Mozambique economy registers 2.9% growth in 3Q 2017, 3% cumulative annual – INE

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Mozambique economy registers 2.9% growth in 3Q 2017, 3% cumulative annual – INE

12:31 CAT | 21 Nov 2017

The Mozambican economy grew by 2.9 percent year-on-year in the third quarter of 2017, registering a cumulative annual appreciation of 3 percent, the Mozambican National Statistics Institute (INE) announced yesterday.

The number represents a slowdown compared to the previous quarter, when the economy grew by 3.1 percent year-on-year, mainly due to a boost in the extractive sector, which from April to June 2017 rose 60 percent compared to the previous year.

Between July and September, the fishing sector grew most, up 22.8 percent over the same period in 2016, followed by the mining industry with a jump of 19.4 percent and transport, information and communications with a 6.7 percent increase.

Contracting sectors included the hotel and catering sector, which lost 7.4 percent, electricity, gas and water production, down by 4.8 percent, and construction, down by 3.1 percent.

“The performance of economic activity in the third quarter of 2017 is attributed primarily to the primary sector, which grew by 10.1 percent,” the report on the National Accounts of Mozambique released by the INE yesterday reads.

The tertiary sector grew 3.2 percent, while the secondary sector decreased 2.1 percent compared to the third quarter of 2016.

In terms of distribution, “Agriculture, livestock, hunting, forestry-related activities and fishing are the sectors with the largest share of the economy in the third quarter of 2017, with a GDP weight of 21.4 percent”, the document notes.

In three months’ time, the growth of the economy of Mozambique in 2017, which stood at 3.8 percent in 2016, will be known. The IMF has projected that the Mozambican economy will grow 4.7 percent this year and 5.3 percent in 2018, but figures are still subject to revision, the institution announced last week.

Source: Lusa