Mozambique

Economics, Political, and Trade Overview

Source: Feb 10, 2022 Economist Intelligence Unit

Mozambique - In Short.

Overview of Mozambique

In the first half of the second millennium A.D., northern Mozambican port towns were frequented by traders from Somalia, Ethiopia, Egypt, Arabia, Persia, and India. The Portuguese were able to wrest much of the coastal trade from Arab Muslims in the centuries after 1500 and to set up their own colonies. Portugal did not relinquish Mozambique until 1975. Large-scale emigration, economic dependence on South Africa, a severe drought, and a prolonged civil war hindered the country’s development until the mid-1990s. The ruling Front for the Liberation of Mozambique (FRELIMO) party formally abandoned Marxism in 1989, and a new constitution the following year provided for multiparty elections and a free market economy. A UN-negotiated peace agreement between FRELIMO and rebel Mozambique National Resistance (RENAMO) forces ended the fighting in 1992. In 2004, Mozambique underwent a delicate transition as Joaquim CHISSANO stepped down after 18 years in office. His elected successor, Armando GUEBUZA, served two terms and then passed executive power to Filipe NYUSI in 2015. RENAMO’s residual armed forces intermittently engaged in a low-level insurgency after 2012, but a late December 2016 ceasefire eventually led to the two sides signing a comprehensive peace deal in August 2019. Elections in October 2019, challenged by Western observers and civil society as being problematic, resulted in resounding wins for NYUSI and FRELIMO across the country. Since October 2017, violent extremists – who an official ISIS media outlet recognized as ISIS’s network in Mozambique for the first time in June 2019 – have been conducting attacks against civilians and security services in the northern province of Cabo Delgado. In 2021, Rwanda and the Southern African Development Community deployed forces to support Mozambique’s efforts to counter the extremist group.
Value
Country Full Name
Mozambique
Country Code
MOZ
Region
Sub-Saharan Africa
Income Group
Low income
Currency Unit
GDP
14019446610
Population
31255435
Land Area
786380
Net National Income Per Capita
330.4207417
GDP per Capita (PPP)
1297.404531

2020 GDP Growth Rate (Current USD)

2020 GDP Per Capita (Current USD)

2020 Urbanization Rate (%)

2020 Total Fertility Rate (Birth Per Woman)

Doing Business Score (100= Most Friendly)

Mozambique - Economic

Economy of Mozambique

At independence in 1975, Mozambique was one of the world’s poorest countries. Socialist policies, economic mismanagement, and a brutal civil war from 1977 to 1992 further impoverished the country. In 1987, the government embarked on a series of macroeconomic reforms designed to stabilize the economy. These steps, combined with donor assistance and with political stability since the multi-party elections in 1994, propelled the country’s GDP, in purchasing power parity terms, from $4 billion in 1993 to about $37 billion in 2017. Fiscal reforms, including the introduction of a value-added tax and reform of the customs service, have improved the government’s revenue collection abilities. In spite of these gains, about half the population remains below the poverty line and subsistence agriculture continues to employ the vast majority of the country’s work force.Mozambique’s once substantial foreign debt was reduced through forgiveness and rescheduling under the IMF’s Heavily Indebted Poor Countries (HIPC) and Enhanced HIPC initiatives. However, in 2016, information surfaced revealing that the Mozambican Government was responsible for over $2 billion in government-backed loans secured between 2012-14 by state-owned defense and security companies without parliamentary approval or national budget inclusion; this prompted the IMF and international donors to halt direct budget support to the Government of Mozambique. An international audit was performed on Mozambique’s debt in 2016-17, but debt restructuring and resumption of donor support have yet to occur.Mozambique grew at an average annual rate of 6%-8% in the decade leading up to 2015, one of Africa’s strongest performances, but the sizable external debt burden, donor withdrawal, elevated inflation, and currency depreciation contributed to slower growth in 2016-17.Two major International consortiums, led by American companies ExxonMobil and Anadarko, are seeking approval to develop massive natural gas deposits off the coast of Cabo Delgado province, in what has the potential to become the largest infrastructure project in Africa. . The government predicts sales of liquefied natural gas from these projects could generate several billion dollars in revenues annually sometime after 2022.

Unemployment Rate

Inflation Rate

Mozambique - GDP Composition

GDP Composiiton & Value Added of Mozambique

Last Updated: Jan, 2021, Updated For 2020.

Mozambique - GDP, Value Added

Demographics of Mozambique

three large populations clusters are found along the southern coast between Maputo and Inhambane, in the central area between Beira and Chimoio along the Zambezi River, and in and around the northern cities of Nampula, Cidade de Nacala, and Pemba; the northwest and southwest are the least populated areas as shown in this population distribution map
Geographic Location

Southeastern Africa, bordering the Mozambique Channel, between South Africa and Tanzania

Races

African 99% (Makhuwa, Tsonga, Lomwe, Sena, and others), Mestizo 0.8%, other (includes European, Indian, Pakistani, Chinese) .2% (2017 est.)

Languages

Makhuwa 26.1%, Portuguese (official) 16.6%, Tsonga 8.6%, Nyanja 8.1, Sena 7.1%, Lomwe 7.1%, Chuwabo 4.7%, Ndau 3.8%, Tswa 3.8%, other Mozambican languages 11.8%, other 0.5%, unspecified 1.8% (2017 est.)

Religion

Roman Catholic 27.2%, Muslim 18.9%, Zionist Christian 15.6%, Evangelical/Pentecostal 15.3%, Anglican 1.7%, other 4.8%, none 13.9%, unspecified 2.5% (2017 est.)

Dependency & Expectancy of Mozambique

Last Updated: Jan, 2021

Dependency Ratio

Expectancy

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Mozambique - Social Media Briefing

Mozambique - Social Media & Social Commerce

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Politics & Policies of Mozambique

2021 Policies Overview

Updated Coming in March 2021 after our team finish summarizing countries policy.

International Organizations

ACP, AfDB, AU, C, CD, CPLP, EITI (compliant country), FAO, G-77, IAEA, IBRD, ICAO, ICC (NGOs), ICRM, IDA, IDB, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO (correspondent), ITSO, ITU, ITUC (NGOs), MIGA, NAM, OIC, OIF (observer), OPCW, SADC, UN, UNCTAD, UNESCO, UNHCR, UNIDO, Union Latina, UNISFA, UNWTO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO

Import of Mozambique

Export of Mozambique

Import Destination

Export Destination