Mozambique GDP Growth Slows but Remains Strong

The economy of Mozambique advanced by 5.36% from a year ago in the fourth quarter of 2023, following a 5.92% growth in the previous three-month period, which was the strongest since the last quarter of 2017.

The economic slowdown was mainly attributed to the slower growth of the extractive industry (+25.91% vs +43.18% in Q3) and the poor performance of the manufacturing sector (-1.76% vs +1.09%).

Meanwhile, other activities contributed positively to the GDP growth, including accommodation & food services (+11.77% vs +3.04%); construction (+5.31% vs -1.39%); transport & storage, information & communications (+4.89% vs +2.58%), finance (+4.19% vs +4.08%), agriculture (+4.71% vs +3.53%) and fisheries (+20.99% vs +2.72%).

Mozambique's GDP growth reached 5% in 2023, the strongest since 2015, compared to 4.4% in 2022.