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    Mozambique - Economy
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    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 N/A
    Exchange rates
    Currencymeticais (MZM) per US dollar -
    Exchange rates 202463.905 (2024 est.)
    Exchange rates 202363.886 (2023 est.)
    Exchange rates 202263.851 (2022 est.)
    Exchange rates 202165.465 (2021 est.)
    Exchange rates 202069.465 (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 202276.6% of GDP (2022 est.)
    Budget
    Revenues$6.243 billion (2024 est.)
    Expenditures$7.223 billion (2024 est.)
    Budget surplus (+) or deficit (-) N/A
    Remittances
    Remittances 20241.2% of GDP (2024 est.)
    Remittances 20231.2% of GDP (2023 est.)
    Remittances 20220.9% 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 forcerefined petroleum, chromium ore, iron alloys, iron ore, palm oil (2023)
    Exports
    Exports 2024$9.358 billion (2024 est.)
    Exports 2023$9.405 billion (2023 est.)
    Exports 2022$9.409 billion (2022 est.)
    Exports (partners)India 18%, China 13%, South Africa 9%, UAE 6%, Thailand 4% (2023)
    Comodities Exports forcecoal, 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
    Agriculture26.3% (2024 est.)
    Industry24.6% (2024 est.)
    Services38.4% (2024 est.)
    GDP - composition, by end use
    Household consumption69% (2024 est.)
    Government consumption17.1% (2024 est.)
    Investment in fixed capital24.1% (2024 est.)
    Investment in inventories0% (2024 est.)
    Exports of goods and services42.7% (2024 est.)
    Imports of goods and services-52.9% (2024 est.)
    Unemployment rate
    Unemployment rate 20243.6% (2024 est.)
    Unemployment rate 20233.6% (2023 est.)
    Unemployment rate 20223.6% (2022 est.)
    Youth unemployment rate (ages 15-24)
    Total7.4% (2024 est.)
    Male7.5% (2024 est.)
    Female7.2% (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