(Business in Cameroon) – Cameroon’s economic growth at the end of March 2024 was fueled by the strong performance of the primary and tertiary sectors. However, the secondary sector faced a slowdown, as highlighted in a report on national accounts published by the National Institute of Statistics (INS) on August 29, 2024.
“Compared to the same period in 2023, the secondary sector lost momentum this quarter, with a growth rate of just 0.7% and contributing only 0.3 points to overall economic growth. This modest performance is primarily due to a decline in the extractive industries,” the INS report highlighted.
The slowdown in oil production was a major factor in this decline, INS said. During the reviewed period, oil production contracted by 4.7% year-on-year. The report noted that while all other branches of the secondary sector showed positive growth, some were also slowing down.
