Mozambique: Economic Climate Indicator drops for third consecutive month - INE
Mozambique’s economic growth slowed to 3.7 percent in 2017, official data showed on Friday, compared with a revised 3.8 percent expansion a year earlier. The growth was boosted by the southeastern African country’s mining sector, which grew by nearly a third, data from the National Statistics Institute (INE) showed, Reuters reports.
Mozambican daily Notícias, details data provided by INE as follows:
The Mozambican economy grew 3.7 percent in real terms in 2017 according to the National Statistics Institute (INE). The figure represents a deceleration of economic growth of just 0.1 percentage points against 2016.
The economic performance in 2017 is attributed primarily to the primary sector, which grew by 9.0 percent, with the mining industry being the most important, with a growth of 32.4 percent.
The tertiary sector comes second in terms of growth, with a 3.1 percent rise, driven by transport, warehousing and auxiliary transport activities, and information and communications with a combined growth of about 5.2 percent.
Occupying the third position and falling 3.4 percent comes the secondary sector influenced by electricity, gas and water with 7.1 percent.
According to the INE, agriculture, livestock, hunting, forestry, related activities and fisheries had a larger share of the economy in 2017 than in the previous year, with a GDP share of 22.5 percent.
Transportation, storage and auxiliary transport activities and information and communications recorded a joint contribution of 12.2 percent, while the trade and repair services sector grew 11.3 percent, followed by manufacturing, 8.6 percent.
Real estate rental reached 6.7 percent and services provided to businesses and education, 7.5 percent. The remaining lines of activity had a combined weight of 31.3 percent.Source: Reuters / Notícias