Boston, MA -- (SBWIRE) -- 09/07/2012 -- BMI View: 2011/12 is set to be a good year for the Cameroonian agriculture sector, with most commodities expected to show production growth. The notable exceptions to this trend are cocoa, as this year's harvest having been hit by pests and inclement weather, and corn, which is still recovering from a collapse in production in 2011. All commodities are expected to grow through to 2016, with coffee the standout performer. Cameroon's cocoa and coffee industries are both benefiting from increased investment, improved industry fundamentals and better macroeconomic conditions. The government is espected to continue its drive to keep corn imports down by focusing on increasing output. Demand growth for agriculture commodities will be supported by an economy that is forecast to expand at an average annual rate of 4.4% to 2016, on the back of a well-established food and drinks sector and a positive consumer outlook.
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Key Industry Forecasts
- Corn production growth to 2016: 45.2% to 1.66mn tonnes. Domestic production will just about manage to keep pace with demand.
- Coffee production growth to 2015/16: 74% to 1.06mn 60kg bags. Production will recover from 2011's slump and the sector will benefit from investment in pesticides, fertilizers and infrastructure.
- Cocoa production growth to 2015/16: 6.5% to 245,000 tonnes. Government and private sector investment will improve yields and quality leading to increased exports.
- Sugar consumption growth to 2015/16: 32.4% to 278,000 tonnes. Steadily rising GDP and a fast expanding food and drink sector will support strong growth.
Key Macroeconomic Forecasts
- Cameroon's real GDP growth 2012: 4.3% (up from 3.7% in 2011; forecast to grow at an average 4.4% between 2011 and 2016).
- Cameroon's consumer price inflation 2012: 2.5% (same as in 2011; forecast to grow at an average 2.7% between 2011 and 2016).
- Cameroon's unemployment rate 2012: 7.6%.
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