The Bank of Mozambique maintains its outlook for a ‘gradual recovery’ of the economy, despite recognising that economic growth halved in the first half of the year, compared to the same period in 2023.
‘The short-term outlook continues to indicate a gradual recovery of the economy, excluding LNG [Liquefied Natural Gas] production,’ says this month’s Economic Situation and Inflation Outlook report, to which Lusa had access today.
‘This forecast is underpinned by the improved performance of the extractive industry and the tertiary sector, with emphasis on the trade and services, and transport and communications sectors,’ the document reads.
The central bank adds that Mozambique’s Gross Domestic Product (GDP) recorded real growth of 4.5 per cent in the second quarter, after 3.2 per cent in the first three months of the year, driven by the extractive industry.
‘In accumulated terms, GDP grew by 3.9 per cent in the first half of 2024, compared to 6.2 per cent in the same period of 2023,’ the central bank notes.
The outlook for the gradual recovery of the economy in the short term ‘is corroborated by the evolution of the Industrial Production Index (PMI), which, for the fourth consecutive month, signals an improvement in the operating conditions of the economy,’ the report also states.
The PMI index registered 50.9 points in August, the second highest figure since July last year.
Mozambican GDP is expected to grow to 1.536 trillion meticais (21.8 billion euros) in 2024, which corresponds to an increase of 5.5 per cent in percentage terms, according to the government’s official forecast.
Source: Lusa
