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Mozambique sees higher economic growth, wider deficit in 2024

Mozambique sees higher economic growth, wider deficit in 2024

Mozambique sees economic growth picking up to 5.5% next year but its budget deficit widening to 10.4% of gross domestic product (GDP) driven by debt service, public sector wage reforms and election spending, its finance minister said on Wednesday. Those forecasts compare with 2023 targets of 5.0% growth and a budget deficit of 8.7% of GDP. Finance minister Max Tonela gave the latest projections in a 2024 budget speech, saying next year's deficit would be financed by external grants amounting to 5.4% of GDP, foreign loans of 1.9% of GDP and domestic borrowing of 3.0% of GDP. 2024 growth would…
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