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", reads in the publication.
Growth accelerated from 2.2% in 2021 and was above the 2.9% forecast by the Government in the Economic and Social Plan and State Budget (PESOE) for 2022.
The data announced by INE are in line with the most recent forecasts, which were made by Standard Bank, anticipating that 2022 would have closed with a growth of 4.1%. In the same analysis, the bank estimates that growth will remain at roughly the same pace (4.2%) in 2023.
According to the Mozambican INE, in the fourth quarter of 2022, the primary sector was the one that most pushed the economy and within this the mining industry stood out.
In the tertiary sector, which comes next, the growth of hotels and restaurants stands out, after a year in 2021 in which there were still restrictions associated with the covid-19 pandemic.
In a comment on the fourth quarter figures, the Bank of Mozambique said that growth "reflected the recovery of the sectors most affected by covid-19, following the easing of restrictive measures at domestic and external level".
