National economic growth may go from a revision to 2%, according to the consultancy Oxford Economics Africa. And this will be due to the development recorded in the third quarter of 2021, being the highest record since before the pandemic.

Analysts report growth in the order of 3.36% between July and September 2021.

Analysts evaluating national gross domestic product (GDP) growth note in a report that at the beginning of the year growth was slow, however, it picked up speed already in the second half of the year and "the third quarter turned out to be the strongest in terms of GDP growth since the second quarter of 2019."

On the other hand, Oxford Economics Africa says that these records bring good prospects for acceleration in the Mozambican economy, and that GDP could be 2.5% next year "in a context of increased exports of raw materials, sustained by the start of natural gas production in the Rovuma basin, in the Eni project.

Oxford Economics Africa analysts point out that this year, "the acceleration of production at Vale's Moatize mine, underpinned by an improvement in exports of other raw materials, and the reduction of covid-19 containment measures have breathed life into the economy."

The national GDP grew by 3.36% in the third quarter, accelerating the upward trend registered since January, announced the National Statistics Institute (INE).

"Gross domestic product at market prices showed a positive change of 3.36% in the third quarter of 2021, when compared to the same period of 2020, making an accumulated growth of 1.78%," reads the note on the quarterly national accounts.

The numbers leave the GDP 32 basis points away from the target set by the State Budget for this year (2.1%) and reinforce the sign of recovery from the crisis caused by the covid-19 pandemic.

"The performance of economic activity in Q3 2021 is primarily attributed to the primary sector which grew by 4.78%," driven mainly by mining with a jump of 5.01%, INE noted.

Source: Lusa