The Mozambican economy grew 4.15% in 2022, the National Statistics Institute (INE) announced last week, publishing the gross domestic product (GDP) figures for the last quarter.
“GDP at market prices showed a positive variation of 4.24% in the fourth quarter of 2022, when compared to the same period of 2021, making an accumulated growth of 4.15% per year,” the INE publication reads.
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Growth accelerated from 2.2% in 2021 and exceeded the 2.9% forecast by the government in the Economic and Social Plan and State Budget (PESOE) for 2022.
The figures announced by the INE are in line with the most recent forecasts, particularly that of Standard Bank, which anticipated that 2022 would close with Mozambican GDP growth of 4.1%.
In the same analysis, Standard Bank estimates that growth will remain roughly the same (4.2%) in 2023.
According to the INE, the primary sector was the driver in the fourth quarter of 2022, with the mining industry standing out.
In the tertiary sector, the next most important, the growth of hotels and restaurants stands out, post the Covid-19 restrictions of 2021.
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In a comment on the fourth quarter figures, the Bank of Mozambique says that growth “reflects the recovery of the sectors most affected by Covid-19, following the easing of restrictive measures, both at domestic and at external level”.
