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Mozambique’s economy to grow at higher rates, driven by gas output

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Mozambique’s economy to grow at higher rates, driven by gas output

14th February 2020

By: African News Agency

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Mozambique's economy is expected to grow at increasingly positive rates of between 4.2 percent in 2020 and 9.9 percent in 2024, news website Macauhub reported, citing a report from the Economist Intelligence Unit (EIU).

The online publication said the southern African country may already be exporting liquefied natural gas by 2024.

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In 2019 the economy grew by just 1.9 percent, weighed down by the devastating impact of cyclones Idai and Kenneth.

Citing the EIU report, Macauhub said from here on, Mozambique was likely to see accelerated economic growth, driven by investments from energy companies as exploration of huge natural gas deposits started in two blocks of the Rovuma basin.

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Mozambique's current account deficit should however widen this year and the next, as a result of increased imports following the cyclones and a rise in capital goods imports related to natural gas exploration, it added.

The current account gap should start to narrow from 2024 as gas exports begin.

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