Mozambique - Economy
How is the economy of Mozambique? Based on the information we have, Mozambique has a low-income East African economy; subsistence farming dominates labor force; return to growth led by agriculture and extractive industries; Islamist insurgency threatens natural gas projects in north; ongoing foreign debt restructuring and resolution under IMF Highly Indebted Poor Countries (HIPC) initiative. Key agricultural products in this country include: cassava, sugarcane, maize, tomatoes, sweet potatoes, beans, bananas, onions, rice, coconuts (2022).
More about the economy of Mozambique
Labor force 15.191 million (2023 est.)
Industrial production growth rate 10.43% (2023 est.)
Industries aluminum, petroleum products, chemicals (fertilizer, soap, paints), textiles, cement, glass, asbestos, tobacco, food, beverages
Population below poverty line 46.1% (2014 est.)
Taxes and other revenues 23.25% (of GDP) (2022 est.)
Fiscal year
Exchange rates
Currency meticais (MZM) per US dollar -
Exchange rates 2023 63.886 (2023 est.)
Exchange rates 2022 63.851 (2022 est.)
Exchange rates 2021 65.465 (2021 est.)
Exchange rates 2020 69.465 (2020 est.)
Exchange rates 2019 62.548 (2019 est.)
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2023 $3.515 billion (2023 est.)
Reserves of foreign exchange and gold 2022 $2.939 billion (2022 est.)
Reserves of foreign exchange and gold 2021 $3.781 billion (2021 est.)
Current account balance
Current account balance 2023 -$2.426 billion (2023 est.)
Current account balance 2022 -$6.88 billion (2022 est.)
Current account balance 2021 -$3.436 billion (2021 est.)
Public debt
Public debt 2022 78.62% of GDP (2022 est.)
Budget
Revenues $5.388 billion (2022 est.)
Expenditures $4.91 billion (2022 est.)
Budget surplus (+) or deficit (-)
Remittances
Remittances 2023 3.22% of GDP (2023 est.)
Remittances 2022 1.34% of GDP (2022 est.)
Remittances 2021 4.57% of GDP (2021 est.)
Household income
Lowest 10% 1.6% (2019 est.)
Highest 10% 41.2% (2019 est.)
Imports
Imports 2023 $11.18 billion (2023 est.)
Imports 2022 $15.932 billion (2022 est.)
Imports 2021 $10.534 billion (2021 est.)
Imports (partners) South Africa 23%, South Korea 20%, China 12%, India 10%, Democratic Republic of the Congo 5% (2022)
Comodities Imports force ships, refined petroleum, iron alloys, chromium ore, refined copper (2022)
Exports
Imports 2023 $11.18 billion (2023 est.)
Imports 2022 $15.932 billion (2022 est.)
Imports 2021 $10.534 billion (2021 est.)
Exports (partners) India 22%, South Africa 9%, South Korea 8%, Italy 7%, China 6% (2022)
Comodities Exports force coal, aluminum, coke, natural gas, gold (2022)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2023 $50.631 billion (2023 est.)
Real GDP (purchasing power parity) 2022 $48.22 billion (2022 est.)
Real GDP (purchasing power parity) 2021 $46.206 billion (2021 est.)
GDP (official exchange rate) $20.625 billion (2023 est.)
Real GDP Per capita
Real GDP per capita 2023 $1,500 (2023 est.)
Real GDP per capita 2022 $1,500 (2022 est.)
Real GDP per capita 2021 $1,400 (2021 est.)
GDP - composition, by sector of origin
Agriculture 26.7% (2022 est.)
Industry 22.8% (2022 est.)
Services 40.6% (2022 est.)
GDP - composition, by end use
Household consumption 75.2% (2022 est.)
Government consumption 16.7% (2022 est.)
Investment in fixed capital 38.6% (2022 est.)
Exports of goods and services 52.5% (2022 est.)
Imports of goods and services -83% (2022 est.)
Unemployment rate
Unemployment rate 2023 3.54% (2023 est.)
Unemployment rate 2022 3.62% (2022 est.)
Unemployment rate 2021 3.98% (2021 est.)
Youth unemployment rate (ages 15-24)
Total 7.6% (2023 est.)
Male 7.9% (2023 est.)
Female 7.3% (2023 est.)
All Important Facts about Mozambique

Want to know more about Mozambique? Check all different factbooks for Mozambique below.

Mozambique is found in Eastern Africa