Mozambique’s economy grows 5.3 pct in 1st quarter of 2016

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Mozambique’s economy registered annual growth of 5.3 percent in the first quarter of 2016, according to figures published in Maputo by the National Statistics Institute (INE).

The performance of the Mozambican economy in the period was primarily due to the secondary sector which grew 10 percent, most notably the construction sector with 11.4 percent, followed by manufacturing, with 9.9 percent.

The tertiary sector took second place, posting growth of 6.9 percent, driven by the catering industry, with growth of 8.7 percent.

The primary sector grew 2.7 percent, driven by the mining industry, with an increase of 11 percent, also according to the INE figures cited by daily newspaper Notícias.

The growth rate recorded in the first three months of 2016 is close to the figure recently forecast by the World Bank for the development of Mozambique’s economy this year, of 5.8 percent.
Source: MacauHub