The Mozambican economy grew by 3.6% in the third quarter, a slowdown compared to previous quarters, the Monetary Policy Committee (CPMO) of the Bank of Mozambique announced yesterday.

"In the third quarter of 2022, Gross Domestic Product [GDP] growth slowed to 3.6%, reflecting the weak performance of the secondary sector," reads the Bank of Mozambique statement quoted by Lusa.

The growth rate had been 4.14% in the first quarter, then rose to 4.59% in the second quarter.

Economic growth forecasts for 2023 have been "slightly revised downwards", the CPMO announced, but without giving any figures.

For the medium term, "a slight slowdown in the expansion of economic activity is expected, given the potential reduction in external demand and restrictive financial conditions, including increased difficulties in accessing international financial markets".

"Meanwhile, domestically, the implementation of energy projects will continue to favor economic growth," he said.

The Mozambican economy grew by 2.16% in 2021 and for 2022 the government has set a target of a 2.9% rise in GDP, as set out in the Economic and Social Plan and State Budget approved by parliament.