 6.1 | −1.2 | −3.6 | −3.0 | −4.2 | −2.1 | 1.6 | 0.6 | −2.4 | ||
| Equatorial Guinea | −0.6 | −4.6 | −12.0 | −10.2 | −10.6 | −9.0 | −8.1 | −8.0 | −7.1 | ||
| Gabon | 13.2 | 14.0 | 10.6 | 6.5 | 4.0 | 2.4 | 1.3 | 0.6 | −0.1 | ||
| CEMAC | 1.8 | −0.6 | −3.1 | −3.2 | −3.8 | −3.4 | −2.7 | −3.2 | −3.7 | ||
| Oil Exports | |||||||||||
| Cameroon | 11.1 | 11.2 | 10.7 | 10.5 | 10.0 | 9.7 | 9.5 | 9.4 | 9.3 | ||
| Central African Republic | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||
| Chad | 32.2 | 30.2 | 24.1 | 27.1 | 27.7 | 32.1 | 32.8 | 29.2 | 25.5 | ||
| Congo, Republic of | 76.2 | 63.8 | 62.7 | 60.4 | 57.2 | 53.6 | 54.6 | 51.4 | 45.9 | ||
| Equatorial Guinea | 89.7 | 91.8 | 87.3 | 85.5 | 82.1 | 81.5 | 78.4 | 72.2 | 64.6 | ||
| Gabon | 48.9 | 48.5 | 44.2 | 40.3 | 35.8 | 31.9 | 28.7 | 26.3 | 24.0 | ||
| CEMAC | 45.3 | 44.8 | 39.6 | 37.5 | 34.1 | 32.7 | 31.2 | 28.0 | 24.5 | ||
| Imports | |||||||||||
| Cameroon | 30.9 | 30.8 | 30.3 | 30.0 | 29.8 | 29.2 | 28.8 | 28.7 | 28.5 | ||
| Central African Republic | 22.4 | 21.6 | 24.6 | 26.4 | 25.9 | 24.9 | 24.4 | 24.0 | 23.8 | ||
| Chad | 48.0 | 49.0 | 42.4 | 42.2 | 41.6 | 42.7 | 41.6 | 39.1 | 36.4 | ||
| Congo, Republic of | 59.6 | 51.4 | 63.4 | 64.2 | 62.5 | 58.4 | 53.3 | 52.1 | 52.6 | ||
| Equatorial Guinea | 69.4 | 65.3 | 68.5 | 64.5 | 68.7 | 65.9 | 65.2 | 62.7 | 64.3 | ||
| Gabon | 30.1 | 31.7 | 32.8 | 31.9 | 31.4 | 30.5 | 29.8 | 29.5 | 28.8 | ||
| CEMAC | 43.8 | 43.5 | 43.4 | 42.2 | 41.6 | 40.2 | 38.5 | 37.1 | 36.0 | ||
| Balance on Capital Account | |||||||||||
| Cameroon | 0.1 | 0.1 | 0.0 | 0.3 | 0.3 | 0.1 | 0.1 | 0.1 | 0.1 | ||
| Central African Republic | 2.5 | 3.9 | 1.4 | 2.9 | 3.6 | 3.7 | 3.7 | 3.7 | 3.7 | ||
| Chad | 1.5 | 2.2 | 1.6 | 1.8 | 1.8 | 1.7 | 1.7 | 1.8 | 1.8 | ||
| Congo, Republic of | 0.5 | 0.1 | 0.4 | 0.6 | 0.3 | 0.4 | 0.3 | 0.3 | 0.3 | ||
| Equatorial Guinea | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||
| Gabon | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||
| CEMAC | 0.4 | 0.4 | 0.3 | 0.5 | 0.5 | 0.4 | 0.4 | 0.5 | 0.5 | ||
| Foreign Direct Investment | |||||||||||
| Cameroon | 1.9 | 3.1 | 2.7 | 2.3 | 1.9 | 1.7 | 1.4 | 1.2 | 1.1 | ||
| Central African Republic | 1.7 | 3.3 | 0.0 | 0.5 | 2.2 | 2.1 | 2.0 | 1.9 | 2.0 | ||
| Chad | 2.3 | 2.8 | 3.9 | 6.1 | 5.5 | 5.3 | 3.5 | 2.6 | 1.7 | ||
| Congo, Republic of | 22.2 | 15.1 | 19.5 | 20.4 | 18.3 | 17.9 | 12.0 | 11.8 | 11.0 | ||
| Equatorial Guinea | 3.6 | 3.5 | 3.8 | 4.3 | 4.8 | 4.8 | 5.0 | 5.2 | 5.6 | ||
| Gabon | 3.7 | 3.8 | 4.3 | 3.6 | 3.2 | 2.9 | 3.0 | 3.1 | 3.1 | ||
| CEMAC | 5.7 | 5.3 | 5.7 | 5.9 | 5.5 | 5.2 | 4.1 | 3.8 | 3.4 | ||
| Reserves | (Million USD) | ||||||||||
| Cameroon | 3,199 | 3,381 | 3,288 | 3,252 | 3,185 | 3,119 | 3,054 | 2,989 | 2,926 | ||
| Central African Republic | 155 | 158 | 179 | 181 | 204 | 206 | 208 | 207 | 214 | ||
| Chad | 951 | 1,156 | 1,134 | 1,134 | 1,111 | 1,655 | 2,440 | 3,288 | 3,952 | ||
| Congo, Republic of | 5,641 | 5,550 | 5,005 | 5,795 | 7,133 | 8,462 | 9,672 | 10,465 | 10,762 | ||
| Equatorial Guinea | 3,054 | 4,397 | 4,258 | 3,866 | 3,015 | 2,515 | 2,451 | 2,401 | 2,362 | ||
| Gabon | 2,157 | 2,352 | 3,087 | 3,016 | 2,957 | 3,023 | 3,078 | 3,128 | 3,161 | ||
| CEMAC | 15,717 | 17,531 | 17,490 | 17,782 | 18,143 | 19,519 | 21,441 | 23,016 | 23,917 | ||
CEMAC: Fiscal Balances, 2011–19
(Percent of GDP)
Overall budget balance excluding grants and foreign-financed investment.
CEMAC: Fiscal Balances, 2011–19
(Percent of GDP)
| 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Est. | Proj. | Proj. | Proj. | Proj. | Proj. | Proj. | |||||
| Overall fiscal balance (excluding grants) | |||||||||||
| Cameroon | −3.7 | −2.9 | −4.4 | −6.1 | −6.2 | −5.3 | −5.2 | −5.1 | −4.9 | ||
| Central African Republic | −4.9 | −4.9 | −9.0 | −11.8 | −2.3 | −3.2 | −3.8 | −4.0 | −4.1 | ||
| Chad | 0.8 | −2.2 | −4.2 | −2.6 | −3.1 | −1.1 | 0.4 | 0.8 | −0.6 | ||
| Congo, Republic of | 15.9 | 6.3 | 8.1 | 4.9 | 4.2 | 3.9 | 4.8 | 4.0 | 1.9 | ||
| Equatorial Guinea | 1.1 | −9.8 | −7.8 | −6.4 | −3.7 | −1.9 | −1.4 | −0.7 | 0.7 | ||
| Gabon | 2.4 | 1.5 | −1.7 | −2.7 | −3.9 | −4.5 | −4.9 | −5.6 | −6.3 | ||
| CEMAC | 2.0 | −1.6 | −2.7 | −3.5 | −3.4 | −2.7 | −2.2 | −2.4 | −3.0 | ||
| Overall fiscal balance (including grants) | |||||||||||
| Cameroon | −3.2 | −2.5 | −4.1 | −5.6 | −5.7 | −5.0 | −4.9 | −4.8 | −4.7 | ||
| Central African Republic | −2.4 | 0.0 | −6.3 | −8.9 | 1.3 | 0.5 | 0.0 | −0.3 | −0.4 | ||
| Chad | 2.4 | 0.5 | −2.1 | −0.4 | −1.2 | 0.8 | 2.3 | 2.6 | 1.3 | ||
| Congo, Republic of | 16.5 | 6.4 | 8.5 | 5.4 | 4.5 | 4.2 | 5.1 | 4.3 | 2.2 | ||
| Equatorial Guinea | 1.1 | −9.8 | −7.8 | −6.4 | −3.7 | −1.9 | −1.4 | −0.7 | 0.7 | ||
| Gabon | 2.4 | 1.5 | −1.7 | −2.7 | −3.9 | −4.5 | −4.9 | −5.6 | −6.3 | ||
| CEMAC | 2.7 | −1.2 | −2.1 | −2.8 | −2.7 | −2.1 | −1.7 | −1.9 | −2.5 | ||
| Basic balance1 | |||||||||||
| Cameroon | −2.4 | −0.9 | −1.0 | −2.3 | −2.6 | −2.8 | −2.9 | −2.9 | −2.8 | ||
| Central African Republic | −2.0 | −0.2 | −7.5 | −8.9 | 2.7 | 1.5 | 1.0 | 0.7 | 0.6 | ||
| Chad | 3.1 | 1.7 | −2.0 | −0.1 | 0.5 | 2.3 | 3.8 | 4.4 | 3.1 | ||
| Congo, Republic of | 19.1 | 10.5 | 16.0 | 10.9 | 8.7 | 7.9 | 8.1 | 7.1 | 4.8 | ||
| Equatorial Guinea | 5.0 | −9.8 | −7.8 | −6.4 | −3.7 | −1.9 | −1.4 | −0.7 | 0.7 | ||
| Gabon | 5.2 | 3.5 | 1.2 | 0.8 | 0.5 | 0.0 | −0.2 | −1.1 | −2.0 | ||
| CEMAC | 4.9 | 0.7 | 0.5 | −0.1 | 0.2 | 0.4 | 0.8 | 0.5 | −0.2 | ||
| Primary fiscal balance (including grants) | |||||||||||
| Cameroon | −2.2 | −1.2 | −3.6 | −5.0 | −5.0 | −4.2 | −4.0 | −3.9 | −3.7 | ||
| Central African Republic | −1.7 | 0.7 | −5.7 | −8.1 | 2.0 | 1.1 | 0.6 | 0.3 | 0.2 | ||
| Chad | 3.0 | 0.9 | −1.5 | 0.3 | −0.7 | 1.2 | 2.7 | 3.0 | 1.5 | ||
| Congo, Republic of | 19.3 | 10.6 | 16.3 | 11.0 | 8.8 | 4.4 | 5.3 | 4.5 | 2.4 | ||
| Equatorial Guinea | 1.5 | −9.5 | −7.4 | −6.2 | −3.4 | −1.6 | −1.2 | −0.5 | 0.9 | ||
| Gabon | 2.4 | 3.3 | −0.2 | −0.8 | −1.8 | −2.2 | −2.5 | −2.9 | −3.4 | ||
| CEMAC | 3.6 | 0.3 | −0.4 | −1.3 | −1.3 | −1.2 | −0.7 | −0.8 | −1.4 | ||
| Government revenue (excluding grants) | |||||||||||
| Cameroon | 17.5 | 17.5 | 17.8 | 18.0 | 17.7 | 17.5 | 17.3 | 17.2 | 17.3 | ||
| Central African Republic | 10.8 | 11.5 | 5.7 | 6.4 | 18.9 | 19.6 | 20.2 | 20.5 | 21.0 | ||
| Chad | 23.2 | 21.8 | 17.8 | 18.1 | 16.9 | 19.0 | 20.3 | 21.0 | 20.4 | ||
| Congo, Republic of | 42.0 | 42.5 | 46.5 | 46.1 | 44.0 | 43.3 | 40.0 | 38.8 | 37.4 | ||
| Equatorial Guinea | 38.4 | 38.0 | 34.7 | 33.4 | 38.5 | 35.8 | 34.8 | 32.8 | 30.0 | ||
| Gabon | 28.0 | 29.0 | 28.4 | 27.0 | 26.3 | 25.9 | 25.2 | 24.6 | 23.5 | ||
| CEMAC | 27.9 | 27.9 | 26.8 | 26.1 | 25.9 | 25.3 | 24.8 | 24.1 | 23.1 | ||
| Government expenditure | |||||||||||
| Cameroon | 20.5 | 19.5 | 22.1 | 24.0 | 23.9 | 22.7 | 22.5 | 22.3 | 22.2 | ||
| Central African Republic | 15.7 | 16.3 | 14.7 | 18.2 | 21.2 | 22.8 | 24.0 | 24.5 | 25.1 | ||
| Chad | 22.4 | 23.9 | 22.1 | 20.7 | 20.0 | 20.1 | 19.9 | 20.2 | 21.0 | ||
| Congo, Republic of | 26.1 | 36.2 | 38.4 | 41.2 | 39.8 | 39.4 | 35.2 | 34.7 | 35.5 | ||
| Equatorial Guinea | 37.3 | 47.8 | 42.6 | 39.8 | 42.2 | 37.7 | 36.1 | 33.5 | 29.3 | ||
| Gabon | 25.7 | 27.4 | 30.0 | 29.8 | 30.2 | 30.3 | 30.1 | 30.2 | 29.9 | ||
| CEMAC | 25.6 | 29.4 | 29.5 | 29.5 | 29.2 | 28.0 | 26.9 | 26.5 | 26.1 | ||
Overall budget balance excluding grants and foreign-financed investment.
CEMAC: Fiscal Balances, 2011–19
(Percent of GDP)
| 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Est. | Proj. | Proj. | Proj. | Proj. | Proj. | Proj. | |||||