Mozambique Economic Outlook
May 21, 2019While still struggling to deal with the impact of Cyclone Idai that struck in late-March, Mozambique was slammed by yet another storm, Cyclone Kenneth, just six weeks later. This has only exacerbated the humanitarian emergency, posing an immense challenge for reconstruction efforts ahead, which are reportedly set to cost around USD 3.2 billion. For their part, the IMF approved emergency financial assistance worth about USD 118 million, while the World Bank announced it will provide USD 350 million to help the government respond to the disaster. On the economic front, activity lost pace, on average, in January–February compared to Q4 2018. This, coupled with tumbling business confidence in March and in light of the damage created by Cyclone Idai that same month, indicates the economy is set for a weak first quarter.
Mozambique Economic GrowthGrowth is expected to slow further this year as a result of the devastating cyclones. The country’s large twin deficits—which are likely to be exacerbated by the reconstruction costs of the storms—as well as the high public debt burden, represent major downside risks to the outlook. FocusEconomics panelists see the economy growing 2.6% in 2019, which is down 1.0 percentage point from last month’s forecast, and 3.9% in 2020.
Mozambique Economy Data
5 years of Mozambique economic forecasts for more than 30 economic indicators.
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|Exchange Rate||62.10||0.48 %||Jun 13|
|Stock Market||0.1||0.0 %||Jun 13|
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