Mozambique: Foreign debt service increased almost 20% in 2023 to $654.2 million
File photo: Lusa
The Mozambican economy grew 5.01% in the first quarter of the year, above what was recorded in the same period in 2023, according to government data accessed by Lusa on Monday.
According to data from the Ministry of Economy and Finance’s Economic and Social Plan and State Budget (PESOE), the 5.01% growth in gross domestic product (GDP) from January to March compares with the 4.17% recorded in the first three months of 2023.
Mozambique’s real GDP grew 5.4% in the fourth quarter of 2023, and 5% year-to-date, compared to 4.2% in 2022, according to previous government figures.
Mozambican GDP is expected to grow to 1.536 billion meticais (€22,322 million) in 2024, which corresponds to the official government forecast of 5.5% economic growth.
The PESOE report states that average inflation rate in the first three months of the year stood at 5.48%, against 11.2% in the first quarter of 2023, within 7% forecast for the entire year of 2023-2024.
State revenue in the first quarter reached 73,272 million meticais (€1,065 million), around 20% of the total budgeted by the government for 2024, growing compared to the 65,085 million meticais (€945.8 million) registered in the same period of 2023.
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