The Mozambican economy shrank by 2.4% year-on-year in the fourth quarter of 2020, following a 1.1% decline in the previous quarter, as the country struggled with terrorist attacks and as coronavirus-induced restrictions around the globe hit tourism-related sectors. The largest contraction was registered in the services sector (-4.1% vs -2.4% in Q2), led by hotels & restaurants (-22.5% vs -31.4%); transport & communications (-7.5% vs -1.2%) and financial services (-2.1% vs -2.1%). The primary sector also declined (-2.7% vs -1.9%), due to a slowdown in agriculture output (1.1% vs 3.2%) and a sharp contraction in mining (-13.3% vs -16.2%). Also, secondary activities relapsed (-2.3% vs 0.6%), dragged by utilities (-5.2% vs 4.1%) construction (-3.9% vs -0.2%) and manufacturing (-1.1% vs -0.9%). source: Instituto Nacional De Estatistica, Mozambique
GDP Annual Growth Rate in Mozambique averaged 5.45 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 May of 2021.
GDP Annual Growth Rate in Mozambique is expected to be 1.60 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 2.30 in 12 months time. In the long-term, the Mozambique GDP Annual Growth Rate is projected to trend around 4.50 percent in 2022 and 4.00 percent in 2023, according to our econometric models.