The fishing sector was mainly responsible for the 3.2% economic growth recorded in the first quarter of this year. According to the report on the implementation of the Economic and Social Plan and State Budget, recently approved by the Council of Ministers, industrial aquaculture performed remarkably well, with an increase of over 100%, driven by the export of products such as crab and live lobster.
According to the document published on the website of the Ministry of Economy and Finance, the economic growth of 3.2% is in line with the Executive’s forecast of achieving one of the highest growth rates of the last five years, estimated at 5.5% for the current year.
The report reveals that the primary sector was the main driver of growth, with a variation of 4.80%, with the fishing sector standing out with growth of 11.36%. This was followed by the Mining industry, with a variation of 10.41%, and the Agriculture, Livestock, Hunting, Forestry and Logging sector, with a variation of 2.88%.
The impressive growth of the fishing sector was driven by the expansion of industrial aquaculture, which involves catching and fattening live crab and lobster in sea waters for later export, as well as the production of seaweed in Nampula province.
While the fishing sector stands out as the main contributor to GDP growth, the extractive industry continues to be an important economic pillar, occupying second place in the first quarter’s economic performance.
