In-Depth Analysis
Mozambique
Despite challenges such as elevated public debt, recurrent adverse weather events, and an increase in minor insurgencies, the country has strong economic prospects thanks to the expected development of its bountiful coal and natural gas resources. Recent robust economic growth has had only a moderate impact on poverty reduction and human development – Mozambique remains one of the poorest countries in the world.
Mozambique’s economic growth slowed to a multi-year low of 2.2% in 2019 as the country was hit by two destructive tropical cyclones and lower prices for its main export commodities. Apart from the disruption caused by the storms, agriculture output and electricity production were also adversely affected by drought. We expect real GDP growth to recover to 4.3% in 2020 as the country rebuilds storm-damaged infrastructure and increases investments in the nascent offshore LNG industry. (Source: Mozambique Quarterly Update, published February 2020.)
Macroeconomic Data
(2019)
|
Fiscal Balance (as a % of GDP) |
-7.2 |
|
Consumer Price Index (% change y-o-y, avg) |
2.8 |
|
Current Account Balance (as a % of GDP) |
-32.5 |
|
Real GDP (annual % change) |
2.2 |
|
GDP per Capita, US$ |
489.1 |
|
Import Cover (months) |
3.9 |
|
Population, million |
30.4 |
| Total External Debt (as a % of GDP) |
102.9 |