The Mozambican economy shrank by 1.1% yoy in the third quarter of 2020, following a 3.3% decline in the previous three-month period, as domestic activity gradually recovers from the impact of Covid-19 and related containment measures. The services sector contracted less (-2.4% vs -4.1% in Q2), led by hotels & restaurants (-31.4% vs -35.8%); transport & storage (-1.2% vs -4.7%) and internal trade (0.2% vs -5.7%). Also, primary activities fell at a softer pace (-1.9% vs -2.7%), amid a smaller contraction in mining (-16.2% vs -25.6%) and growth recorded in agriculture (3.2% vs 3.5%). In addition, secondary activities rebounded (0.6% vs -2.4%), driven by utilities (4.1% vs 6.3%) and softer decreases in manufacturing (-0.9% vs -5.3%) and construction (-0.2% vs -0.9%). The Mozambican government projects the economy will grow 2.1% in 2021, supported by agriculture and construction. Gas exploration projects in the Rovuma basin could also support activity. source: Instituto Nacional De Estatistica, Mozambique
GDP Annual Growth Rate in Mozambique averaged 5.54 percent from 2000 until 2020, reaching an all time high of 15.30 percent in the first quarter of 2004 and a record low of -3.25 percent in the second quarter of 2020. This page provides the latest reported value for - Mozambique GDP Annual Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Mozambique GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on November of 2020.
GDP Annual Growth Rate in Mozambique is expected to be -3.10 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Mozambique to stand at 2.20 in 12 months time. In the long-term, the Mozambique GDP Annual Growth Rate is projected to trend around 2.10 percent in 2021 and 4.00 percent in 2022, according to our econometric models.