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Mozambique tipped for fastest growth among Portuguese-speaking African nations: report

Mozambique is poised to undergo the fastest growth this year among the Portuguese-speaking African countries, according to reports released by the Bank of Portugal.

The Portuguese central bank last week issued forecasts on the economies for PALOP – a club of Portuguese-speaking African Countries – and also for East Timor, the Portuguese news agency Lusa reported.

The reports predicted the Mozambican economy would this year “maintain a high growth pace – at around 7 percent – mainly based on the activity of service sectors”, including transport and communications.

Construction and telecommunications were expected to drive the growth of Guinea Bissau to 4.7 percent in 2015, said the Bank of Portugal.

Lusa also reported Angola’s growth was likely to slow from 4.4 percent in 2014 to 3.5 percent in 2015 in the face of declining oil prices, whereas the growth of Cape Verde would accelerate from 1.8 percent last year to 3 percent this year, due to rising investment and private consumption.

Meanwhile, East Timor’s non-oil gross domestic product would grow 6.8 percent, the reports said.