Mozambique to grow 3.4 percent this year according to Bloomberg poll

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Mozambique to grow 3.4 percent this year according to Bloomberg poll

12:43 CAT | 18 Nov 2016

Mozambique Mining Journal (File photo)

Mozambique’s economy is set to grow 3.4 percent this year, accelerating to 5 percent next year and 5.9 percent by 2018, according to a Bloomberg survey of economists and analysts.

According to the results of the sounding, the country should see gross domestic product increase by 3.4 percent, slightly below the 3.7 percent forecast by the government after several downward revisions of the growth estimate for this year.

The survey, which shows a decline from 4.1 percent to 3.4 percent over the last estimate, was carried out during the last five days, with the participation of Business Monitor International (BMI), Capital Economics and IHS, in addition to the financial rating agency Fitch and Standard Bank, among others.

BMI is the most optimistic, anticipating growth of 3.8 percent this year, while Standard Bank anticipates only a 1.6 percent expansion of the economy.

In its World Economic Outlook survey in early October, the International Monetary Fund revised Mozambique’s growth forecast down to 4.5 percent this year, while the Economist Intelligence Unit anticipates a 3.8 percent expansion, the lowest in 15 years.

Source: Lusa