Mozambique Economy - 2024

Economic overview

low-income East African economy; mostly rural labor force; natural resource rich; strong South African ties; Islamist terrorism in north endangers newly discovered natural gas; currently in court over massive (possibly unauthorized) debt

Real GDP (purchasing power parity)

$39.351 billion (2021 est.)
$38.442 billion (2020 est.)
$38.923 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

2.36% (2021 est.)
-1.23% (2020 est.)
2.31% (2019 est.)

Real GDP per capita

$1,200 (2021 est.)
$1,200 (2020 est.)
$1,300 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$14.964 billion (2019 est.)

Inflation rate (consumer prices)

5.69% (2021 est.)
3.14% (2020 est.)
2.78% (2019 est.)

Credit ratings

Fitch rating: CCC (2019)

Moody's rating: Caa2 (2019)

Standard & Poors rating: CCC+ (2019)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 23.9% (2017 est.)

industry: 19.3% (2017 est.)

services: 56.8% (2017 est.)

GDP - composition, by end use

household consumption: 69.7% (2017 est.)

government consumption: 27.2% (2017 est.)

investment in fixed capital: 21.7% (2017 est.)

investment in inventories: 13.9% (2017 est.)

exports of goods and services: 38.3% (2017 est.)

imports of goods and services: -70.6% (2017 est.)

Agricultural products

sugar cane, cassava, maize, milk, bananas, tomatoes, sweet potatoes, rice, sorghum, potatoes

Industries

aluminum, petroleum products, chemicals (fertilizer, soap, paints), textiles, cement, glass, asbestos, tobacco, food, beverages

Industrial production growth rate

-0.42% (2019 est.)

Labor force

14.137 million (2021 est.)

Unemployment rate

3.98% (2021 est.)
3.81% (2020 est.)
3.47% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 8.1% (2021 est.)

male: 8.1%

female: 8.2%

Population below poverty line

46.1% (2014 est.)

Gini Index coefficient - distribution of family income

54 (2014 est.)

Household income or consumption by percentage share

lowest 10%: 1.9%

highest 10%: 36.7% (2008)

Remittances

2.88% of GDP (2021 est.)
2.49% of GDP (2020 est.)
1.95% of GDP (2019 est.)

Budget

revenues: $4.569 billion (2019 est.)

expenditures: $4.591 billion (2019 est.)

Budget surplus (+) or deficit (-)

-5.6% (of GDP) (2017 est.)

Public debt

102.88% of GDP (2020 est.)
79.51% of GDP (2019 est.)
82.3% of GDP (2018 est.)

Taxes and other revenues

21.84% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

-$3.601 billion (2021 est.)
-$3.869 billion (2020 est.)
-$2.934 billion (2019 est.)

Exports

$6.404 billion (2021 est.) note: data are in current year dollars
$4.37 billion (2020 est.) note: data are in current year dollars
$5.6 billion (2019 est.) note: data are in current year dollars

Exports - partners

South Africa 16%, India 13%, China 12%, Italy 7%, United Arab Emirates 5%, Germany 5% (2019)

Exports - commodities

coal, aluminum, gold, natural gas, electricity, titanium, coke (2021)

Imports

$10.392 billion (2021 est.) note: data are in current year dollars
$8.63 billion (2020 est.) note: data are in current year dollars
$9.503 billion (2019 est.) note: data are in current year dollars

Imports - partners

South Africa 31%, India 18%, China 17% (2019)

Imports - commodities

refined petroleum, chromium, iron, bauxite, electricity (2019)

Reserves of foreign exchange and gold

$67.51 billion (31 December 2021 est.)
$47.597 billion (31 December 2020 est.)
$20.664 billion (31 December 2019 est.)

Debt - external

$10.91 billion (31 December 2017 est.)
$10.48 billion (31 December 2016 est.)

Exchange rates

meticais (MZM) per US dollar -

Exchange rates:
65.465 (2021 est.)
69.465 (2020 est.)
62.548 (2019 est.)
60.326 (2018 est.)
63.584 (2017 est.)