The Mozambican government has announced that economic growth in 2023 will be 5%, compared to the 4.4% recorded in 2022. This information was revealed during the 3rd Ordinary Session of the Council of Ministers, held on February 13, 2024.
According to the government, as reported by INTEGRITY-MOÇAMBIQUE, this growth was driven by the extractive industry, tourism, agriculture, transport and communication sectors, among others. This positive evolution is attributed to the policies and reforms implemented by the government throughout the year.
The economic performance of 2023 is seen as part of a positive trend observed over the last four years, with good prospects in the medium and long term. The government stresses that this growth is the result of ongoing economic reform measures, which have boosted economic activities in the private sector and attracted new investment.
In addition, the government reported average inflation of 7.1% in 2023, against an initial forecast of 11.5%. Net international reserves also stood out, coming in above the 3 months forecast in the Economic and Social Plan and State Budget (PESOE-2023), reaching 4.3 months to cover imports of goods and non-factorial services.
With regard to state revenue, the government reported that this contributed around 70% of domestic resources in 2023, compared to 64.3% in the same period last year. This is seen as a trend towards long-term sustainability of the budget, as a result of the government’s efforts to improve revenue collection.
