Browsing: Mozambique’s business sector

The Mozambique business sector reported a loss of $453 million in the first half of 2020 due to the pandemic of COVID-19, the Confederation of Economic Associations of Mozambique (CTA) said.

The Confederation of Economic Associations of Mozambique (CTA) warned that depending on the evolution of the pandemic and of the economic dynamics in the second half of the year, the situation could worsen. The business lost revenue could rise to 951 million dollars, equivalent to about seven per cent of Mozambique’s Gross Domestic Product.

Presenting a report on the impact of the pandemic in Maputo, the CTA’s acting chairperson, Alvaro Massinga, said that the level of economic activity fell by about 65 per cent in the first half of this year. The hotel and tourism industry were most affected by their level of activity shrinking by more than 75 per cent.

The report also showed that companies were forced …