Mozambique expects economy to grow 8-10% a year from 2023

22 March 2018

Mozambique expects its economy to grow by 8-10% a year from 2023 when exports of liquefied natural gas (LNG) from the Rovuma Basin are due to begin, according to information released on Wednesday in London.

“The Coral project (Area 04) is expected to start producing natural gas from 2022 onwards,” and gross domestic product (GDP) is projected to reach the range of 8-10% in 2023, against 3.4% on average in 2016-2022,” the Government’s presentation said.

Mozambican economy and finance minister Adriano Maleiane met with creditors on Thursday to study the restructuring of public debt and the figures were part of the government’s macroeconomic projection.

The government also points to GDP growth of 9.9% in 2023, and always remaining above 7% by 2027.

The government predicts that by 2022 the credit extended to the economy, on average, will grow by no more than 2.5% – against 24% in 2012-2015.

The Government also plans to reach a primary balance – budget balance, discounting interest expenses – of zero in 2022, compared to -4.5% in 2017. (macauhub)