Mozambique’s economy grew by eight percent in 2002, despite a severe drought that ravaged southern and central districts of the country, President Joaquim Chissano said on Thursday.
”Despite the effect of drought, our economy performed well throughout the year with a growth of eight percent,” Chissano said during a televised state of the nation address.
And Mozambique’s national currency, the metical, only depreciated by 3,2% against the US dollar, the head of state pointed out. Last year’s inflation figure was in the region of nine percent, he added.
The growth figure for 2002 represents a slowdown from 2001, when the southern African country’s economy grew by 12%.
But Chissano was upbeat over what he referred to as Mozambique’s healthy political, social and economic situation despite the drought that has affected five other countries in the region.
He added that the economy had registered significant gains since severe floods hit Mozambique in 2000 and 2001 and caused damage totalling hundreds of millions of dollars.
Mozambique has received a lot of praise for its swift economic recovery following the end of civil war in 1992.
The country has averaged economic growth of 10% per annum over the last decade since the launch of an economic structural adjustment programme. – Sapa-AFP