Mozambique: GDP growth stood at 2.2% last year, the lowest since 2000

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Mozambique: GDP growth stood at 2.2% last year, the lowest since 2000

1:48 CAT | 13 Feb 2020

File photo: Lusa

The National Statistics Institute (INE) released on Wednesday (February 12) the National Accounts for the 4th Quarter of last year, which indicates that the economy grew 2.03% putting Gross Domestic Product (GDP) in 2019 at 2.2 %, its lowest since 2000.

“The performance of economic activity in the fourth quarter of 2019 is primarily attributed to the tertiary sector, which grew by 1.5%, with greater emphasis on the financial services sector with growth of around 5.6%, followed by Transportation, Warehousing, Auxiliary activities of transport, Information and Communications with a growth of 3.17%,” the INE publication reads.

In the National Accounts for the 4th Quarter, “The primary sector occupies second position with a growth of 0.72%, with a 4.1% contribution from the Fisheries sector, assisted by the sectors of Agriculture, Livestock, Hunting, Forestry, Forestry and related activities, which registered growth of around 1.4%”.

“The secondary sector demonstrated contrary behaviour, registering a decrease in the order of -0.87%, led by the manufacturing industry which registered a decrease in the order of -2.6$%,” the National Institute of Statistics publication indicates.

Ine-pib-IVtrim — *Source: National Accounts, National Institute of Statistics*

Adding the GDP of the four quarters of last year, @Verdade has ascertained that global economic growth was only 2.21%, below the 2.5% projected by the government after Cyclones Idai and Kenneth.

This is the lowest economic growth of the last two decades, it being necessary to go back to 2000 to find lower GDP growth.

By Adérito Caldeira

Source: A Verdade