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Mozambique’s Gross Domestic Product (GDP) grew 2% in the third quarter of this year compared to the same period of the previous year, which means that the Mozambican economy slowed for the third consecutive quarter, the country’s National Statistics Institute (INE) announced today.
In the first quarter of this year, GDP had registered year-on-year growth of 2.5%, which fell to 2.3% in the second quarter and then to 2%, according to the INE’s quarterly national accounts bulletin.
The International Monetary Fund (IMF) forecasts that the Mozambican economy will grow by 2.1% this year.
As in the previous quarter, the performance of economic activity in the third quarter of 2019 is led by the tertiary sector of services, “which grew by 2.8%, with greater emphasis on the branches of transport, storage, auxiliary transport activities, information and communications”, the document states.
Following the same trend, agriculture, livestock, hunting, forestry, forestry, related activities and fishing sectors continued to be the sector with the largest participation in the economy, with a weight in GDP of 22.3%”.
According to the most recent data from the INE, the Mozambican economy grew by 3.4% in 2018 compared to 3.7% in 2017.Source: Lusa
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