Mozambican economy posts growth of 6.2 pct in 2010

15 February 2011

Maputo, Mozambique, 15 Feb – The Mozambican economy posted growth of 6.2 percent in 2010, a figure within the range of 5.9 to 6.4 percent projected by the government, the spokesman for the Council of Ministers said in Maputo Monday.

According to Vítor Borges, cited by daily newspaper Notícias, the figure was a positive response to the shocks that Mozambique suffered last year, specifically delays in payment of budgetary aid by donors and heavy pressure on demand for foreign currency to import liquid fuels.

“This was the biggest growth rate in the group of countries in the Southern Africa Development Community (SADC). The average rate of inflation, last year, stood at 12.7 percent, whilst goods exports, by September, totalled US$1.632 billion, which was 76.2 percent of the target set for the whole year,” said Borges.

Provisional figures for December, according to the government spokesman, point to a net foreign reserve surplus of US$1.877 billion.

In terms of inflation, the government’s projection was that it would remain at one digit (9.5 percent), which was not the case due mainly to an unfavourable international economic climate. (macauhub)