The Mozambican economy is expected to grow at increasingly positive rates of between 4.2% in 2020 and 9.9% in 2024, the year in which the country may already be exporting liquefied natural gas (LNG), according to the latest report from the Economist Intelligence Unit (EIU) about the country.
In 2019 the economy grew at a rate of 1.9%, due to the combined effect of two cyclones that hit the country, named Idai and Kenneth, according to estimates from the EIU.
The years starting from now, according to the EIU, are expected to see more accelerated economic growth, driven by investments that oil groups will continue to make focused on the start of the exploration of huge natural gas deposits in two blocks of the Rovuma basin, A1 and A4.
The document also noted that the current account deficit will increase this year and next, both as a result of increased imports following the cyclones and the increase of capital goods imports related to natural gas exploration, before decreasing in 2024 as gas exports begin.
