Mozambique’s economy expanded by 4.5% in the second quarter of 2024, marking the highest growth rate in the past year, according to a report from the National Statistics Institute (INE) released on September 17. This is a notable rise from the 3.2% growth recorded in the first quarter.
The primary sector was the key contributor, growing by 5.85%, with the Mining Industry surging by 17.48%. The Fishing sector saw a smaller increase of 1.61%. Overall, the Gross Domestic Product (GDP) at market prices grew by 4.5% in the second quarter compared to the same period in 2023, with total growth reaching 3.86% for the first half of the year.
The tertiary sector also played a role, with a 3.61% increase. Hotels and Restaurants grew by 5.63%, Financial Services by 4.37%, and Transportation, Storage, and Communications by 3.50%. Trade and Repair Services had a more modest gain of 2.35%.
For 2024, the government anticipates Mozambique’s GDP to reach 1.536 trillion meticais, reflecting a projected growth rate of 5.5%..