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REPUBLIC of CAMEROON Peace-Work-Fatherland REPUBLIC OF CAMEROON Peace-Work-Fatherland 2017 FINANCE BILL REPORT ON THE NATION’S ECONOMIC, SOCIAL AND FINANCIAL SITUATION AND PROSPECTS 2016 FINANCIAL YEAR November 2016 TABLE OF CONTENTS CHAPTER 1: OVERVIEW ........................................................................................................................................ 7 1.1 International Economic Environment ................................................................................................................. 7 1.2 Recent Developments in Cameroon’s Economy................................................................................................. 9 1.2.1 Growth and prices ................................................................................................................................................. 9 1.2.2. Relations with the rest of the world ................................................................................................................... 10 1.2.3 Currency and financing the economy.................................................................................................................. 12 1.2.4 Public finance...................................................................................................................................................... 13 1.2.5 Social sectors....................................................................................................................................................... 13 1.2.6 Structural and institutional reforms..................................................................................................................... 14 1.3 Macroeconomic and fiscal outlook for 2015-2018 ........................................................................................... 15 1.3.1 Macroeconomic outlook ................................................................................................................................... 15 1.3.2 2017 Budget Projections................................................................................................................................... 19 1.3.3 New measures................................................................................................................................................... 21 CHAPTER 2: PRODUCTION.................................................................................................................................. 22 2.1 Primary Sector........................................................................................................................................................ 22 2.1.1 Agriculture .......................................................................................................................................................... 22 2.1.2 Livestock and fisheries........................................................................................................................................ 26 2.1.3 Forestry and wildlife subsector ........................................................................................................................... 28 2.1.4 Environment and nature protection..................................................................................................................... 29 2.2 Secondary Sector.................................................................................................................................................... 30 2.2.1 Manufacturing industries .................................................................................................................................... 30 2.2.2 Extractive industries............................................................................................................................................ 31 2.2.3 Electricity, gas and water .................................................................................................................................... 32 2.2.4 Construction and public works............................................................................................................................ 34 2.3 Tertiary sector ........................................................................................................................................................ 35 2.3.1 Trade ................................................................................................................................................................... 35 2.3.2 Tourism............................................................................................................................................................... 35 2.3.3 Transport............................................................................................................................................................. 36 2.3.4 Telecommunications ........................................................................................................................................... 38 2.3.5 SMEs, social economy and handicraft ................................................................................................................ 38 CHAPTER 3: DEMAND........................................................................................................................................... 40 3.1 Domestic Demand.................................................................................................................................................. 40 3.1.1 Final consumption............................................................................................................................................... 40 3.1.2 Investment........................................................................................................................................................... 41 3.2 Net External Demand............................................................................................................................................. 43 3.2.1 Net external demand for goods ........................................................................................................................... 44 3.2.2 Net external demand for services........................................................................................................................ 45 CHAPTER 4: PRICES AND COMPETITIVENESS ............................................................................................. 47 4.1 Prices ................................................................................................................................................................ 47 4.1.1 GDP deflator..................................................................................................................................................... 47 4.1.2 Final household consumer prices...................................................................................................................... 48 4.1.3 Intermediate consumer prices ........................................................................................................................... 49 4.1.4 Salaries.............................................................................................................................................................. 50 4.2 Competitiveness................................................................................................................................................ 50 4.2.1- Overall competitiveness.................................................................................................................................... 50 4.2.2- Business climate ............................................................................................................................................... 51 CHAPTER 5: FINANCING THE ECONOMY ...................................................................................................... 53 5.1 Monetary Policy................................................................................................................................................ 53 5.1.1 Refinancing policy............................................................................................................................................ 53 5.2. Monetary Situation ........................................................................................................................................... 55 5.2.1 Counterpart money supply................................................................................................................................ 55 5.2.2- Money supply components ............................................................................................................................... 56 i 5.3. Banking and Financial Sector ........................................................................................................................... 57 5.3.1- Banking Sub-sector........................................................................................................................................... 57 5.3.2. Microfinance..................................................................................................................................................... 59 5.3.3. Insurance........................................................................................................................................................... 60 5.3.4. Financial Market..............................................................................................................................................
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