Growth to end 2021 at 4.3%, with the tertiary sector boosting GDP

2021 will be a period of recovery for most countries in the world after the start of the COVID-19 pandemic. At the national level, the year was marked by an upturn in economic activity that reached him 3.6% in 2021, compared with his 0.3% in 2020. “The dependence on the recovery of national economic activity can be seen in almost all sectors of activity, but more so in sectors most affected by the crisis, especially in services such as transport, accommodation and catering. and industrial activity” can be read in the National Accounts 2021 published by the National Bureau of Statistics (INS).so at real value

The tertiary sector is the sector that contributed most to this performance over the past year on the supply side. “The tertiary sector is in the grip of the Covid-19 pandemic, with a notable growth of 4.3% in 2021 compared to 0.1% in 2020 and a contribution of 2.2 percentage points to GDP growth in 2021, after 0.1 percentage point in 2020. Having achieved its performance before the associated crisis, the INS claims it has regained its position as the engine of growth for the national economy.For the full year, it increased from 2.2% in the first quarter to 4.9% in the second quarter. %, 3.9% in the third quarter, and finally 4% in the last three months.In real value, the tertiary sector will grow by 12,147.8 billion CFA against 12,147.8 billion CFA in 2020. We are doing in an envelope of 836 billion CFA francs.

Sub-categories of this sector that have contributed to regaining its position as a driving force in Cameroon’s economy include: Information and communication activity in 2021 is 5.3%, he is 6.1%. Transportation and storage is 5.6% against 0% in 2020, accommodation and catering is 7.3% against -8.4%.

It is no secret that the coronavirus pandemic that broke out in Cameroon in March 2020 had a significant impact on tertiary sector activity. Most affected were catering and accommodation activities due to hotel and border closures. In fact, according to a memo published by the INS, 1% of jobs in the accommodation and catering sector were affected by the health crisis in April-May (shortening of working hours, layoffs, technical leave, etc.). Editor’s Note). 2020. This he will begin to improve in 2021 and global travel has resumed. Another big hit has been trade, with declining demand both domestically and internationally. Added to this are government measures on social distancing.

On a national scale, the impacts caused by Covid include:
Declining demand (94.2%), domestic supply issues (76%), external funding issues (72%). Reduced production (82.6%); reduced turnover (95.5%) and fewer employees (52.8%)…

What about other sectors?

In addition to the tertiary industry, the primary and secondary industries are also contributing to the improvement of the gross domestic product and are reviving their activities. In fact, the growth rate observed in the primary sector is around 2.9%, up from 1.4% in 2020 (4,251.6 billion CFA francs 4,251.6 billion in real terms). The secondary sector will grow from 1.4% (6.1592 trillion) in 2020 to 3.2% in 2021.

Leave a Comment

Your email address will not be published.