The services sector will become the main engine of growth in sub-Saharan Africa as agricultural exports continue to decline and the manufacturing sector remains stagnant in many countries.
Latest data from UN Conference on Trade and Development (Unctad) shows that the sector contributes half of the continent’s output, outpacing the manufacturing sector.
“Indeed, growth in services has been vibrant in Africa 4.6 per cent per annum — more than twice the average rate for the world during the period between 2009 and 2012. The sector’s performance has undoubtedly contributed to Africa’s growth trajectory of the past decade,” said Unctad in its latest report on economic development in Africa. Read more. Source | East African