Mozambique’s gross domestic product (GDP) grew 0.12% in the first quarter of this year compared to the same period in 2020, after three quarters in decline, the National Statistics Institute (INE) announced on Monday.“The performance of economic activity in the first quarter of 2021 is attributed in the first place to the primary sector, which grew by 0.25%,” the note on the quarterly national accounts distributed on Monday reveals.The agriculture and related activities sector has the greatest weighting in the country’s economic activity (about a quarter), and agricultural growth of 4.8% helped offset the 18.02% fall in the mining sector.In addition to the mining industry, another sharp drop (-15.13%) was registered in the hotels and restaurants sector.On the growth side, in addition to agriculture and related activities, financial services and fisheries and aquaculture stood out.
Mozambican GDP fell by 1.3% in 2020 due to the impact of Covid-19
The first quarter of 2020 was the only one that year with year-on-year growth (1.71%), then came the pandemic crisis, with falls of -3.54% in the second quarter, -1.18% in the third and -1.77% in the fourth.The State Budget for 2021 predicts economic growth of 2.1%, but the document was approved in late 2020, three months before the rebel attack on Palma, Cabo Delgado, led to the indefinite suspension of the Total gas project, an anticipated driver of the Mozambican economy.The conflict in the north represents an increase in risk, but, on the other hand, Covid-19 has eased and some restrictions have been lifted.According to the Ministry of Health, Mozambique had by Monday an accumulated total of 836 deaths and 70,795 cases of Covid-19, of which 98% are assessed as recovered, leaving 430 active cases.
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