Mozambique's Economy Grows 6.7 Percent

Mozambique Prime Minister Luisa Dias Diogo. The southern African nation faces yet another flood where thousands of residents have been displaced.
Originally uploaded by Pan-African News Wire File Photos

Published: 8/13/2008 15:16:47

Mozambique's economy grows 6.7 percent

MAPUTO - Mozambique’s economy grew by 6.7 per cent in the first half of this year, 0.3 percent short of projected growth, a cabinet spokesman was quoted by the state run daily Noticias as saying on Wednesday.

One of the reasons given for the shortfall was the increase in fuel prices on the international market, Luis Covane told the newspaper.

Floods and cyclones during the beginning of the year and the return of more than 40,000 Mozambicans living in South Africa who fled xenophobic attacks were also blamed.

In September 2007, the Mozambican government predicted in its Economic and Social Plan that the country’s economy would grow by seven percent in the first half of the year.

Mozambique has had growth of more than seven percent since the end of its 16 year civil in 1992.

- Sapa