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Economy of Cameroon vs Iraq compared: GDP & Debt

Updated on by Georank team

Cameroon has a GDP of $51.3B compared to $280B for Iraq, ranking 92/197 and 51/197 by economy size, respectively.

Cameroon has $21.9B in government debt (39.9% of GDP), compared to $120B (50.2% of GDP) in Iraq.

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 $
Iraq
GDP, current $

GDP, constant 2015 $
Year GDP
Cameroon Iraq
Current $ Constant $ Current $ Constant $
1960 $614,206,068 $4,827,329,402 $1,537,252,193 $7,007,485,325
1961 $652,777,608 $4,884,469,574 $1,671,960,965 $7,520,837,448
1962 $694,247,864 $5,033,033,600 $1,784,174,541 $7,867,047,599
1963 $718,320,845 $5,221,397,415 $1,805,901,510 $8,059,609,508
1964 $776,650,177 $5,406,608,720 $2,136,408,198 $9,254,568,662
1965 $814,083,266 $5,516,149,517 $2,335,785,506 $10,250,719,342
1966 $851,112,535 $5,770,717,369 $2,530,306,096 $10,759,449,895
1967 $936,175,260 $5,141,012,904 $2,551,522,656 $9,806,505,272
1968 $1,046,191,218 $5,467,278,233 $2,896,598,841 $11,719,960,412
1969 $1,100,551,489 $5,735,255,756 $3,007,758,797 $12,100,177,781
1970 $1,151,216,993 $5,912,593,777 $3,281,318,687 $12,650,053,065
1971 $1,236,941,394 $6,118,334,765 $3,865,346,535 $13,329,936,812
1972 $1,498,251,890 $6,281,929,449 $4,113,848,002 $13,827,850,447
1973 $1,901,393,361 $6,618,369,537 $5,134,367,778 $14,438,869,358
1974 $2,157,415,533 $7,328,802,680 $11,516,762,614 $16,765,457,418
1975 $2,857,037,371 $8,152,930,849 $13,458,516,763 $18,859,574,485
1976 $2,898,090,002 $7,704,916,015 $17,754,825,601 $22,098,725,967
1977 $3,394,664,024 $8,763,561,577 $19,838,130,715 $22,518,592,787
1978 $4,662,852,583 $10,691,808,462 $23,762,275,652 $26,359,581,202
1979 $5,919,002,983 $11,337,071,802 $37,816,457,839 $31,860,629,534
1980 $6,674,569,047 $11,114,265,274 $52,569,000,000 $39,747,322,740
1981 $6,610,938,617 $13,012,879,895 $37,823,000,000 $39,457,673,065
1982 $6,611,255,964 $13,990,954,313 $42,382,333,333 $40,812,640,889
1983 $6,870,200,010 $14,951,689,440 $40,712,903,226 $35,477,076,846
1984 $7,311,938,026 $16,069,264,314 $46,938,387,097 $34,950,156,507
1985 $8,544,810,498 $17,364,955,075 $48,425,161,290 $35,458,295,527
1986 $11,857,056,199 $18,540,851,327 $47,264,516,129 $37,106,251,927
1987 $13,049,659,981 $18,142,844,102 $56,774,193,548 $40,559,093,083
1988 $12,236,057,362 $16,723,414,750 $62,684,516,129 $40,551,371,874
1989 $11,012,566,195 $16,419,195,682 $65,831,935,484 $39,286,763,062
1990 $12,314,482,628 $15,416,689,238 $180,408,064,516 $62,001,516,292
1991 $11,840,192,296 $14,829,529,308 $407,796,350 $22,291,338,827
1992 $12,071,775,335 $14,369,813,424 $553,671,958 $29,556,579,056
1993 $16,181,814,713 $13,229,990,256 $1,031,944,881 $38,509,216,456
1994 $8,902,446,252 $13,478,291,934 $3,991,349,283 $39,993,566,700
1995 $10,864,772,471 $13,868,353,888 $12,894,029,888 $40,841,438,912
1996 $11,093,538,846 $14,452,915,010 $10,433,698,621 $45,342,486,348
1997 $10,789,458,433 $15,107,243,821 $20,764,857,056 $54,972,294,638
1998 $11,298,144,990 $15,821,141,893 $20,617,405,044 $74,213,129,684
1999 $11,565,826,465 $16,534,881,735 $36,881,601,584 $87,259,924,322
2000 $10,566,579,295 $17,168,567,485 $48,364,250,944 $101,916,218,527
2001 $10,953,485,349 $17,910,981,186 $36,176,430,129 $103,716,679,378
2002 $12,417,251,350 $18,712,860,619 $32,928,454,672 $95,208,069,161
2003 $15,970,315,035 $19,733,301,669 $21,921,569,479 $60,307,856,289
2004 $18,826,214,136 $21,124,275,033 $36,633,669,269 $92,503,535,427
2005 $19,509,852,207 $21,594,980,960 $50,065,104,668 $94,053,181,142
2006 $20,910,512,975 $22,417,659,743 $65,147,051,918 $99,356,180,856
2007 $23,928,250,433 $23,387,803,923 $88,837,057,320 $101,232,561,441
2008 $27,715,142,033 $24,053,813,244 $131,614,434,154 $109,562,085,020
2009 $27,932,970,317 $24,674,221,649 $111,657,580,326 $113,264,515,567
2010 $27,507,501,821 $25,389,533,435 $138,516,722,650 $120,516,349,622
2011 $30,630,910,495 $26,247,499,414 $185,749,664,444 $129,611,081,239
2012 $30,155,062,329 $27,461,703,152 $218,002,476,129 $147,674,239,073
2013 $33,728,621,180 $28,833,560,541 $234,637,675,129 $158,939,252,264
2014 $36,386,544,706 $30,482,787,768 $228,415,656,175 $162,537,141,324
2015 $32,210,233,020 $32,210,233,020 $166,774,104,959 $166,774,104,959
2016 $33,814,337,044 $33,671,222,913 $166,743,557,748 $189,767,872,908
2017 $36,098,547,033 $34,863,580,363 $187,217,660,051 $186,314,571,375
2018 $39,955,552,190 $36,242,614,249 $227,367,469,034 $191,221,819,559
2019 $39,667,757,528 $37,502,066,833 $233,636,097,800 $201,765,390,224
2020 $40,773,241,177 $37,599,547,049 $180,898,797,517 $177,479,307,670
2021 $45,011,937,347 $38,854,942,335 $209,691,945,713 $180,145,367,593
2022 $44,347,206,073 $40,306,867,605 $287,372,232,138 $194,483,223,959
2023 $49,279,410,983 $41,616,173,715 $268,881,051,644 $195,490,074,355
2024 $51,326,764,685 $43,143,796,435 $279,641,257,615 $192,469,260,104

Economic indicators

Cameroon Iraq
Gross domestic product
$51.3B
2024
$280B
2024
GDP rank
92/197
2024
51/197
2024
GDP growth
4.15%
2023-2024
4%
2023-2024
GDP per capita
$1,762
2024
$6,074
2024
GDP per capita rank
159/197
2024
114/197
2024
GDP per capita, PPP
$5,591
2024
$14,464
2024
Government debt
$21.9B
2024
$120B
2024
Debt-to-GDP ratio
39.9%
2025
50.2%
2025
Government debt per person
$752
2024
$2,606
2024
Government debt per person rank
152/185
2024
108/185
2024
Average annual personal income after taxes
$1,492
2025
$6,159
2025
Income share by richest 10%
31.1%
2021
24.2%
2023
Income share by poorest 10%
2.1%
2021
3.7%
2023
Government expenditure, % of GDP
16.3%
2025
42.1%
2025
Consumer prices inflation
4.53%
2023-2024
-12.3%
2023-2024
Unemployment rate
3.28%
2021
16.2%
2021
Population
30491011
47813338

GDP per capita in Cameroon vs Iraq

Cameroon's GDP per capita is $1,762, ranking 159/197, compared to $6,074 in Iraq, ranking 114/197. Adjusted for purchasing power (GDP per capita PPP), Cameroon ranks 155th at $5,591, while Iraq ranks 115th at $14,464.

Cameroon
GDP per capita

GDP per capita, PPP
Iraq
GDP per capita

GDP per capita, PPP
Year Current $
Cameroon Iraq
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
1960 $119.1 - $218.9 -
1961 $124.6 - $232.4 -
1962 $130 - $240.7 -
1963 $131.6 - $235.5 -
1964 $139.2 - $269.4 -
1965 $142.7 - $284.8 -
1966 $145.8 - $298.2 -
1967 $156.6 - $290.6 -
1968 $170.8 - $319 -
1969 $175.2 - $320 -
1970 $178.5 - $337 -
1971 $186.7 - $384 -
1972 $220.1 - $394 -
1973 $271.8 - $476 -
1974 $299.9 - $1,031 -
1975 $386 - $1,166 -
1976 $381 - $1,489 -
1977 $435 - $1,609 -
1978 $582 - $1,863 -
1979 $718 - $2,871 -
1980 $784 - $3,868 -
1981 $750 - $2,700 -
1982 $732 - $2,942 -
1983 $746 - $2,743 -
1984 $772 - $3,066 -
1985 $875 - $3,088 -
1986 $1,179 - $2,940 -
1987 $1,258 - $3,436 -
1988 $1,145 - $3,707 -
1989 $1,001 - $3,791 -
1990 $1,087 $2,032 $10,261 -
1991 $1,015 $1,963 $23 $2,694
1992 $1,005 $1,890 $30.3 $3,547
1993 $1,310 $1,731 $53.7 $4,509
1994 $701 $1,752 $198.2 $4,560
1995 $832 $1,790 $619 $4,598
1996 $827 $1,850 $485 $5,034
1997 $783 $1,915 $936 $6,020
1998 $799 $1,975 $901 $7,964
1999 $796 $2,039 $1,560 $9,194
2000 $709 $2,108 $1,980 $10,628
2001 $715 $2,191 $1,436 $10,720
2002 $790 $2,263 $1,266 $9,682
2003 $988 $2,368 $818 $6,068
2004 $1,133 $2,533 $1,328 $9,290
2005 $1,143 $2,598 $1,762 $9,457
2006 $1,191 $2,704 $2,277 $10,223
2007 $1,326 $2,818 $3,129 $10,783
2008 $1,492 $2,870 $4,543 $11,657
2009 $1,461 $2,879 $3,715 $11,687
2010 $1,399 $2,914 $4,462 $12,186
2011 $1,514 $2,989 $5,776 $12,912
2012 $1,449 $3,060 $6,478 $14,402
2013 $1,576 $3,239 $6,650 $14,669
2014 $1,649 $3,422 $6,249 $13,168
2015 $1,415 $3,498 $4,440 $9,334
2016 $1,442 $3,627 $4,334 $9,079
2017 $1,496 $3,767 $4,759 $10,192
2018 $1,611 $4,011 $5,647 $12,034
2019 $1,555 $4,241 $5,672 $12,249
2020 $1,556 $4,365 $4,295 $10,574
2021 $1,672 $4,794 $4,868 $12,732
2022 $1,605 $5,189 $6,521 $14,391
2023 $1,737 $5,406 $5,965 $14,653
2024 $1,762 $5,591 $6,074 $14,464

Spending and national debt comparison

In 2024, Cameroon's government spending was $8.52B, accounting for 16.3% of its GDP, while Iraq's spent $113B, or 42.1% of GDP.

Debt-to-GDP ratio is 39.9% in Cameroon and 50.2% in Iraq, ranking 136/185 and 109/185, respectively.

Cameroon
Government spending

Government debt
Iraq
Government spending

Government debt
Year % of GDP
Cameroon Iraq
Government spending Government debt Government spending Government debt
1998 - 67.8% - -
1999 - 68.4% - -
2000 14.6% 75.9% - -
2001 14.6% 62.2% - -
2002 13.9% 56.6% - -
2003 13.2% 51.5% - -
2004 13.4% 51.7% 91.5% 344%
2005 12.4% 43.8% 63.2% 227.3%
2006 12.5% 18.4% 50.3% 143.2%
2007 13.5% 13.8% 44% 117.1%
2008 15.9% 11.2% 57.3% 74.2%
2009 14.7% 11.3% 61.1% 87.4%
2010 15.2% 14% 49.6% 53.5%
2011 17.8% 15% 43.4% 40.7%
2012 17.2% 14.9% 42.9% 34.8%
2013 19.2% 17.5% 48.2% 32%
2014 20.1% 20.7% 43.8% 27.6%
2015 20.1% 31.6% 43.5% 48.3%
2016 20.2% 32.1% 42.4% 60.3%
2017 19.2% 36.5% 35.5% 55.9%
2018 18% 38.3% 31.1% 44.4%
2019 18.7% 41.6% 34.7% 41.7%
2020 16.6% 44.9% 41.9% 72.5%
2021 17.1% 47.2% 36.3% 54.7%
2022 17.1% 45.6% 33.9% 39%
2023 17.1% 43.2% 41.2% 42.1%
2024 16.6% 42.7% 40.4% 42.9%
2025 16.3% 39.9% 42.1% 50.2%

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 Iraq's deficit of -$4.17B, or -1.49% of GDP.

Over the past 21 years, Cameroon recorded a fiscal deficit in 17 of those years, while Iraq ran a deficit in 13 years. On average, Cameroon posted an annual deficit equal to -0.22% of GDP, compared to deficit of -2.93% of GDP for Iraq.

Deficit/surplus
Cameroon

Iraq
Year Deficit/surplus, % of GDP
Cameroon Iraq
2000 1.54% -
2001 0.86% -
2002 1.51% -
2003 0.56% -
2004 -0.46% -35.4%
2005 3.03% 4.07%
2006 28.2% 10.7%
2007 3.87% 9.98%
2008 2% -0.86%
2009 -0.04% -14.9%
2010 -0.93% -4.18%
2011 -2.26% 4.74%
2012 -1.4% 4.09%
2013 -3.55% -6.06%
2014 -4.09% -5.63%
2015 -4.25% -12.8%
2016 -5.88% -14.4%
2017 -4.72% -1.52%
2018 -2.41% 7.69%
2019 -3.24% 0.83%
2020 -3.19% -12.8%
2021 -3.01% -0.38%
2022 -1.11% 8.1%
2023 -0.63% -1.14%
2024 -0.6% -1.49%
2025 -0.84% -4.18%

Inflation comparison by year

Over the past 29 years, Cameroon has recorded an average annual inflation rate of 2.79%, compared with 8.97% in Iraq. In 2024, inflation was 4.53% in Cameroon and -12.3% in Iraq.

Inflation
Cameroon

Iraq
Year Inflation
Cameroon Iraq Cameroon Iraq
1996 3.92% -16.1%
1997 4.79% 23.1%
1998 3.17% 14.8%
1999 1.87% 12.6%
2000 1.23% 4.98%
2001 4.42% 16.4%
2002 2.83% 19.3%
2003 0.62% 33.6%
2004 0.23% 27%
2005 2.01% 37%
2006 5.12% 53.2%
2007 0.92% -10.1%
2008 5.34% 12.7%
2009 3.04% 6.87%
2010 1.28% 2.88%
2011 2.94% 5.8%
2012 2.74% 6.09%
2013 2.05% 1.88%
2014 1.85% 2.24%
2015 2.68% 1.39%
2016 0.87% 0.56%
2017 0.64% 0.18%
2018 1.07% 0.37%
2019 2.45% -0.2%
2020 2.44% 0.57%
2021 2.27% 6.04%
2022 6.25% 4.99%
2023 7.38% 4.36%
2024 4.53% -12.3%

Top exports between countries

Cameroon
Export category Export value
Machinery & equipment $85K
Wood & paper products $3K
Metals $2K
Iraq
Export category Export value

Balance of trade

Cameroon Iraq
Current account balance
-$2.02B
2023
$28.4B
2023
Current account balance ranking
143/189
2023
17/189
2023
Current account balance, % of GDP
-4.1%
2023
+10.6%
2023
Goods imports
$7.74B
2023
$56B
2023
Goods exports
$6.34B
2023
$99.1B
2023
Service imports
$2.55B
2023
$25.2B
2023
Service exports
$2.01B
2023
$8.7B
2023
Imports of goods and services, % of GDP
21.1%
2024
37.2%
2024
Exports of goods and services, % of GDP
14.7%
2024
37.5%
2024

Economic freedom indices

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

Cameroon Iraq
Economic freedom 52.1 15.6
Economic freedom ranking 149/197 196/197
Property rights 31.3 6.3
Government integrity 20.7 19.9
Judicial effectiveness 10.3 7.1
Tax burden 72.9 95.5
Government spending 91.2 65.3
Fiscal health 92.3 94.7
Business freedom 48.8 43.1
Labor freedom 46.5 56.8
Monetary freedom 73.7 67.1
Trade freedom 57.2 40
Investment freedom 30 10
Financial freedom 50 10

Economic freedom by year comparison

The Economic Freedom Index for Cameroon is 52.1, ranking 149/197, compared to 15.6 for Iraq, ranking 196/197. The chart below displays a comparison of annual changes in economic freedom indexes.

Cameroon
Iraq
Year Economic freedom index
Cameroon Iraq
1995 51.3 -
1996 45.7 17.2
1997 44.6 17.2
1998 48 17.2
1999 50.3 17.2
2000 49.9 17.2
2001 53.3 17.2
2002 52.8 15.6
2003 52.7 -
2004 52.3 -
2005 53 -
2006 54.6 -
2007 55.6 -
2008 54.3 -
2009 53 -
2010 52.3 -
2011 51.8 -
2012 51.8 -
2013 52.3 -
2014 52.6 -
2015 51.9 -
2016 54.2 -
2017 51.8 -
2018 51.9 -
2019 52.4 -
2020 53.6 -
2021 53.4 -
2022 52.9 -
2023 51.9 -
2024 53.6 -
2025 52.1 -

More economic indicators

Cameroon Iraq
Services, % of GDP
49.9%
2024
45.8%
2024
Industry, % of GDP
25.6%
2024
51.6%
2024
Agriculture, forestry, and fishing, % of GDP
17.4%
2024
3.39%
2024
GNI, Atlas method
$49B
2024
$278B
2024
GNI per capita, PPP
$5,490
2024
$14,550
2024
Total reserves including gold
$4.88B
2023
$101B
2024
Total reserves ranking
103/177
2023
28/177
2024
Net foreign direct investment
-$901M
2023
$5.65B
2023
Net inflows of foreign direct investment
$925M
2024
-$7.46B
2024
Net outflows of foreign direct investment
$5.56M
2024
$439M
2024
Servicing debt to the IMF, % of GNI
3.53%
2023
1.66%
2023
Poverty at national poverty lines
37.7%
2021
17.5%
2023
Gross capital formation, % of GDP
21.4%
2024
29.4%
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.