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Economy of Cameroon vs Estonia compared: GDP & Debt

Updated on by Georank team

Cameroon has a GDP of $51.3B compared to $42.8B for Estonia, ranking 92/197 and 102/197 by economy size, respectively.

Cameroon has $21.9B in government debt (39.9% of GDP), compared to $10.1B (25.4% of GDP) in Estonia.

The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.

Cameroon
GDP, current $

GDP, constant 2015 $
Estonia
GDP, current $

GDP, constant 2015 $
Year GDP
Cameroon Estonia
Current $ Constant $ Current $ Constant $
1960 $614,206,068 $4,827,329,402 - -
1961 $652,777,608 $4,884,469,574 - -
1962 $694,247,864 $5,033,033,600 - -
1963 $718,320,845 $5,221,397,415 - -
1964 $776,650,177 $5,406,608,720 - -
1965 $814,083,266 $5,516,149,517 - -
1966 $851,112,535 $5,770,717,369 - -
1967 $936,175,260 $5,141,012,904 - -
1968 $1,046,191,218 $5,467,278,233 - -
1969 $1,100,551,489 $5,735,255,756 - -
1970 $1,151,216,993 $5,912,593,777 - -
1971 $1,236,941,394 $6,118,334,765 - -
1972 $1,498,251,890 $6,281,929,449 - -
1973 $1,901,393,361 $6,618,369,537 - -
1974 $2,157,415,533 $7,328,802,680 - -
1975 $2,857,037,371 $8,152,930,849 - -
1976 $2,898,090,002 $7,704,916,015 - -
1977 $3,394,664,024 $8,763,561,577 - -
1978 $4,662,852,583 $10,691,808,462 - -
1979 $5,919,002,983 $11,337,071,802 - -
1980 $6,674,569,047 $11,114,265,274 - -
1981 $6,610,938,617 $13,012,879,895 - -
1982 $6,611,255,964 $13,990,954,313 - -
1983 $6,870,200,010 $14,951,689,440 - -
1984 $7,311,938,026 $16,069,264,314 - -
1985 $8,544,810,498 $17,364,955,075 - -
1986 $11,857,056,199 $18,540,851,327 - -
1987 $13,049,659,981 $18,142,844,102 - -
1988 $12,236,057,362 $16,723,414,750 - -
1989 $11,012,566,195 $16,419,195,682 - -
1990 $12,314,482,628 $15,416,689,238 - $14,658,008,363
1991 $11,840,192,296 $14,829,529,308 - $13,485,390,620
1992 $12,071,775,335 $14,369,813,424 - $10,630,714,641
1993 $16,181,814,713 $13,229,990,256 $4,013,091,682 $10,020,459,082
1994 $8,902,446,252 $13,478,291,934 $4,123,011,420 $9,855,880,594
1995 $10,864,772,471 $13,868,353,888 $4,502,970,889 $10,302,024,947
1996 $11,093,538,846 $14,452,915,010 $4,786,018,988 $10,811,255,303
1997 $10,789,458,433 $15,107,243,821 $5,154,420,649 $12,222,126,358
1998 $11,298,144,990 $15,821,141,893 $5,674,080,543 $12,752,545,573
1999 $11,565,826,465 $16,534,881,735 $5,756,912,266 $12,698,344,019
2000 $10,566,579,295 $17,168,567,485 $5,686,579,748 $13,979,307,069
2001 $10,953,485,349 $17,910,981,186 $6,250,218,423 $14,801,394,596
2002 $12,417,251,350 $18,712,860,619 $7,370,119,619 $15,827,575,405
2003 $15,970,315,035 $19,733,301,669 $9,876,595,528 $17,029,885,802
2004 $18,826,214,136 $21,124,275,033 $12,148,595,031 $18,188,037,435
2005 $19,509,852,207 $21,594,980,960 $14,109,491,357 $19,920,094,036
2006 $20,910,512,975 $22,417,659,743 $17,025,671,810 $21,864,807,422
2007 $23,928,250,433 $23,387,803,923 $22,450,264,166 $23,520,174,236
2008 $27,715,142,033 $24,053,813,244 $24,342,935,404 $22,314,692,031
2009 $27,932,970,317 $24,674,221,649 $19,633,984,440 $19,050,002,927
2010 $27,507,501,821 $25,389,533,435 $19,524,355,419 $19,516,680,413
2011 $30,630,910,495 $26,247,499,414 $23,303,915,795 $21,001,309,333
2012 $30,155,062,329 $27,461,703,152 $23,237,406,116 $21,772,481,344
2013 $33,728,621,180 $28,833,560,541 $25,451,032,781 $22,154,913,628
2014 $36,386,544,706 $30,482,787,768 $27,055,689,003 $22,891,074,857
2015 $32,210,233,020 $32,210,233,020 $23,311,847,751 $23,311,847,751
2016 $33,814,337,044 $33,671,222,913 $24,561,027,788 $24,032,887,680
2017 $36,098,547,033 $34,863,580,363 $27,469,461,919 $25,387,062,190
2018 $39,955,552,190 $36,242,614,249 $31,222,632,741 $26,326,306,711
2019 $39,667,757,528 $37,502,066,833 $31,873,748,770 $27,307,395,871
2020 $40,773,241,177 $37,599,547,049 $31,820,771,494 $26,519,903,137
2021 $45,011,937,347 $38,854,942,335 $37,204,563,051 $28,417,255,488
2022 $44,347,206,073 $40,306,867,605 $38,376,046,175 $28,434,428,183
2023 $49,279,410,983 $41,616,173,715 $41,291,245,222 $27,574,844,402
2024 $51,326,764,685 $43,143,796,435 $42,764,929,169 $27,502,872,345

Economic indicators

Cameroon Estonia
Gross domestic product
$51.3B
2024
$42.8B
2024
GDP rank
92/197
2024
102/197
2024
GDP growth
4.15%
2023-2024
3.57%
2023-2024
GDP per capita
$1,762
2024
$31,170
2024
GDP per capita rank
159/197
2024
40/197
2024
GDP per capita, PPP
$5,591
2024
$49,334
2024
Government debt
$21.9B
2024
$10.1B
2024
Debt-to-GDP ratio
39.9%
2025
25.4%
2025
Government debt per person
$752
2024
$7,362
2024
Government debt per person rank
152/185
2024
66/185
2024
Average annual personal income after taxes
$1,492
2025
$21,368
2025
Number of billionaires n/a
2
2025
Income share by richest 10%
31.1%
2021
23.7%
2023
Income share by poorest 10%
2.1%
2021
3.1%
2023
Government expenditure, % of GDP
16.3%
2025
44.4%
2025
Consumer prices inflation
4.53%
2023-2024
3.52%
2023-2024
Unemployment rate
3.28%
2021
7.5%
2024
Population
30491011
1355535

GDP per capita in Cameroon vs Estonia

Cameroon's GDP per capita is $1,762, ranking 159/197, compared to $31,170 in Estonia, ranking 40/197. Adjusted for purchasing power (GDP per capita PPP), Cameroon ranks 155th at $5,591, while Estonia ranks 45th at $49,334.

Cameroon
GDP per capita

GDP per capita, PPP
Estonia
GDP per capita

GDP per capita, PPP
Year Current $
Cameroon Estonia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
1960 $119.1 - - -
1961 $124.6 - - -
1962 $130 - - -
1963 $131.6 - - -
1964 $139.2 - - -
1965 $142.7 - - -
1966 $145.8 - - -
1967 $156.6 - - -
1968 $170.8 - - -
1969 $175.2 - - -
1970 $178.5 - - -
1971 $186.7 - - -
1972 $220.1 - - -
1973 $271.8 - - -
1974 $299.9 - - -
1975 $386 - - -
1976 $381 - - -
1977 $435 - - -
1978 $582 - - -
1979 $718 - - -
1980 $784 - - -
1981 $750 - - -
1982 $732 - - -
1983 $746 - - -
1984 $772 - - -
1985 $875 - - -
1986 $1,179 - - -
1987 $1,258 - - -
1988 $1,145 - - -
1989 $1,001 - - -
1990 $1,087 $2,032 - $7,476
1991 $1,015 $1,963 - $7,146
1992 $1,005 $1,890 - $5,868
1993 $1,310 $1,731 $2,686 $5,810
1994 $701 $1,752 $2,819 $5,963
1995 $832 $1,790 $3,134 $6,475
1996 $827 $1,850 $3,381 $6,889
1997 $783 $1,915 $3,683 $7,978
1998 $799 $1,975 $4,093 $8,451
1999 $796 $2,039 $4,141 $8,412
2000 $709 $2,108 $4,071 $9,422
2001 $715 $2,191 $4,503 $10,310
2002 $790 $2,263 $5,343 $11,667
2003 $988 $2,368 $7,205 $13,137
2004 $1,133 $2,533 $8,916 $14,540
2005 $1,143 $2,598 $10,415 $16,638
2006 $1,191 $2,704 $12,641 $19,348
2007 $1,326 $2,818 $16,745 $22,201
2008 $1,492 $2,870 $18,206 $22,804
2009 $1,461 $2,879 $14,712 $20,478
2010 $1,399 $2,914 $14,664 $21,617
2011 $1,514 $2,989 $17,556 $24,652
2012 $1,449 $3,060 $17,568 $26,243
2013 $1,576 $3,239 $19,310 $27,831
2014 $1,649 $3,422 $20,582 $29,404
2015 $1,415 $3,498 $17,722 $29,721
2016 $1,442 $3,627 $18,666 $31,948
2017 $1,496 $3,767 $20,852 $34,507
2018 $1,611 $4,011 $23,618 $37,121
2019 $1,555 $4,241 $24,021 $40,586
2020 $1,556 $4,365 $23,934 $40,672
2021 $1,672 $4,794 $27,954 $44,252
2022 $1,605 $5,189 $28,451 $47,802
2023 $1,737 $5,406 $30,133 $46,790
2024 $1,762 $5,591 $31,170 $49,334

Spending and national debt comparison

In 2024, Cameroon's government spending was $8.52B, accounting for 16.3% of its GDP, while Estonia's spent $18.9B, or 44.4% of GDP.

Debt-to-GDP ratio is 39.9% in Cameroon and 25.4% in Estonia, ranking 136/185 and 168/185, respectively.

Cameroon
Government spending

Government debt
Estonia
Government spending

Government debt
Year % of GDP
Cameroon Estonia
Government spending Government debt Government spending Government debt
1995 - - 39.5% 8.66%
1996 - - 38.6% 7.3%
1997 - - 35.8% 6.03%
1998 - 67.8% 38.9% 5.4%
1999 - 68.4% 40.7% 5.93%
2000 14.6% 75.9% 36.4% 5.11%
2001 14.6% 62.2% 35.3% 4.93%
2002 13.9% 56.6% 35.9% 5.66%
2003 13.2% 51.5% 35% 5.6%
2004 13.4% 51.7% 34.1% 5.16%
2005 12.4% 43.8% 33.7% 4.73%
2006 12.5% 18.4% 33.5% 4.72%
2007 13.5% 13.8% 33.8% 3.91%
2008 15.9% 11.2% 39.5% 4.67%
2009 14.7% 11.3% 46.1% 7.98%
2010 15.2% 14% 40.7% 7.99%
2011 17.8% 15% 37.6% 7.6%
2012 17.2% 14.9% 39.4% 11.1%
2013 19.2% 17.5% 38.3% 11.4%
2014 20.1% 20.7% 37.6% 11.6%
2015 20.1% 31.6% 39.3% 10.8%
2016 20.2% 32.1% 38.9% 10.2%
2017 19.2% 36.5% 38.9% 9.43%
2018 18% 38.3% 38.8% 8.51%
2019 18.7% 41.6% 39.1% 9.05%
2020 16.6% 44.9% 44.7% 19.1%
2021 17.1% 47.2% 42.1% 18.4%
2022 17.1% 45.6% 40% 19.1%
2023 17.1% 43.2% 43.7% 20.2%
2024 16.6% 42.7% 44.2% 23.6%
2025 16.3% 39.9% 44.4% 25.4%

Government deficit by year

In 2024, Cameroon's government deficit, the difference between spending and revenue, was -$307M, equivalent to -0.6% of GDP. This compares to Estonia's deficit of -$721M, or -1.69% of GDP.

Over the past 25 years, Cameroon recorded a fiscal deficit in 17 of those years, while Estonia ran a deficit in 16 years. On average, Cameroon posted an annual deficit equal to -0.007% of GDP, compared to deficit of -0.59% of GDP for Estonia.

Deficit/surplus
Cameroon

Estonia
Year Deficit/surplus, % of GDP
Cameroon Estonia
1995 - -0.26%
1996 - -0.93%
1997 - 2.98%
1998 - 0.65%
1999 - -3.42%
2000 1.54% -0.11%
2001 0.86% 0.4%
2002 1.51% 0.29%
2003 0.56% 1.67%
2004 -0.46% 2.29%
2005 3.03% 1.07%
2006 28.2% 2.71%
2007 3.87% 2.5%
2008 2% -2.92%
2009 -0.04% -3.43%
2010 -0.93% -1.09%
2011 -2.26% 0.09%
2012 -1.4% -0.86%
2013 -3.55% -0.66%
2014 -4.09% 0.42%
2015 -4.25% -0.24%
2016 -5.88% -0.62%
2017 -4.72% -1.07%
2018 -2.41% -1.15%
2019 -3.24% -0.11%
2020 -3.19% -5.42%
2021 -3.01% -2.57%
2022 -1.11% -1.07%
2023 -0.63% -3.14%
2024 -0.6% -1.69%
2025 -0.84% -2.69%

Inflation comparison by year

Over the past 29 years, Cameroon has recorded an average annual inflation rate of 2.79%, compared with 5.1% in Estonia. In 2024, inflation was 4.53% in Cameroon and 3.52% in Estonia.

Inflation
Cameroon

Estonia
Year Inflation
Cameroon Estonia Cameroon Estonia
1996 3.92% 23.1%
1997 4.79% 10.6%
1998 3.17% 8.21%
1999 1.87% 3.3%
2000 1.23% 4.02%
2001 4.42% 5.75%
2002 2.83% 3.57%
2003 0.62% 1.33%
2004 0.23% 3.05%
2005 2.01% 4.08%
2006 5.12% 4.44%
2007 0.92% 6.6%
2008 5.34% 10.4%
2009 3.04% -0.08%
2010 1.28% 2.97%
2011 2.94% 4.98%
2012 2.74% 3.93%
2013 2.05% 2.78%
2014 1.85% -0.11%
2015 2.68% -0.49%
2016 0.87% 0.15%
2017 0.64% 3.42%
2018 1.07% 3.44%
2019 2.45% 2.28%
2020 2.44% -0.44%
2021 2.27% 4.65%
2022 6.25% 19.4%
2023 7.38% 9.16%
2024 4.53% 3.52%

Top exports between countries

Cameroon
Export category Export value
Processed food, beverages & tobacco $2.37M
Wood & paper products $160K
Estonia
Export category Export value
Raw agricultural goods $11.5M
Machinery & equipment $167K
Processed food, beverages & tobacco $120K
Textiles & consumer goods $92K
Miscellaneous $53K
Chemicals & pharma $30K
Wood & paper products $24K
Metals $6K

Balance of trade

Cameroon Estonia
Current account balance
-$2.02B
2023
-$578M
2024
Current account balance ranking
143/189
2023
104/189
2024
Current account balance, % of GDP
-4.1%
2023
-1.35%
2024
Goods imports
$7.74B
2023
$22.1B
2024
Goods exports
$6.34B
2023
$19.1B
2024
Service imports
$2.55B
2023
$10.4B
2024
Service exports
$2.01B
2023
$13.6B
2024
Imports of goods and services, % of GDP
21.1%
2024
75.7%
2024
Exports of goods and services, % of GDP
14.7%
2024
76.3%
2024

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Cameroon Estonia
Economic freedom 52.1 78.9
Economic freedom ranking 149/197 9/197
Property rights 31.3 93.7
Government integrity 20.7 84.5
Judicial effectiveness 10.3 93.9
Tax burden 72.9 80.8
Government spending 91.2 48.8
Fiscal health 92.3 90.9
Business freedom 48.8 83.3
Labor freedom 46.5 62.2
Monetary freedom 73.7 68.8
Trade freedom 57.2 79.6
Investment freedom 30 90
Financial freedom 50 70

Economic freedom by year comparison

The Economic Freedom Index for Cameroon is 52.1, ranking 149/197, compared to 78.9 for Estonia, ranking 9/197. The chart below displays a comparison of annual changes in economic freedom indexes.

Cameroon
Estonia
Year Economic freedom index
Cameroon Estonia
1995 51.3 65.2
1996 45.7 65.4
1997 44.6 69.1
1998 48 72.5
1999 50.3 73.8
2000 49.9 69.9
2001 53.3 76.1
2002 52.8 77.6
2003 52.7 77.7
2004 52.3 77.4
2005 53 75.2
2006 54.6 74.9
2007 55.6 78
2008 54.3 77.9
2009 53 76.4
2010 52.3 74.7
2011 51.8 75.2
2012 51.8 73.2
2013 52.3 75.3
2014 52.6 75.9
2015 51.9 76.8
2016 54.2 77.2
2017 51.8 79.1
2018 51.9 78.8
2019 52.4 76.6
2020 53.6 77.7
2021 53.4 78.2
2022 52.9 80
2023 51.9 78.6
2024 53.6 77.8
2025 52.1 78.9

More economic indicators

Cameroon Estonia
Services, % of GDP
49.9%
2024
65.1%
2024
Industry, % of GDP
25.6%
2024
20.5%
2024
Agriculture, forestry, and fishing, % of GDP
17.4%
2024
1.91%
2024
GNI, Atlas method
$49B
2024
$39.4B
2024
GNI per capita, PPP
$5,490
2024
$48,260
2024
Total reserves including gold
$4.88B
2023
$2.07B
2024
Total reserves ranking
103/177
2023
125/177
2024
Net foreign direct investment
-$901M
2023
-$270M
2024
Net inflows of foreign direct investment
$925M
2024
-$3.46B
2024
Net outflows of foreign direct investment
$5.56M
2024
-$3.73B
2024
Servicing debt to the IMF, % of GNI
3.53%
2023
n/a
Poverty at national poverty lines
37.7%
2021
22.5%
2022
Gross capital formation, % of GDP
21.4%
2024
26.2%
2024

GDP per capita map

GDP per capita

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The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.