Mozambique’s Gross Domestic Product (GDP) grew 5.92% in the third quarter, accumulating growth of 4.9% since the beginning of the year, the National Statistics Institute (INE) announced on Friday.
According to the Quarterly National Accounts report, Mozambique’s GDP, at market prices, was influenced in the third quarter by the primary sector, which grew by 12.9%, “most notably the mining industry, with a variation of 43.18%”.
This was followed by agriculture, livestock, hunting, forestry and logging, which grew by 3.53 % in the same period.
The 5.92% growth in the third quarter also compares with 4.67% in the second quarter and 4.17% in the first quarter. In the third quarter of 2022, Mozambique’s real GDP grew by 3.65%.
In the second quarter of 2018, according to INE’s historical data, Mozambican real GDP grew by 5.73%, the highest figure prior to the third quarter of this year.
According to the Bank of Mozambique, this “acceleration of economic activity” in the country is the result of the “increased production of Liquefied Natural Gas (LNG), which contributed 45% to the growth of the economy”.
This, said the institution in an official note, in a “context in which the recovery of the manufacturing industry is also emphasised, after four successive quarters of negative performance”.