Mozambique’s economy expected to post 8.4 pct growth in 2013

13 December 2012

The Mozambican economy is expected to post growth of 8.4 percent in 2013, according to a projection included in the Economic and Social Plan (PES) for 2013 submitted by the government to the country’s parliament Wednesday.

According to the document cited by Mozambican news agency AIM, the average annual rate of inflation is expected to fall below 7.5 percent and exports are expected to rise by 14 percent year on year to US$3.558 billion.

During the parliamentary session, the Minister for Planning and Development, Aiúba Cuereneia, said that Mozambique’s economic performance had exceeded expectations this year, with inflation remaining under control and the national currency – the metical – remaining stable against the South African rand and the US dollar.

“Stability of the metical contributed to reducing the general level of prices of the main consumer products in the country,” the minister noted.

In the first nine months of the year, the minister said, the government approved 264 investment projects worth US$2.7 billion which, along with national initiatives to fund economic activities, led to creation of around 113,000 new jobs.

Cuereneia also said that Mozambique’s net foreign reserves at the end of October totalled US$1.664 billion, which was enough to cover five months of goods and services imports. (macauhub)