Mozambique government expects economy to grow 5.5% in 2017

Mozambique’s economy is expected this year to grow by 5.5%, with a “remarkable contribution” from the financial sector, said on Wednesday in Maputo the Deputy Minister of Economy and Finance of Mozambique.

Isaltina Lucas, quoted by Mozambican news agency AIM, said at the opening session of the 8th meeting of the governors of the central banks of the Community of Portuguese-speaking Countries (CPLP), that in the 10 years to 2015 the real growth rate of the financial sector averaged 17%. The meeting is taking place in Matola, on the outskirts of the Mozambican capital, Maputo.

The deputy minister said that the growth forecast of 5.5% of gross domestic product (GDP) in 2017 follows an annual average of 7% up to 2015, but slowed the following year to 3.3% due to adverse internal and external factors.

Lucas also said that the policy to develop banking services launched in 2017 contributed to the number of banks in Mozambique rising from 14 to 19 and from 274 branches to 646, while the number of last micro-banks rose from just one to ten and institutions providing microcredit increased from 72 to 466.

The governors of the CPLP central banks are meeting until Thursday to discuss issues related to financial stability, in the framework of risk analysis and governance standards, in addition to discussing the economic and financial situation of the central banks themselves.

Source: Macauhub

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