Mozambique's Macroeconomic Analysis:
Nominal GDP of USD 21.0 billion in 2023.
Nominal GDP of USD 18.4 billion in 2022.
GDP per capita of USD 560 compared to the global average of USD 10,589.
GDP per capita of USD 619 compared to the global average of USD 10,589.
Average real GDP growth of 4.1% over the last decade.
Average real GDP growth of 4.3% over the last decade.
Sector Analysis
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%.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.Main Economic Indicators
Economic growthThe 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.
Economic situation in Mozambique
The data at hand suggests GDP growth remained robust in Q3 after rising in Q2. Lower inflation and a softer decline in issued credit in Q3 suggest relatively stronger domestic demand compared to Q2. Moreover, survey data hints at a continued improvement in private-sector conditions in Q3. However, the economic panorama soured at the outset of Q4. Evidence has surfaced suggesting that the 9 October general election was marred by fraud, sparking backlash both domestically and from international observers. Nationwide protests and strikes have followed, disrupting economic activity and resulting in multiple deaths and two political assassinations. Venâncio Mondlane, the leader of the opposition, has fled into exile but continues to call for a recount of votes; on 5 November, the Constitutional Court ordered the electoral authority to clarify discrepancies, though a recount is unlikely.Mozambique Economic Forecasts
Projections out to 2034.42 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 11 expert analysts.
Want to get insight on the economic outlook for Mozambique in the coming years? FocusEconomics collects projections out to 2034 on 42 economic indicators for Mozambique from a panel of 11 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.