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Mozambique’s economy grew by 3.7 percent in 2017, according to figures released yesterday by the government.
“Growth in gross domestic product was 3.7 percent […], above the average for sub-Saharan Africa,” Council of Ministers spokeswoman Ana Comana said at the end of yesterday’s cabinet meeting, where the numbers of the 2017 Social and Economic Plan were analysed.
The figure is below the 5.5 percent initially forecast by the executive, but still in line with the growth of the world economy.
The 3.7 percent figure is close to the forecast of about 3 percent made by the International Monetary Fund (IMF) in December at the end of its mission to Maputo, but above the World Bank’s December forecast of 3.1 percent.
In light of the figures, “with regard to the balance sheet of the Social Economic Plan of 2017, there is a satisfactory performance in the framework of the implementation of the government’s five-year program, 2015-2019,” Comoana said.
As for the rest of the data released yesterday, Mozambique closed the year with average inflation of 15.1 percent, below the 15.5 percent foreseen by the government and the 19.5 percent figure registered in 2016.
Net International Reserves were sufficient to cover 7.3 months of import, in a scenario in which exports grew 1.9 percent and imports slowed down, with a 22.8 percent decrease. Since 2016, they have fallen 37.5 percent.
The executive also presented data on the implementation of the State Budget for 2017, pointing to a reduction of the budget deficit (after donations) from 31 percent (estimated) to 22.7 percent.
According to the figures, revenue collected was 114.7 percent higher than forecast, amounting to 214 billion meticais (2.8 billion Euros) – including 20.9 billion meticais (278 million Euros) from capital gains resulting from the indirect transfer of 25 percent of the participatory interest in Area 4 of the Rovuma Basin from Eni to Exxonmobil.
Total state expenditure was 242 billion meticais (3.2 billion Euros), 89 percent of the annual budget, the government announced.Source: Lusa