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 $5.388 billion (2022 est.)
Expenditures $4.91 billion (2022 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.

Mozambique is found in Eastern Africa