Mozambique: GDP growth in Q3 slows to 3.2%, even as mining output up 15% – INE

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Mozambique: GDP growth in Q3 slows to 3.2%, even as mining output up 15% – INE

9:06 CAT | 21 Nov 2018

Mozambique’s gross domestic product in the third quarter, adjusted for inflation, was 3.2% larger than a year earlier the National Statistics Institute announced on Tuesday.

In the first nine months of this year, GDP was 3.3% larger than in the same period of 20176.

“The performance of economic activity in the third quarter of 2018 is thanks above all to the primary sector, which grew 6.3%,” the INE’s bulletin on the national accounts in the third quarter stated.

The increase was driven by the mining industry, with growth of 15.4%.

In the first half of the year, the year-on-year rate of growth in GDP had been 3.3%.

With one quarter left to go in 2018, the rate of growth is considerably slower than the government’s full-year projection, which since last month has been for 4.1%, down from its 5.3% forecast at the start of the year.

The World Bank is projecting growth of 3.3% this year, and the International Monetary Fund 3.5%.

The country’s GDP last year swelled 3.7%, following 3.8% growth in 2016.

Source: Lusa