Mozambican economy grows by 4.5% in Q2

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Mozambican economy grows by 4.5% in Q2

11:50 CAT | 17 Sep 2024

FILE - For illustration purposes only. [File photo: INE]

The Mozambican economy grew 4.5% in the second quarter of 2024, the highest figure in a year, according to the National Statistics Institute (INE) report on national accounts.

“The performance of economic activity in the second quarter of 2024 is attributed, firstly, to the primary sector, which grew by 5.85%, with the Mining Industry sector standing out, with a variation of 17.48%, followed by the Fishing sector, with a variation of 1.61%”, reads the quarterly accounts report, , released by the INE this Tuesday (September 17).

The document adds that the Gross Domestic Product (GDP) at market prices showed a positive variation of 4.5% in the second quarter of 2024, compared to the same period in 2023, which adds to 3.2% in the first quarter, “making a total of 3.86%” in the first half of the year.

According to the INE, economic growth in the second quarter was driven, in second place, by the tertiary sector, with a variation of 3.61%. The Hospitality and Catering sector stands out, with a variation of 5.63%, followed by the Financial Services sector, with 4.37%, and the Transport, Storage and Auxiliary Transport Activities and Information and Communications sector, with a variation of 3.50%, while the Trade and Repair Services sector grew by 2.35%.

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

Source: Lusa