Mozambique’s economy grew by 4.15% in 2022, the National Statistics Institute (INE) announced a few days ago when publishing the last quarter figures of the Gross Domestic Product (GDP).
According to the Mozambican INE, the GDP at market prices showed a positive variation of 4.24% in the fourth quarter of 2022 compared to the same period in 2021, making an accumulated growth for the year of 4.15%.
The growth accelerated compared to the 2.2% of 2021 and was above the 2.9% predicted by the Government in the Economic and Social Plan and State Budget (PESOE) for 2022.
According to Lusa, the data announced by INE align with the most recent forecasts, which were made by Standard Bank, anticipating that 2022 would have closed with a growth of 4.1%. In the same analysis, the bank estimates that growth will remain at about the same rate (4.2%) in 2023.
According to INE, in the fourth quarter of 2022, the primary sector was the one that pulled the economy the most, and within this, the mining industry stands out in the tertiary sector, which comes right after it.
The growth of the hotel and restaurant industry stands out after 2021 when there were still restrictions associated with the Covid-19 pandemic.
In a commentary on the fourth quarter figures, the Bank of Mozambique said that growth “reflected the recovery of the sectors most affected by Covid-19, following the easing of restrictive measures at home and abroad.”
With information from Forbes
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
Read More from The Rio Times