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, maize, sugarcane, tomatoes, beans, potatoes, sweet potatoes, bananas, coconuts, onions (2023).
More about the economy of Mozambique
| Labor force | 15.173 million (2024 est.) |
|---|---|
| Industrial production growth rate | 2.9% (2024 est.) |
| Industries | aluminum, petroleum products, chemicals (fertilizer, soap, paints), textiles, cement, glass, asbestos, tobacco, food, beverages |
| Population below poverty line | 62.8% (2019 est.) |
| Taxes and other revenues | 22.7% (of GDP) (2022 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | meticais (MZM) per US dollar - |
| Exchange rates 2024 | 63.905 (2024 est.) |
| 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.) |
| Debt - external | |
| Debt - external 2023 | $8.274 billion (2023 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2024 | $3.843 billion (2024 est.) |
| Reserves of foreign exchange and gold 2023 | $3.637 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $2.939 billion (2022 est.) |
| Current account balance | |
| Current account balance 2024 | -$2.498 billion (2024 est.) |
| Current account balance 2023 | -$2.207 billion (2023 est.) |
| Current account balance 2022 | -$6.367 billion (2022 est.) |
| Public debt | |
| Public debt 2022 | 76.6% of GDP (2022 est.) |
| Budget | |
| Revenues | $6.243 billion (2024 est.) |
| Expenditures | $7.223 billion (2024 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2024 | 1.2% of GDP (2024 est.) |
| Remittances 2023 | 1.2% of GDP (2023 est.) |
| Remittances 2022 | 0.9% of GDP (2022 est.) |
| Household income | |
| Lowest 10% | 1.7% (2019 est.) |
| Highest 10% | 41.1% (2019 est.) |
| Imports | |
| Imports 2024 | $10.488 billion (2024 est.) |
| Imports 2023 | $11.18 billion (2023 est.) |
| Imports 2022 | $15.932 billion (2022 est.) |
| Imports (partners) | South Africa 34%, China 14%, India 13%, UAE 6%, Singapore 3% (2023) |
| Comodities Imports force | refined petroleum, chromium ore, iron alloys, iron ore, palm oil (2023) |
| Exports | |
| Imports 2024 | $10.488 billion (2024 est.) |
| Imports 2023 | $11.18 billion (2023 est.) |
| Imports 2022 | $15.932 billion (2022 est.) |
| Exports (partners) | India 18%, China 13%, South Africa 9%, UAE 6%, Thailand 4% (2023) |
| Comodities Exports force | coal, natural gas, aluminum, gold, precious stones (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2024 | $51.786 billion (2024 est.) |
| Real GDP (purchasing power parity) 2023 | $50.844 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $48.222 billion (2022 est.) |
| GDP (official exchange rate) | $22.417 billion (2024 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2024 | $1,500 (2024 est.) |
| Real GDP per capita 2023 | $1,500 (2023 est.) |
| Real GDP per capita 2022 | $1,500 (2022 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 26.3% (2024 est.) |
| Industry | 24.6% (2024 est.) |
| Services | 38.4% (2024 est.) |
| GDP - composition, by end use | |
| Household consumption | 69% (2024 est.) |
| Government consumption | 17.1% (2024 est.) |
| Investment in fixed capital | 24.1% (2024 est.) |
| Investment in inventories | 0% (2024 est.) |
| Exports of goods and services | 42.7% (2024 est.) |
| Imports of goods and services | -52.9% (2024 est.) |
| Unemployment rate | |
| Unemployment rate 2024 | 3.6% (2024 est.) |
| Unemployment rate 2023 | 3.6% (2023 est.) |
| Unemployment rate 2022 | 3.6% (2022 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 7.4% (2024 est.) |
| Male | 7.5% (2024 est.) |
| Female | 7.2% (2024 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