Credit to Mozambican economy more than doubles in first quarter

27 July 2006

Maputo, Mozambique, 27 July – credit to the Mozambican economy more than doubled in the first quarter of 2006, against the same period of last year, driven by internal trade, industry and agriculture, figures from the bank of Mozambique have shown.

Between January and March, Mozambican banks granted loans totaling 7.84 trillion meticals (US$292.9 million), or 125 percent more than in the same year-ago period and 57 percent more than in the final quarter of 2005.

the greatest year on year increase, by far, was posted in internal trade, which rose more than four-fold, reaching 3.462 trillion meticals (US$129.3 million), and was the main component of the total.

The “other credits” component had the second-greatest weighting, with 1.624 trillion meticals (US$60.6 million), which doubled in relation to last year.

Agriculture posted an increase of some 250 percent to 408 billion meticals (US$15.2 million), whilst credit to industry totaled 1.209 trillion meticals (US$45.1 million), or a 34 percent increase.

Credit to individuals rose by 28 percent, whilst loans for construction increased 40 percent and for transport and communications they posted an increase of 54 percent against the first quarter of 2005. (macauhub)