(Business in Cameroon) – Cameroon’s tertiary sector grew by 4.4% in Q1 2024, year-on-year. A report by the country’s Statistics Institute (INS) revealed that over the quarter reviewed the services sector “kept its pace of growth and consolidated the momentum observed over the year 2023.”
The INS analysts attribute the upward curve, steady since 2023, to “good performance of several branches of activity, particularly financial services, and non-market services provided by public administration, health, and education.” Specifically, “financial services expanded by 12%, the highest growth rate among the sector’s branches. This increase is mainly due to a 17.8% rise in credit to the economy over the quarter”.
In addition to financial services, non-market services from public administration, health, and education grew by 7.3%. The information and communication sector grew by 6.8%, while accommodation and catering services increased by 6.9%. “However, transport services slowed down, with a modest growth of 1.2% in the first quarter of 2024, down from 4% in the previous quarter,” the INS report added.
BRM
