APA-Yaounde (Cameroon) Cameroon’s National Statistics Institute (NSI), has in its latest report indicated that the country’s economic growth rate “could stand between 4% and 4.5% in 2017 against 4.5% a year earlier.
The performance of the national economy this year slackened because of the security situation in the Eastern and Far-North regions. It will also, to some extent, depend on the successful implementation of the economic and financial programme concluded last July with the International Monetary Fund under the Extended Credit Facility.
This performance will also be influenced by factors such as the continuation of major road and sports infrastructure projects in relation to the 2019 African Cup of Nations (AfCON) to be hosted in Cameroon; the commissioning of some hydroelectric dams; the gradual strengthening of the Economic Partnership Agreement (EPA) with the European Union; and the continuing decline in oil production.
For the year 2017, the NSI noted that the national economy is suffering from the shocks of the fall in commodity prices, notably oil, which cameroon exports to the international market; cross-border security threats; and the unfavorable economic conditions in the Central African Economic and Monetary Community (CEMAC).
Apart from the oil sector, the country’s growth remains dynamic, notably marked by a good supply by the services sector, which contributes 2.3 points to the growth of the gross domestic product (GDP) as against 1.8 points in 2015.