In-Depth Analysis
Mozambique
Despite having bountiful untapped mineral resources, the largest power generation potential in Southern Africa, and vast stretches of underutilised arable land, Mozambique remains one of the least-developed countries in the world. Two major offshore LNG projects, which could double GDP in the coming years, are going ahead despite depressed gas prices and an escalating insurgency in Cabo Delgado.
Exports are set to recover this year, but will remain under pressure in H1 due to operational issues adversely affecting major exporters. Meanwhile, worsening Covid-19 infections and slow vaccine rollout will weigh on the services sector. The normalisation of exports will improve government revenue collection, but efforts to combat the spread of infections and the ongoing insurrection in Cabo Delgado will increase overall expenditure. (Source: Mozambique Quarterly Update, published March 2021.)
Macroeconomic Data
(2020)
|
Fiscal Balance (as a % of GDP) |
-11.6 |
|
Consumer Price Index (% change y-o-y, avg) |
3.1 |
|
Current Account Balance (as a % of GDP) |
-28.9 |
|
Real GDP (annual % change) |
-1.2 |
|
GDP per Capita, US$ |
422.1 |
|
Import Cover (months) |
5.6 |
|
Population, million |
31.3 |
| Total External Debt (as a % of GDP) |
171.5 |