Mozambique’s economy grew at a year-on-year rate of 2.0% in the third quarter of 2019, maintaining its downward trend since the first quarter of the year, according to the National Statistical Institute (INE) when disclosing the National Accounts for the period.
After the fourth quarter of 2018 grew at a year-on-year rate of 3.0%, Mozambique’s economy slowed, with growth rates of 2.5% in the first quarter, 2.3% in the second quarter and now 2.0% in the third quarter.
The performance of the economy in the third quarter of 2019 was attributed by INE mainly to the tertiary sector, which grew by 2.85%, most notably the Transport, Storage, Auxiliary Transport, Information and Communications segments, which grew by 5.8%, and Property Rental and Business Services with 4.1%.
The secondary sector came in second with a growth of 2.28%, driven by Electricity, Gas and Water with 3.7% and Construction with 2.6%, followed by the Manufacturing Industry with 1.3%.
The primary sector registered a decrease of 0.37%, with the Mining & Extractive Industry contributing -3.7% and Fisheries -2.2%, with Agriculture, Livestock, Hunting, Forestry, Logging and Related Activities growing by 0.97%. (Macauhub)