The beach in Mozambique

Mozambique Economy

Mozambique's economy in numbers:

Nominal GDP of USD 18.4 billion in 2022.

GDP per capita of USD 560 compared to the global average of USD 10,589.

Average real GDP growth of 4.3% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

In 2020, services accounted for 53% of overall GDP, manufacturing 8%, other industrial activity 13%, and agriculture 26%. Looking at GDP by expenditure, private consumption accounted for 65% of GDP in 2020, government consumption 21%, fixed investment 58%, and net exports -44%.

GDP by economic sector
GDP by type of expenditure

International trade:

In 2020, manufactured products made up 6% of total merchandise exports, mineral fuels 36%, food 17%, ores and metals 39% and agricultural raw materials 1%, with other categories accounting for 1% of the total. In the same period, manufactured products made up 63% of total merchandise imports, mineral fuels 15%, food 20%, ores and metals 1% and agricultural raw materials 1%, with other goods accounting for 0% of the total. Total exports were worth USD 8 billion in 2022, while total imports were USD 13 billion.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The economy recorded average annual growth of 4.3% in the decade to 2022. To read more about GDP growth in Mozambique, go to our dedicated page.

Fiscal policy:

Mozambique's fiscal deficit averaged 4.3% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment:

The unemployment rate averaged 3.5% in the decade to 2022. For more information on Mozambique's unemployment click here.

Inflation:

Inflation averaged 6.6% in the decade to 2022. Go to our Mozambique inflation page for extra insight.

Monetary Policy:

Mozambique's monetary policy rate ended 2022 at 17.25%, down from 19.50% a decade earlier. See our Mozambique monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the metical weakened by 53.5% vs the U.S. dollar. For more info on the metical, click here.
The economy lost momentum in Q1 from Q4 2024, dragged on by the industrial and services sectors. More positively, the agricultural sector—which accounted for around 25% of GDP in 2023—rose at a steeper pace. Available data to date suggests economic growth picked up in Q2. The PMI for the private sector averaged in expansionary territory in April–June, improving from Q1. Moreover, receding price pressures in Q2 compared to the prior quarter, paired with ongoing monetary easing, likely provided some support to household budgets. In other news, in July, the government announced that it would work towards trimming the public-sector wage bill—which is currently absorbing over 70% of tax revenue—as a part of the USD 60 million IMF deal struck last month; the proposed measures bode well for fiscal sustainability.
Projections out to 2033.

42 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 12 expert analysts.

Want to get insight on the economic outlook for Mozambique in the coming years? FocusEconomics collects projections out to 2033 on 42 economic indicators for Mozambique from a panel of 12 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Mozambique economy. To download a sample report on the Mozambique's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.

Mozambique Economic Data

2019 2020 2021 2022 2023
Population (million) 30.3 31.2 32.1 33.0 33.9
GDP (USD bn) 15.5 14.3 16.2 18.9 21.0
GDP per capita (USD) 513 458 505 574 619
GDP (MZN bn) 970 989 1,058 1,206 1,339
Economic Growth (Nominal GDP, ann. var. %) 7.1 1.9 7.0 13.9 11.0
Economic Growth (GDP, ann. var. %) 2.3 -1.2 2.4 4.2 5.0
Private Consumption (ann. var. %) 5.9 -0.6 5.8 7.2 9.1
Government Consumption (ann. var. %) 5.8 -7.8 -4.0 5.1 6.7
Fixed Investment (ann. var. %) -20.2 9.1 0.7 23.8 -43.0
Exports (G&S, ann. var. %) -2.7 -15.2 16.8 26.5 -5.3
Imports (G&S, ann. var. %) -11.2 -4.2 9.7 30.9 -25.2
Fiscal Balance (% of GDP) 1.7 -4.6 -3.9 -5.2 -
Public Debt (% of GDP) 98.3 120.0 104.3 99.3 -
Inflation (CPI, ann. var. %, eop) 3.9 4.4 7.3 10.9 4.3
Inflation (CPI, ann. var. %, aop) 5.7 0.9 6.6 10.4 7.0
Policy Rate (%, eop) 12.75 10.25 13.25 17.25 17.25
Exchange Rate (MZN per USD, eop) 61.65 74.61 63.70 63.72 63.90
Exchange Rate (MZN per USD, aop) 62.46 69.29 65.38 63.70 63.79
Current Account Balance (USD bn) -2.5 -3.8 -3.4 -6.9 -2.2
Current Account Balance (% of GDP) -16.1 -26.5 -21.2 -36.4 -10.5
Merchandise Trade Balance (USD bn) -2.2 -2.2 -2.3 -5.1 -0.9
Merchandise Exports (USD bn) 4.8 3.7 5.7 8.3 8.3
Merchandise Imports (USD bn) 7.0 5.9 8.0 13.3 9.2
Merchandise Exports (ann. var. %) -20.7 -22.3 53.3 45.2 -0.1
Merchandise Imports (ann. var. %) -0.4 -15.4 34.4 67.5 -31.2
Foreign Direct Investment (USD bn) 2.2 3.0 5.1 2.5 2.5
International Reserves (USD bn) 3.8 4.0 3.4 2.8 3.5
International Reserves (months of imports) 6.6 8.2 5.2 2.5 4.5
External Debt (USD bn) 54.2 58.7 62.7 64.0 -
External Debt (% of GDP) 349 411 388 338 -

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