Mozambique’s economy sees growth of 5 percent in 1st quarter

15 July 2009

Maputo, Mozambique, 15 July – The Mozambican economy posted growth of 5 percent in the first quarter of 2009, a drop of 0.2 percentage points on the same quarter of 2008, the Bank of Mozambique said Tuesday.

A statement from the bank, issued by its Monetary Policy Committee, said that agriculture, with 11.8 percent, and industry, 8.4 percent, were the sectors that saw greaters growth between January and March of this year.

In the first three months of this year, credit rose 54 percent, reflecting a greater offer by the national banking system “due to added difficulties in finding funding from outside sources, due to the financial crisis,” the statement said.

Credit provided in the first three months of this year was mainly for the transport, telecommunication, electricity, manufacturing industry and construction sectors, said the Bank of Mozambique. (macauhub)