8790 through 8794
US diplomatic representation:
chief of mission:
Ambassador Harriet ISOM
embassy:
Rue Nachtigal, Yaounde
mailing address:
B. P. 817, Yaounde
telephone:
[237] 23-40-14 and 23-05-12
FAX:
[237] 23-07-53
consulate(s):
none (Douala closed July 1993)
Flag:
three equal vertical bands of green (hoist side), red, and yellow with
a yellow five-pointed star centered in the red band; uses the popular
pan-African colors of Ethiopia

@Cameroon, Economy

Overview:
Because of its offshore oil resources and favorable agricultural
conditions, Cameroon has one of the best-endowed, most diversified
primary commodity economies in sub-Saharan Africa. Still, it faces
many of the serious problems facing other underdeveloped countries,
such as political instability, a top-heavy civil service, and a
generally unfavorable climate for business enterprise. The development
of the oil sector led rapid economic growth between 1970 and 1985.
Growth came to an abrupt halt in 1986, precipitated by steep declines
in the prices of major exports: coffee, cocoa, and petroleum. Export
earnings were cut by almost one-third, and inefficiencies in fiscal
management were exposed. In 1990-93, with support from the IMF and
World Bank, the government began to introduce reforms designed to spur
business investment, increase efficiency in agriculture, and
recapitalize the nation's banks. Political instability following
suspect elections in 1992 brought IMF/WB structural adjustment to a
halt. Although the 50% devaluation of the currency in January 1994
improves the potential for export growth, mismanagement remains and is
the main barrier to economic improvement.
National product:
GDP - purchasing power equivalent - $19.1 billion (1993 est.)
National product real growth rate:
NA
National product per capita:
$1,500 (1993 est.)
Inflation rate (consumer prices):
3% (1990 est.)
Unemployment rate:
25% (1990 est.)
Budget:
revenues:
$1.7 billion
expenditures:
$2.4 billion, including capital expenditures of $422 million (FY90
est.)
Exports:
$1.8 billion (f.o.b., 1991)
commodities:
petroleum products 51%, coffee, beans, cocoa, aluminum products,
timber
partners:
EC (particularly France) about 50%, US, African countries
Imports:
$1.2 billion (c.i.f., 1991)
commodities:
machines and electrical equipment, food, consumer goods, transport
equipment
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