Mozambique's economic growth rose by 4.67% in the second quarter of this year, according to the report recently published by the country's National Institute of Statistics (INE). This increase is largely due to the primary sector of the economy.
Cumulative growth in the first half reached 4.42%, with the first quarter of the year having already recorded growth of 4.17%.
The Mozambican Government's forecasts indicate that, next year, the economy is expected to grow by 5%.
The INE report pointed to the primary sector as the main driver of this growth, recording a rise of 8.98% compared with the same period of the previous year. The Mining Industry was the segment that contributed most, with a positive change of 42.71%, followed by Agriculture, Livestock, Hunting, Forestry and Logging, with approximately 3.11%.
By contrast, the tertiary sector recorded a change of 4.24%. Here, the highlights were Transport, Storage, Information and Communications, which grew by 6.85%, and Hotels and Restaurants, which changed by 5.51%, while Financial Services increased by 3.40%.
The secondary sector showed a decline of 6.52%, especially in Construction, with a negative change of 10.43%, followed by Manufacturing, which fell by 7.72%. Electricity, gas and water distribution also recorded a reduction, although a minimal one, of 0.18%.
The INE also highlighted the importance of Agriculture, Livestock, Hunting, Forestry, Logging and related activities, which accounted for 25.89% of GDP in the second quarter. Transport, Storage and transport support activities and Information and Communications came second, with 10.36%, followed by Trade and Repair Services with 8.92%, and the Mining Industry, with 7.48% of the quarter's total GDP.
This report reflects the positive trend in the Mozambican economy and is an encouraging indication of the country's economic future, which is expected to bring sustained growth and diversification across the various sectors of the economy.
