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MEF: Economic Growth of 5% in Q1 2024

MEF: Economic Growth of 5% in Q1 2024

The Ministry of Economy and Finance (MEF) said on Monday 6 May that the economy grew by 5.01% in the first quarter of this year, up from 4.17% in the same period in 2023.

Data from the Economic and Social Plan and State Budget (PESOE), published by Lusa, indicates that the Gross Domestic Product (GDP) should grow to 1.5 billion meticals in 2024, corresponding to an economic growth of 5.5 per cent.

‘In the first three months of the year, the average inflation rate was 5.48 per cent, compared to 11.2 per cent in the same period in 2023, within a 7 per cent forecast for the whole of 2024,’ the document highlights.

State revenue totalled 73.2 billion meticals, around 20% of the total budgeted by the government for 2024, up from 65 billion meticals last year.

Recently, the managing director of the International Monetary Fund (IMF), Kristalina Georgieva, recognised that the Mozambican economy has performed ‘well’, due to the building of strong institutions and the adoption of good practices in the political and social fields.

Speaking in Washington, in the United States of America (USA), after a meeting with Mozambican President Filipe Nyusi, the official was pleased with the level of economic growth that the country has seen, pointing out that the national reserves are stronger.

‘We have an active programme with Mozambique, and I’m pleased to see that the country’s fiscal situation has strengthened, growth is up, inflation is down and reserves are strong,’ she said.


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