Mozambique’s economy grows 3.4% from January to September

8 November 2018

Mozambique’s economy grew by 3.4% year-on-year in the period from January to September, the Council of Ministers spokeswoman and deputy minister of Culture, Ana Comoana, said on Tuesday in Maputo.

At the end of the meeting that examined the report on the implementation of the budget for the first three quarters of 2018, the spokeswoman said that the growth rate registered in the period under review “demonstrates the improvement of the performance of the national economy.”

Comoana recalled that the economy recorded a growth of 3.3% over the first two quarters, and in the first quarter unusual rains occurred that affected the implementation of the State Budget (OE), especially in agriculture.

The Mozambican government had forecast at the beginning of the year that the country’s gross domestic product should grow by 5.3% in 2018, a target that was revised down by the Ministry of Economy and Finance in October to 4.1%.

The Mozambican National Statistics Institute, which has not yet released data for the period from January to September, said on its website that the country’s economy grew by 3.2% in the first quarter of 2018.

Year-on-year, economic growth in the first quarter was 3.2%, which increased to 3.4% in the second quarter.

The mission of the International Monetary Fund that visited Mozambique in July / August reported that it is forecasting growth in the Mozambican economy between 3.5% and 4.0% by 2018, with an increase to between 4.0% and 4.5% % in 2019. (macauhub)