Mozambique: GDP plunges 3.25% in Q2 – INE

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Mozambique: GDP plunges 3.25% in Q2 – INE

2:09 CAT | 18 Aug 2020

File photo: Lusa

Mozambique’s economy contracted 3.25% in the second quarter, compared to the same period last year, performing worse than the 1.68% growth registered in the first quarter, according to the National Statistics Institute (INE).

“The negative performance of economic activity in the second quarter of 2020 is attributed primarily to the tertiary sector, which decreased by 4.06%, with the emphasis on the Hotel and Restaurant business sector, with a variation of minus 35.84%,” a note on the INE website reads.

According to the note, “Trade and Repair Services follow, with 5.69% less, and Transport and Communication, with about 4.68% less”.

Among the reasons for the fall in the gross domestic product (GDP), the note adds: “The primary sector occupies second position, with a variation of minus 2.65%, induced by the Extractive Industry sector with minus 25.55%, followed by Fisheries with minus 1.83% .”

Agriculture, the INE however notes, “had a positive variation of 3.53%”.

Source: Lusa