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Mozambique's economy grows 1.7% in second quarter

By , based on Club of Mozambique

Mozambique's economy grows 1.7% in second quarterIllustrative image · Rafael Minguet Delgado · Pexels · Licence Pexels

Mozambique's economy grew by 1.7% in the second quarter, a rate considered too low to significantly improve living conditions. Bank of Mozambique Governor Felisberto Navalha says growth remains below the country's potential and poverty-reduction targets.

The Mozambican economy grew by 1.7% in the second quarter, Felisberto Navalha, governor of the Bank of Mozambique, said on Wednesday, according to Club of Mozambique. He said the recovery was continuing at a moderate pace.

Felisberto Navalha nevertheless warned that this growth remains insufficient to significantly improve living conditions for the population and achieve Mozambique's poverty-reduction targets, Club of Mozambique reports.

This assessment follows the publication of a multidimensional poverty rate of 38.8%, announced on 13 October. It also follows measures taken by the governor to support economic activity, including the release of bank reserves, announced on 2 October.

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