Cameroon’s Gross Domestic Product (GDP) has experienced significant fluctuations from 1961 to 2023, reflecting the country's complex economic landscape. Initially, GDP growth was gradual, reaching over $1 billion by the early 1970s, bolstered by a robust agricultural sector and oil production. However, the economic situation began to deteriorate in the 1980s due to a decline in oil prices, structural adjustments, and external debt challenges, which led to stagnation and even contractions in GDP during the mid-1990s.
The 2000s saw a resurgence in growth, with GDP climbing to over $30 billion by 2010, driven by improvements in infrastructure, governance reforms, and a favorable global commodity market. The expansion of sectors such as agriculture, mining, and services contributed to this upward trend, particularly during the mid-2010s when GDP peaked at around $36 billion. Nevertheless, the economy faced new challenges in the late 2010s and early 2020s, including security issues related to regional conflicts, the impact of the COVID-19 pandemic, and fluctuating commodity prices, which contributed to economic volatility.
In recent years, Cameroon’s GDP has shown resilience, rebounding to approximately $48 billion in 2023. This recovery is supported by government initiatives aimed at diversifying the economy, boosting investments in infrastructure, and enhancing regional trade. While challenges remain, such as high unemployment and socio-political tensions, the long-term outlook depends on the country’s ability to stabilize its economic policies and address underlying structural issues.
For a deeper dive into the topic, explore Cameroon’s annual GDP growth rate, Cameroon’s agriculture GDP contribution, Cameroon’s goods export value.
