Mozambique: GDP falls 1.09% in the third quarter – INE

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Mozambique: GDP falls 1.09% in the third quarter – INE

3:05 CAT | 24 Nov 2020

Maputo. [File photo: Lusa]

Mozambican Gross Domestic Product (GDP) fell 1.09% in the third quarter of 2020 compared to the same period in 2019, the National Statistics Institute (INE) announced today.

“The Gross Domestic Product at market prices (GDPpm) presented a variation of minus 1.09% in the third quarter of 2020 compared to the same period of the previous year,” the INE’s National Accounts bulletin reveals.

Still, “the performance of all economic activities in the third quarter showed a recovery trend when compared to the second quarter of 2020”.

Of the nine lines of activity under analysis, only three registered growth compared to the same quarter of the previous year: agriculture and related (+3.19%), electricity and water (+4.06%) and trade and repair services (+0.22%).

The sectors most affected are hotels and restaurants (-31.42%), mining and quarrying (-16.21%) and fisheries (-2.83%).

In the first two quarters of this year, Mozambique’s GDP had registered year-on-year changes of +1.68% and -3.25% respectively.

With the third quarter value of -1.09% released today, the average value of annual GDP variation stands at -0.8% in the first nine months of 2020.

The 2020 amending budget promulgated on Wednesday by President Filipe Nyusi lowered the growth forecast for this year from 2.2% to 0.8%.

The Mozambican economy grew by 2.2% in 2019, the lowest value in the previous decade.

Source: Lusa