Mozambique’s economy grows 5.9 percent in second quarter of 2015

28 October 2015

Mozambique’s economy grew 5.9 percent in the second quarter, against 7.8 percent in the same period of 2014 and monthly inflation rose by 0.12 percent in September, the Bank of Mozambique said Tuesday.

Speaking at a press conference on the “Economic Situation and Inflation Prospects,” the spokesman and director of the Bank of Mozambique, Valdemar de Sousa said gross domestic product (GDP) in this period was influenced by an annual rise of 47 percent of the primary sector.

“Even in a context of declining international demand for raw materials and logistical difficulties for selling on products such as coal, production from the mining sector, another branch of the primary sector representing 3.7 percent of GDP, was also highlighted in the period, with annual growth of around 17.9 percent,” de Sousa said.

In September, the spokesman of the Bank of Mozambique said, monthly inflation rose 0.12 percent, contributing to accumulated inflation of 1.28 percent in the third quarter and annual inflation of 2.48 percent.

According to Sousa, net international reserves decreased by US$291.9 million to just over US$2.3 billion at the end of September.

Between January and June, said the spokesman of the Bank of Mozambique, the country’s public debt increased by 8.3 percent. (macauhub/MO)