Mozambique Economy
Is Mozambique a wealthy country?
The economy of Mozambique is characterized by its diversity, natural resource wealth, and significant potential for growth. In recent years, the country's economy has been undergoing a period of transition and development, with key sectors including agriculture, mining, energy, tourism, and manufacturing.
Agriculture plays a crucial role in Mozambique's economy, employing a large portion of the population and contributing to both domestic food security and export earnings. Cash crops such as cashew nuts, sugar, cotton, and tobacco are important for export, while subsistence farming remains prevalent in rural areas.
Mining is another important sector, with Mozambique being rich in natural resources such as coal, natural gas, titanium, and gemstones. The discovery of vast natural gas reserves off the coast has attracted significant investment and has the potential to transform the country's economy in the coming years.
Energy infrastructure development is a priority for Mozambique, with efforts focused on expanding electricity access and harnessing renewable energy sources. The construction of hydroelectric dams and investment in solar and wind power projects aim to address energy deficits and support economic growth.
Tourism is emerging as a promising sector, with Mozambique's stunning coastline, wildlife reserves, and cultural heritage attracting increasing visitors. Infrastructure development and promoting ecotourism initiatives are key to realizing the sector's full potential.
The Mozambican economy faces challenges including limited infrastructure, high levels of poverty and unemployment, vulnerability to climate change and natural disasters, and governance issues. Additionally, the country has faced setbacks such as debt distress and security concerns in certain regions.
Mozambique's economy holds significant potential for growth and development, driven by its rich natural resources, strategic location, and ongoing efforts to improve infrastructure and attract investment. Continued investment in key sectors, diversification of the economy, and sustainable development policies are essential for unlocking Mozambique's economic potential and improving the livelihoods of its people.
Mozambique Economy Data
What is the GDP of Mozambique?
| Currency Name and Code | Mozambican Metical (MZM) |
| GDP - Gross Domestic Product (PPP) | $38,420,000,000 (USD) |
| GDP - official exchange rate | $16,990,000,000 (USD) |
| GDP - real growth rate | 7% |
| GDP Per Capita | $1,300.00 (USD) |
| GDP by Sector- agriculture | 28.1% |
| GDP by Sector- Industry | 21.6% |
| GDP by Sector- services | 50.2% |
| GDP - composition, by end use |
household consumption: 67.5% government consumption: 19.3% investment in fixed capital: 14.7% investment in inventories: 2% exports of goods and services: 20.7%& imports of goods and services: -24.2% |
| Population Below Poverty Line | 70% |
| Inflation Rate | 13.5% |
| Labor Force | 9,870,000 |
| Labor Force By Occupation- agriculture | 81% |
| Labor Force By Occupation- industry | 6% |
| Labor Force By Occupation- services | 13% |
| Unemployment Rate | 21% |
| Fiscal Year | calendar year |
| Annual Budget | $2,346,000,000 (USD) |
| Budget Surplus or Deficit - percent of GDP | -8.8% |
| Taxes and other revenues - percent of GDP | 32.8% |
| Major Industries | food, beverages, chemicals (fertilizer, soap, paints), aluminum, petroleum products, textiles, cement, glass, asbestos, tobacco |
| Industrial Growth Rate | 8% |
| Agriculture Products | cotton, cashew nuts, sugarcane, tea, cassava (tapioca), corn, coconuts, sisal, citrus and tropical fruits, potatoes, sunflowers; beef, poultry |
| Exchange Rate per US Dollar | metical (MZM) |
| Child Labor - % of children ages 5-14 | 22% |
| Child Labor - # of children ages 5-14 | 1,369,080 |
| Commercial Bank Prime Lending Rate | 15.6% |