Mozambique’s Gross Domestic Product (GDP) saw a rise of 4.67% in the second quarter, driven primarily by the primary sector, as reported by Mozambique’s National Institute of Statistics (INE).
According to the INE, this rise adds to the 4.17% growth observed from January to March, culminating in a cumulative economic growth of 4.42% for the first half of the year.
The country’s economy is projected to see a 5% growth in 2023 based on government estimates.
The INE’s report indicates that the Q2 2023 economic activity was largely influenced by the primary sector, which surged 8.98% compared to the same period in 2022.
Notably, the Mining Extraction Industry stood out with a significant 42.71% change, followed by Agriculture, Livestock, and Forestry sectors, growing approximately 3.11%.
The tertiary sector followed with a 4.24% growth.
Transport, Storage, and related auxiliary activities, alongside Information and Communications, led the way with a 6.85% increase, followed by the Hospitality and Restaurant sector at 5.51% and the Financial Services sector growing by 3.40%.
Conversely, the secondary sector declined by 6.52%, primarily affected by the Construction sector, which saw a decrease of 10.43%, followed by the Manufacturing Industry with a 7.72% dip and, finally, the Electricity, Gas, and Water Distribution sector, which decreased by 0.18%.
The INE pointed out that sectors like Agriculture, Livestock, and Forestry played a significant economic role, contributing 25.89% to the Q2 GDP.
The Transport and Communication sectors followed, accounting for 10.36% of the GDP, with the Trade and Repair Services making up 8.92% and the Mining Extraction Industry contributing 7.48%.