Mozambique statistics body revises last year’s growth upwards: 3.8%

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Mozambique statistics body revises last year’s growth upwards: 3.8%

11:03 CAT | 30 May 2017

The National Statistics Institute of Mozambique (INE) announced yesterday that the Mozambican economy grew by 3.8 percent last year, forecasting economic expansion of 2.9 percent in the first quarter of this year.

Figures on the INE website have revised the growth of the Mozambican economy last year upwards from 3.3 to 3.8 percent. No explanation for the revision has been offered.

According to the International Monetary Fund, the 3.8 percent growth last year is the lowest since the beginning of the decade, when Mozambique has seen average growth of about 7 percent per annum. The collapse takes place in a context of economic, financial and budgetary crisis following the disclosure of hidden debts that led to the suspension of external financing by international donors.

INE staff write that “in the first quarter of 2017, the Mozambican economy registered growth of 2.9 percent in relation to the same period in 2016”, and shows an acceleration of 3.1 percent against the previous quarter.

“The performance of economic activity in the quarter under analysis is attributed primarily to the tertiary sector, which grew by 6.7 percent, with a stronger emphasis on trade and repair services, with growth of around 8.1 percent,” the document reads.

The primary sector, in turn, “had a positive performance of about 4.5 percent as a result of an increase of 41.6 percent presented by the mining industry”, while the secondary sector registered a decrease in the order of 10.0 percent.

Source: Lusa