Mozambique’s Economic Climate Indicator (ICE) registered a decline in June for the second consecutive quarter, the National Statistics Institute (INE) said on Monday. “The Economic Climate Indicator (ICE), which is the expression of businessmen’s confidence, has prolonged its downward profile at a low pace for the second consecutive quarter,” the INE bulletin released today reads. The drop was due to the continued unfavourable assessment of employment and demand prospects, the publication said.In the second quarter, business confidence in the employment indicator dropped to around 55 points, against 70 points in the first quarter and 80 points in the last quarter of 2019.
Expectations regarding demand dropped to 80 points from April to June this year, after reaching 100 points at the beginning of the year.At the sectoral level, the INE notes that “there is a continuously negative assessment of confidence in all sectors targeted by the survey, with greater emphasis, in terms of breadth, on the accommodation, restaurants and similar sectors and other non-financial services and trade, which recorded a substantial drop compared to the previous quarter”. The assessment does not expressly establish a relationship between the fall in the ECI and the impact of the Covid-19 pandemic, but last week the INE attributed the monthly fall in the indicator recorded in May, the highest in 16 years, to the novel coronavirus. In May, the ICE dropped to 79.2, the same as that registered in January 2004, when the index was first created.
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