[2020-02-17] Mozambican economy expected to post growth of 2.2% in 2019

Source: Macauhub

Mozambique posted economic growth of 2.2% in 2019, which compares with an increase of 3.43% in 2018, said the country’s National Statistics Institute (INE).

The growth recorded in 2019 was the lowest in the last decade, according to INE, whilst also revealing a slowdown in growth.

Figures published in the Bulletin of National Accounts for the fourth quarter and full-year 2019 showed, for example, that in 2012 Mozambique’s economy grew at a rate of 7.3%, and since then and apart from 2014, with growth of 7.4%, slowed until it reached 2.2% in 2019.

Separating 2019 by quarters, Mozambique’s economy grew 2.5% in the first, 2.3% in the second, 2.01% in the third (which was incraesed by 0.02 percentage points) and finally, 2.03% in the fourth quarter.

Economic performance in the fourth quarter of 2019 was mainly driven by the tertiary sector which grew at 1.5%, with greater emphasis on the financial services industry with growth of around 5.6%, followed by Transport, Storage, Auxiliary Transport Activities, Information and Communications with growth of around 3.17%.

In second place was the primary sector with growth of 0.72%, with the segments of fishing with 4.1%, assisted by agriculture, livestock, hunting, forestry, logging and related activities with growth of 1.4%.

The secondary sector noted a decrease of 0.87%, driven by the manufacturing industry with a decrease of 2.6%.