(Business in Cameroon) – The latest report from the National Institute of Statistics (INS), published in August 2024, shows that revenues of modern Cameroonian companies grew by 0.9% in 2023. This follows a significant 20% increase in 2022. The INS attributes this growth mainly to the service sector, which contributed around 3 percentage points to the overall increase.
The service sector remains the key driver of this growth, bolstered by activities such as financial intermediation services, which contributed 0.98 percentage points. Transportation and warehousing added 0.92 points, followed by information and telecommunications services (0.56 points) and trade and automotive repair (0.42 points).
Between January and March 2024, this upward trend continued, with an annual growth rate of 4.4%. The INS national accounts report for Q1 2024 highlights the sustained performance of sectors like financial services, non-market services provided by the public administration, health, and education. Financial services led the charge, posting a 12% growth the highest among all sectors. This was fueled by a 17.8% jump in credit to the economy during the quarter.
In contrast, the secondary sector made a negative contribution of -2.3 percentage points. After supporting growth with a positive 13.8 points the previous year, this sector suffered due to a sharp decline in the hydrocarbons industry, which fell by -27.1%. This drop is tied to an -18.7% decrease in sales prices, influenced by the falling price of Brent crude oil on the international market.
Meanwhile, the primary sector had a modest positive impact on revenue, contributing 0.1 percentage points, thanks to solid performances in agriculture and livestock. However, the INS noted a general contraction across the board. “Overall, out of the 32 sectors that posted revenue growth in 2022, only 21 maintained growth in 2023,” the report concluded.
