Mozambique sees higher-than-expected growth of 6.5 pct, central bank says

10 December 2009

Maputo, Mozambique, 10 Dec – The Mozambican economy has resisted the impact of the world financial crisis, with Gross Domestic Product (GDP) growth of 6.5 percent, above the projected 5.9 percent for 2009, said a central bank executive Wednesday in Maputo.

“The global impact of the financial crisis has affected our country’s economy but despite this real GDP growth is above our initial projections,” said Bank of Mozambique executive, Waldemar de Sousa.

De Sousa noted that the Mozambican central bank had projected, at the end of last year, economic growth of 5.9 percent, for this year, a target that was later changed to 4.3 percent.

“But what we have seen is that in the first quarter of this year GDP grew by 5.9 percent, 6.1 percent in the second quarter and 6.5 percent in the third. That is, GDP growth is, in fact, in line with initial projections in the (Mozambican) Government’s Economic-Social Plan, which forecast growth of around 6.5 percent,” he said.

De Sousa, who is also the spokesman for the central bank said that GDP growth of around 6.5 percent was a “success” in a situation of global financial crisis.

The sectors to post greatest growth in Mozambique were financial services with 18 percent, public administration with 13.3 percent, agriculture (9.6 percent), hotels and restaurants (8.6 percent), construction (8 percent) and transport and communications (4.3 percent).

However, manufacturing industry, based on drinks, tobacco and cement “is seeing negative growth of 5.2 percent,” de Sousa said.

“We are still investigating the reasons for the sub-sectors that are leading manufacturing to a performance well below that of other sectors,” he said. (macauhub)