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Yaoundé - 26 November 2020 -
Economy

Cameroon: The banking and financial services segment contributed the most to growth in the tertiary sector in 2019

Cameroon: The banking and financial services segment contributed the most to growth in the tertiary sector in 2019
  • Comments   -   Tuesday, 20 October 2020 16:03

(Business in Cameroon) - Cameroon’s tertiary sector grew by 3% in 2019, according to the 2019 national accounts recently published by the National Institute for Statistics (INS). Compared with the performance in 2018 (during which the sector recorded a growth of 4.4%), this represents a decline in this indicator.  

According to the INS, all of the segments in this sector contributed to the decline except the banking and financial services branch which recorded the strongest growth in the sector during the period under review. Specifically, this segment grew by 6.2% in 2019, after a growth of 10.2% a year earlier.

The same scenario was observed in the accommodation and food services (+1.8% in 2019 after +4.3% in 2018), public administration and social security (+1.7%in 2019 after +3.5% in 2018), health and social work (+2.7% in 2019 after +5.3% in 2018) segments, etc.

However, this drop in economic growth is less significant in the trade and vehicle repair (4.2% after 5.1%), transport, warehousing, and communications (3.5% after 4.0) segments.

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