The Mozambican economy grew in the first quarter of 2011 at a rate of 8.4 percent, according to the latest statistics released by the Bank of Mozambique.
This is slightly lower than the growth rate recorded in the same period of 2010, which was 8.7 percent. But it is in line with the government's target, which is for economic growth of 7.4 percent for the entire year of 2011.
The primary sector grew by 8.9 percent. Within this sector, agriculture, livestock and forestry grew by 9.3 percent and fisheries by 6.8 percent.
The secondary sector only grew by 1.3 percent. Here the best performance was in electricity and water, which grew by 4 percent.
The tertiary sector showed the best performance in the first quarter, with a growth rate of 10.7 percent. Within the sector, the best performers were transport and communications, financial services, and hotels and restaurants.
According to the statistics, inflation in May, as measured by the Maputo Consumer Price Index, was only 0.46 percent.
This compares with an inflation rate of 1.98 percent in May 2010. Annual inflation declined from 13.04 percent in April to 11. 36 percent in May.
The Mozambican currency, the Metical, has continued its impressive recovery against all major currencies, the statistics showed.
In May the currency appreciated by 3.55 percent against the U.S. dollar. This was the ninth consecutive month that the Metical gained against the dollar.
According to the figures, the average exchange rate practiced by the commercial banks at the end of April was 30.71 Meticais to the dollar, and by the end of May it had risen to 29.62 Meticais to the dollar.
So far this year the Mozambican currency has appreciated by 9. 09 percent against the dollar, which compares with a depreciation of 26.03 percent in the first five months of 2010.