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Investing.com -- Mozambique's private sector conditions improved for the first time in three months in October, according to the latest Standard Bank Mozambique PMI data released Wednesday.
The headline Purchasing Managers' Index rose to 50.4 in October from 49.4 in September, moving above the 50.0 neutral mark that separates growth from contraction. Though the improvement was marginal, it signaled a positive shift in business conditions.
New business intakes increased in October, matching July's rate as the joint-strongest in just over a year. Survey respondents attributed this growth to winning new clients amid strengthening market demand.
Output expanded for the fourth consecutive month, with the pace of growth accelerating from September to reach its fastest rate since July. The construction and services sectors were the main drivers of these increases, while manufacturing, wholesale & retail, and agriculture showed more subdued performances.
Employment levels rose for the fifth consecutive month, reaching the joint-fastest rate since July 2024. Purchasing activity accelerated as firms reported increased input requirements and purchases related to new product launches, though inventories continued to decline, albeit at the slowest pace in six months.
Input price pressures accelerated in October, with businesses reporting the sharpest increase in costs since April. However, output prices rose at a slower rate than in September, suggesting limited pass-through of these higher costs to customers.
Fáusio Mussá, Chief Economist for Mozambique at Standard Bank, noted that while most PMI sub-indices were at or above 50, indicating expansion, inventory declines continued for the sixth consecutive month. This suggests companies are still struggling to replenish stocks amid foreign exchange supply-demand imbalances, given Mozambique's high reliance on imports.
"Despite increased risks to macroeconomic stability emanating from entrenched fiscal and FX liquidity pressure, the October PMI shows business sentiment as still positive," Mussá said, adding that Mozambique's economy had negative GDP growth during Q4 2024, Q1 2025, and Q2 2025, with growth expected to turn positive only from Q4 2025.
Business confidence toward future activity declined in October to its lowest level in eight months, though overall sentiment remained strongly positive. Companies cited plans for business development and hopes of gaining new customers and contracts in the coming months.
The data was collected between October 9-28, 2025.
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