Mozambican GDP rises 5.6 pct in second quarter

21 October 2009

Maputo, Mozambique, 21 Oct – The Mozambican economy posted growth of 5.6 percent in the second quarter of 2009, an improvement of 0.50 percentage points on the previous quarter, the Bank of Mozambique said Tuesday.

The growth of the Mozambican economy in the second quarter of this year was driven by an improvement in the agriculture, mining, manufacturing and electricity and water sectors, according to the Bank of Mozambique, which cited figures from the National Statistics Institute (INE).

The Bank of Mozambique also said that at the end of August of this year, banking loans to the private sector had risen 61.9 percent, against 46 percent in December of 2008.

“Expansion of credit to the economy was due to the need to make up for a lack in foreign financing, due to the international financial crisis, and also reflects the foreign exchange effect,” said the statement from the Mozambican central bank. (macauhub)