The economy grew by 4.5 per cent in the second quarter of 2024, driven mainly by the primary sector, according to a report by the National Statistics Institute (INE). This is the highest quarterly growth seen in the last year, sustained above all by the mining industry, which showed a variation of 17.48 per cent, followed by the fishing industry, with an increase of 1.61 per cent, as reported by Lusa.
The INE document indicates that the Gross Domestic Product (GDP) at market prices had a positive variation of 4.5 per cent in the second quarter of 2024, compared to the same period in 2023. This growth follows a 3.2 per cent increase in the first quarter of the year, resulting in an accumulated 3.86 per cent for the first half of the year.
In addition to the primary sector, economic growth in the second quarter was also driven by the tertiary sector, which showed a variation of 3.61 per cent. Within this sector, the hotel and restaurant industry stood out, with growth of 5.63 per cent, followed by financial services, with 4.37 per cent, and the transport, storage and auxiliary transport activities and information and communications industry, with a variation of 3.50 per cent.
Trade and repair services also contributed to growth, with an increase of 2.35 per cent.
The INE report points out that the positive dynamics in the primary sector, led by mining, and the significant performances in tertiary sectors, such as hotels and financial services, were key factors for economic growth in the second quarter.
These results reinforce the government’s official forecast, which estimates GDP growth of 5.5 per cent by 2024, reaching a total value of 97.7 billion meticals.
INE also emphasises that the evolution of the economy in the second quarter of 2024 reflects the resilience of key sectors and continued investment in productive activities, despite global and regional economic challenges.
