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34LES ATOUTS ECONOMIQUES DU CAMEROUNMAINSPRING OF GROWTHCameroon's economic growth has grown stron- ger moving from 5.6% in 2013 to 5.9% in 2014. The increase was observed both in oil GDP, which moved from 8.5% to 13.9% and non-oil GDP from 5.5% to 5.6%.Growth in the primary was 4.7% in 2014 for 3.7% in 2013. It was driven by the recovery in the forestry and logging, which rose by 9.9% for -1.8% in 2013, and the dynamism of the sectors of “rearing and hunting” and “food products far- ming” increased by 5.7% and 4.2% respectively. On the other hand, the sector “industrial agricul- ture and export” has slowed down to 2.9% after 6.9% in 2013.In 2014, the secondary was up 6.8% against 5.7% in 2013. The speeding up follows the multiplication of extractive industries at 13.9% after 8.7% in 2013, following the commissioning of new fields and to improve the extraction of other older fields. The dynamism of the construc- tion sector (+ 10.9%), with the speeding up of major road works, also participates in the industry’s slight upturn.The service sector grew by 5.6% in 2014, thanks to the dynamism of the sectors of “trans- port, storage and communication” (+ 6.5%) where the upturn in telecommunications conti- nues, with the entry of a new operator in the expanding market of high value-added services; “Trade, restaurants and hotels” (+ 5.2%); “Banks and financial institutions” (+ 13.7%), benefiting from the increase in credit to the eco- nomy and exchange transactions; “Government agencies non-market services” (+ 6.7%) due to recruitments in the public services, defense and security forces.Depending on the employment, GDP was led by the final consumption, which accounted for 88.7%. The component rose by 5.9% after 5.6% in 2013, and its contribution to growth amoun- ted to 5.1 points in 2014. This dynamism is observed both in private consumption (+ 5.7%) and government consumption (7.2%).Investment has also experienced an upward trend, with a 13.5% growth after 5.1% in 2013 and its contribution to the growth was 3 points. The Gross fixed capital formation (GFCF) in the private sector had increased by 13.6% from 5.6%, in conjunction with the dynamism of the construction and the increase in the purchase of equipment including transport equipment. In the public sector, gross fixed capi- tal formation increased by 7.5% in 2014 after 2.5 % in 2013, following an increase in both endowment and implementation rate of the construction sector.In terms of net exports, they impose a fall of 2.2 points on growth. This reflects a more pronoun- ced slowdown in exports of goods and services than imports: exports rose by 10% following an increase of 26.1%; imports increased by 14.4% after an 18.3% increase.Regarding inflation, rising prices for household final consumption slowed down (+1.9% in 2014 after 2.1% in 2013). The slow- down is perceptible in all major consumption items, apart from transport and “restaurants and hotels” which sped up by 5.8 points and 1.7 points respectively. In particular, a slowdown was observed in the rise in food products prices (+ 1% for 3.6% in 2013), “alcoholic beverages and tobacco” (+ 0.4 for 2.1%) and “education” (1.1% for 3%).REDUCING THE TRADE DEFICITIn its trade with the rest of the world, Cameroon has to keep on diversifying export products and trade partners. Trade with other CEMAC countries is becoming more dynamic and over target for the country.The 2014 trade balance was 1,187.3 billion in deficit and deteriorated by 132.9 billion compared to 2013. The coverage of imports by exports improved to reach 68.3% against67.9% in 2013.Cameroon’s pepper is one of the best produced in the world


































































































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