The Mozambican economy shrank 3.25% yoy in the Q2 of 2020, following a 1.68% growth in the previous three-month period. It was the steepest economic contraction since at least the Q2 of 2000, amid the full impact of the coronavirus outbreak and related containment measures. The main negative contribution came from the services sector (-4.06%), namely hotels & restaurants (-35.8% vs -1.4%); internal trade (-5.7% vs 2.9%) and transport & communication (-4.7% vs 5%). Declines were also seen in primary activities (-2.65%), induced by mining (-25.6% vs -11.7%) and fishing (-1.8% vs 1.5%) which contrasted with a solid rise in agriculture (3.5% vs 2.9%). In addition, secondary activities posted a 2.42% fall, due to weaker performance in manufacturing (-5.3% vs 2.5%) and construction (-0.9% vs 1.7%). The emergency state in the country was first set on April 1st and was extended for the fourth time until August 30th, though with some relaxation of restrictions.
GDP Annual Growth Rate in Mozambique averaged 5.62 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 October of 2020.
GDP Annual Growth Rate in Mozambique is expected to be -2.80 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 3.40 in 12 months time. In the long-term, the Mozambique GDP Annual Growth Rate is projected to trend around 4.00 percent in 2021 and 5.00 percent in 2022, according to our econometric models.