Mozambique GDP grows 1.8 pct in 1Q

Mozambique’s economy grew by 1.8 percent in the first quarter, Portuguese news agency Lusa reported, citing data from the Mozambique National Institute of Statistics.

Compared to the same time last year, the country’s economy has grown by 2.9 percent. The annual rate of growth is below the consensus of the forecasts by international agencies, who predicted a growth rate of more than 4 percent.

Mozambique’s President Filipe Nyusi said in May the economy could grow by 5.5 percent this year.

The statistics bureau said agriculture, livestock, hunting, forestry and fisheries accounted for about 23.2 percent of gross domestic product in the period to the end of March.

Commercial and repair services was the economy’s next biggest sector, accounting for 12.5-percent share of GDP, followed by transport, storage, information and technology, with a 12.4-percent share.