Mozambican government maintains target for economic growth of over 7 percent in 2011

11 May 2011

Massinga, Mozambique, 11 May – The Mozambican government has maintained its target for economic growth this year at over 7 percent, the country’s minister for Planning and Development, Aiuba Cuereneia said during the 7th Coordinating Council of his ministry.

Cited by Mozambican newspaper O País, the minister gave a positive account of the economy in 2010, “although the international economic crisis has undermined some of the efforts to accelerate growth and development of the country.”

Mozambique’s gross domestic product (GDP) posted growth of 6.6 percent in 2010 but the rise in the price of oil and food, as well as the appreciation of the main foreign currencies against the metical increased inflation to an annual average of 12.7 percent by December.

According to the minister, despite the adverse international economic context, “Mozambique continued to be successful in its efforts to attract national and foreign private investment.”

In 2010, he said, 234 private investment projects worth over US$3 billion were approved and were also expected to create over 28,000 jobs. (macauhub)