Mozambique’s budget revenues rise 38 percent in first quarter

28 July 2006

Maputo, Mozambique, 28 July – Mozambique’s budget revenues rose 38 percent in the first quarter of 2006, against the same period of the previous year, driven by individual income tax and non-tax revenues, officials said.

Figures from the Ministry of Planning and Finance showed that between January and March revenues totaled the equivalent of US$179.3 million, which represented a 10-percent decrease against the last quarter of 2005, for seasonal reasons.

The biggest growth was posted by non-tax revenues, which grew 79 percent as compared to the first quarter of 2005, to US$7.7 million.

Overall tax revenues increased 37 percent to US$171.8 million.

Amongst tax revenues the greatest growth was posted by individual income tax, of 61 percent.

The International Monetary Fund (IMF) has forecast that the Mozambican economy will grow 7.9 percent per year in 2006, or 0.2 percentage points more than last year, and that the growth rate will slow over the next few years to around 7.0 percent. (macauhub)