Mozambique: GDP sees real growth of just 3.2% in Q1- official

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Mozambique: GDP sees real growth of just 3.2% in Q1- official

11:50 CAT | 12 Jul 2024

in file CoM

The Mozambican economy grew by 3.2% in the first quarter of the year, less than any of the four quarters in 2023, according to the National Statistics Institute’s report on national accounts, released on Thursday.

“The performance of economic activity in the first quarter of 2024 is attributed primarily to the primary sector, which grew by 4.80%, with the fishing industry standing out the most with a variation of 11.36%,” the report reads.

According to INE, the real growth rate of Mozambique’s Gross Domestic Product (GDP) in the first quarter of 2024, at market prices, was 3.2%, which contrasts with the 6.55% in the same period of 2023. Between the second and fourth quarters of last year, Mozambique’s real GDP grew by 5.87%, 4.39% and 4.84% respectively, the report recalls.

Mozambican GDP is expected to grow to 1.536 trillion meticais (€22.157 billion) in 2024, which corresponds to a growth of 5.5% in percentage terms, according to the government’s official forecast.

Source: Lusa