Mozambique’s economic growth drops 1% against last year – Govt

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Mozambique’s economic growth drops 1% against last year – Govt

1:15 CAT | 16 Aug 2017

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The Council of Ministers announced yesterday that Mozambique’s economy grew one percentage point less in the first six months of this year than in the same period of 2016.

Growth was 3% in the first half of this year, compared with 4% in the first half of 2016.

The economy performance figures were announced by the Council of Ministers, which reviewed and approved the Economic and Social Plan balance sheet and the State Budget execution report for the first half of the year.

Despite the poor growth figures, the price of basic products has fallen, the metical has appreciated against the dollar and the country’s import capacity has improved, data which encourages the government.

Also Read: World Bank sees Mozambique’s economic growth at 4.6 percent in 2017

In yesterday’s session, the Council of Ministers approved the revised Foreign Exchange Law, granting full regulatory powers to the Central Bank.

The Council of Ministers also approved the Policy of the Sea, which aims to strengthen control over the exploitation of maritime resources in the Mozambican area and ensure greater revenue collection for the government.

Also Read: Mozambique debt will not significantly affect growth – consultant

Source: O País