Mozambique Economic Outlook
December 16, 2021The economy continued to grow in the third quarter, expanding 3.4% in annual terms, accelerating from the 2.0% growth tallied in the prior quarter. Q3’s upturn was largely attributed to higher output in the agricultural sector, extractive industries and the manufacturing sector, while electricity and gas production bounced back. However, a slowdown in activity in the construction and transportation sectors put a lid on Q3’s growth. Available data suggests that positive dynamics have carried over to the last quarter of the year. The private sector PMI rose healthily in October–November, on the back of solid growth in new business. Meanwhile, in early December the country received two million vaccines through the Covax program, which should help ramp up the country’s inoculation campaign and thus bodes well for activity overall.
Mozambique Economic GrowthThe economy is expected to grow at a quicker rate in 2022, as the fading impact of the pandemic supports investment, while easing restrictions release pent-up demand and bolster household spending. That said, the spread of new Covid-19 variants and domestic instability stemming from the conflict in the Cabo Delgado, threatening the country’s LNG projects, pose key downside risks. FocusEconomics panelists see GDP growing 4.3% in 2022, which is up 0.2 percentage points from last month’s forecast, and 4.9% in 2023.
Mozambique Economy Data
5 years of Mozambique economic forecasts for more than 30 economic indicators.
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