Mozambique’s Economy Surges: 4.5% Growth in Q2 2024

Mozambique’s economy has shown remarkable resilience, achieving 4.5% growth in the second quarter of 2024.

This impressive figure marks the highest increase in the past year, according to the National Institute of Statistics (INE). The primary sector emerged as the main driver of this growth, expanding by 5.85%.

Within this sector, the mining industry stood out with an extraordinary 17.48% increase. The fishing sector also contributed, albeit modestly, with a 1.61% growth.

Compared to the same period last year, the Gross Domestic Product (GDP) at market prices rose by 4.5%. This growth has propelled the cumulative increase for the first half of 2024 to 3.86%.

The tertiary sector played a significant role in the economic expansion, growing by 3.61%. Hotels and Restaurants led this sector with a 5.63% increase, followed by Financial Services at 4.37%.

Transportation, storage, auxiliary transport activities, information, and communications grew by 3.50%. Trade and Repair Services experienced a more modest growth of 2.35%.

This upward trend represents a substantial improvement from the 3.2% growth observed in the first quarter of 2024. Looking ahead, the Mozambican government projects the GDP to reach 1.536 trillion meticais (€22.157 billion) in 2024.

However, this forecast translates to an anticipated annual growth rate of 5.5%. These figures underscore Mozambique‘s economic resilience and potential for continued growth.

In short, the diverse sectoral contributions highlight the country’s evolving economic landscape and its capacity to navigate global challenges.