Mozambican Gross Domestic Product (GDP) grew 4.67% in the second quarter, driven by growth in the primary sector. The data are contained in the National Accounts report released this Monday (14), by the National Statistics Institute (INE).
This performance, according to the report, is in addition to the 4.17% recorded from January to March, also in year-on-year terms, resulting in an accumulated economic growth in the first half of 4.42%.
The Mozambican economy is expected to grow by 5% in 2023, according to the government’s forecast.
In this report, INE adds that the performance of economic activity in the second quarter of 2023 is justified, “in the first place”, by the primary sector, which grew 8.98% compared to the same period in 2022, “with greater emphasis” on the Mining Industry, with a variation of 42.71%, followed by the Agriculture, Livestock, Hunting, Forestry, Forest Exploration branch with about 3.11%.
The tertiary sector followed, with a variation of 4.24%, with emphasis on the Transport, Storage and auxiliary transport activities and Information and Communications branch, with a growth of 6.85%, followed by the Hotel and Catering branch with a variation of 5.51%, while the Financial Services branch increased by 3.40%.
Lastly, the secondary sector, which fell 6.52% year-on-year, “induced by the Construction branch”, with a negative variation of 10.43%, followed by the Manufacturing branch, with a drop of 7.72% and, finally, the Electricity, Gas and Water Distribution branch, which decreased 0.18%.
According to INE, the Agriculture, Livestock, Hunting, Forestry, Logging and related activities “had a greater participation in the economy”, with a combined weight in the second quarter GDP of 25.89%, followed by the Transport, Storage and auxiliary transport activities and Information and Communications branch, with a weight of 10.36%.
In third place comes the Trade and Repair Services branch, with 8.92% of the quarter’s total GDP, followed by the Mining and quarrying branch, with 7.48%.
