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.) |
| Debt - external | |
| Debt - external 31 December 2017 | $10.91 billion (31 December 2017 est.) |
| Debt - external 31 December 2016 | $10.48 billion (31 December 2016 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 | $4.569 billion (2019 est.) |
| Expenditures | $4.591 billion (2019 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 | 23.9% (2017 est.) |
| Industry | 19.3% (2017 est.) |
| Services | 56.8% (2017 est.) |
| GDP - composition, by end use | |
| Household consumption | 69.7% (2017 est.) |
| Government consumption | 27.2% (2017 est.) |
| Investment in fixed capital | 21.7% (2017 est.) |
| Investment in inventories | 13.9% (2017 est.) |
| Exports of goods and services | 38.3% (2017 est.) |
| Imports of goods and services | -70.6% (2017 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.
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Mozambique Factbook
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The Economy of Mozambique
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Learn about the Government of Mozambique
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Communication in Mozambique
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Popular Universities in Mozambique
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Enerny in Mozambique
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Transport in Mozambique
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The Geography and society of Mozambique
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The Environment of Mozambique
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Military and security in Mozambique