Mozambique: Economy slowed down in Q3 – central bank

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Mozambique: Economy slowed down in Q3 – central bank

12:39 CAT | 01 Dec 2022

File photo: Lusa

The Mozambican economy grew 3.6% in the third quarter, a slowdown compared to previous quarters, the Monetary Policy Committee (CPMO) of the Bank of Mozambique announced yesterday.

“In the third quarter of 2022, Gross Domestic Product (GDP) growth slowed to 3.6%, reflecting weak performance in the secondary sector,” the communiqué on the body’s meeting reads.

Growth was 4.14% in the first quarter, rising to 4.59% in the second quarter.

Economic growth forecasts for 2023 were “revised slightly downwards”, the CPMO announced, without advancing actual figures.

For the medium term, “a slight slowdown in the expansion of economic activity is foreseen”, the report elaborates, “in view of the potential reduction in external demand and restrictive financial conditions, including increased difficulties in accessing international financial markets”.

“Meanwhile, internally, the implementation of energy projects will continue to favour economic growth,” it is said.

The Mozambican economy grew by 2.16% in 2021. For 2022, the government targeted GDP growth of 2.9%, as foreseen in the Economic and Social Plan and State Budget approved by parliament.

Source: Lusa