Mozambique's macroeconomic performance stood at 41.1%, below the forecasts of the Economic and Social Plan and State Budget (PESOE) for the first half of 2023, reveals a report by the Ministry of Economy and Finance (MEF).

In the document consulted today by MZNews, the MEF is optimistic about the results and attributes the degree of achievement to multidimensional shocks.

"The PESOE was implemented in an environment in which the national economy continues to show signs of recovery, judging by the performance that has been recorded since 2021, after the covid-19 pandemic. This trend is accompanied by inflationary pressures resulting from the international environment characterized by uncertainties due to the geopolitical conflict between Russia and Ukraine, and the impact of recent climatic shocks that have cyclically affected the country," it reads.

MEF recalls, however, that during this period the country was hit by disastrous weather events, such as intense winds and rains, Cyclone Freedy; floods and flooding in some cities and towns.

Among the macroeconomic indicators that, combined with the PESOE's objectives for the semester, contributed to this growth are: the Gross Domestic Product (GDP) growth rate of 4.42%, from a forecast of 5%, which means an increase of 0.05% compared to last year's figure of 4.37%; the maintenance of average annual inflation at 10.59%, from a forecast of 11,50%, and an increase of 2,98% compared to last year's figure of around 7,61%; and the collection of 1,699 million dollars in exports of goods, when the target was 8,806 million dollars (-7,107 million dollars), and -2,153.96 compared to 2022, when 3,852.96 million dollars were collected.

The PESOE's other objectives for the first six months of the year were to build up Net International Reserves of 2,936.6 million dollars, corresponding to three months' coverage of imports of non-factorial goods and services, and to ensure a pattern of internal absorption that would make it possible to achieve a gradual realignment between the internal and external macroeconomic balances in the medium and long term.