• Cameroon generated a GDP of $272 billion in 2019–2024, with agriculture and services driving growth.
• Services rose to 55% of GDP, led by telecoms and finance, but rely heavily on consumption.
• Trade deficits and 54% public debt reveal structural fragilities despite steady GDP growth.

Between 2019 and 2024, Cameroon’s economy generated the equivalent of $272 billion in gross domestic product (GDP), according to the latest national accounts published by the National Institute of Statistics (INS). In local currency, this amounts to more than CFAF 161 trillion. GDP grew steadily from $39.7 billion in 2019 to $53.3 billion in 2024, despite the twin shocks of the pandemic and the war in Ukraine, as well as volatile commodity prices.

Agriculture remains the backbone. Over the course of six years, it added nearly $26.8 billion in value. Export crops such as cocoa, boosted by a 123% price surge in 2024, helped offset a contraction in forestry (-0.5%). Livestock expanded 4.8% in 2024, and fisheries grew 1.7%, providing steady support for food security and rural incomes.

The secondary sector, expected to lead industrialization, underperformed. Growth was limited to 1.7% in 2024. Oil and gas production contracted by 9.7%, underscoring the risks associated with hydrocarbons. Food industries (+4.2%) and construction (+4.3%) showed momentum, but their overall contribution remains modest compared with the drag from extractives.

By contrast, services now account for 55% of GDP and continue to be the primary driver of growth. In 2024, the tertiary sector expanded by 4.2%, driven by increases in telecommunications (+8.2%), financial services (+9.6%), and public administration (+5.6%). Yet this expansion leans heavily on consumption and informal services, which generate activity but do not continually strengthen the productive base.

The downside shows up in trade. In 2024, net exports still weighed on growth (-0.2 percentage point), even as cocoa exports topped CFAF 1 trillion. The heavy reliance on imported food and energy continues to expose the economy to global price fluctuations.

The trajectory also falls short of national ambitions. Cameroon’s 2020–2030 development strategy (SND30) targeted 8% annual growth. Between 2019 and 2024, the economy averaged a growth rate of only 2.9%. Private investment slowed to 0.4% in 2024, down from 9.7% in 2023, while public debt climbed to 54% of GDP, according to the country’s debt management office.

In short, Cameroon has demonstrated resilience, absorbed global shocks while maintaining steady growth. However, the performance masks deep vulnerabilities, including stalled industrialization, a service sector driven more by consumption than productivity, and a persistent trade deficit. The country’s next challenge is to turn agriculture and services into inclusive growth engines while rebalancing its production and financial structure.

Idriss Linge