Cameroon’s economy saw a 3.1% growth in the fourth quarter of 2023, according to a report released on May 7 by the National Institute of Statistics (INS). This growth, compared to the same period in 2022, was driven by positive momentum in the primary and tertiary sectors, contributing 0.6 and 1.8 points respectively to the quarter’s growth.
During the same period, the secondary sector experienced a slowdown, contributing 0.4 points to the overall growth. The extraction of crude oil and natural gas had a negative impact of 0.2 points on growth. However, all the other secondary industries performed well during the quarter, particularly the other manufacturing industries, with a growth of 4.9% and a contribution of 0.3 points; and the building and public works industries, with growth of 3.4% and a contribution of 0.2 points.
Consistently, the tertiary sector remained the driving force behind Cameroon’s economic growth in this quarter. All branches within the sector made positive contributions to this performance, particularly in transport (0.5 points), information and telecommunications (0.2 points), financial services (0.3 points), and non-market services of the public administration (0.3 points), as highlighted by the INS.