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Industrial production & GDP to accelerate in 2008
28
Aug '08
An increase of 4.6 percent in production was registered for the industrial sector of Cameroon during 2007. Reasons for this outstanding growth can be attributed to high demand for manufactured goods as well as for petroleum products.

Considering all the industrial activities, the overall growth rate in 2007 stood at 12.9 percent, up from 8.3 percent recorded in the previous year. Moreover, even the aggregate turnover rate of the industries progressed from 7.3 percent in 2006 to 7.9 in 2007.

Experts surveying the market are hopeful that the Gross Domestic Product (GDP) of Cameroon could mount to 4.1 percent in 2008 to mark a surge from 2.9 percent of the year before. Besides, manufacturing industries are expected to contribute 2.4 percent to the GDP as against 2.1 percent in 2007.

Past records have revealed that chemical industries alone contributed 37.6 percent to the industrial production in 2007 while textile enterprises accounted for 28.7 percent of the total goods manufactured.

However, on the flip side, while production has multiplied, employment generation in the industrial sector has virtually stagnated. For the past few years, the number of job intake has remained at 51,000 people as the chemical, textile and a host of other industries are facing a downtrend in activities. Cotton production in particular has been severely hit due to adverse economic conditions.


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