ECONOMY OVERVIEW

Bordered by the Indian Ocean to the east, Mozambique shares its land borders with Tanzania, Malawi, Zambia, Zimbabwe, Eswatini, and South Africa. The country boasts a diverse economy with key sectors including agriculture, mining, energy, and tourism. Mozambique’s economy is rich in natural resources, with significant reserves of coal, natural gas, titanium ore, and tantalum.

Mozambique’s GDP stands at approximately $15.8 billion US dollars, demonstrating resilience in the face of various challenges and bolstered by its abundant natural resources. The country is one of the world’s largest producers of tantalum and graphite, and it holds substantial reserves of coal and natural gas, contributing significantly to its export revenue. Despite facing challenges such as political instability and climate-related disasters, Mozambique has sustained economic growth, with GDP expanding at an average rate of around 3-4% annually.

In terms of GDP composition by sector, Mozambique’s economy is primarily driven by agriculture, industry, and services. Agriculture remains a vital sector, employing a significant portion of the population and contributing to both domestic consumption and export revenue. The industrial sector, including mining and manufacturing, is also crucial, particularly with the exploitation of natural resources. The service sector, encompassing finance, tourism, and telecommunications, is steadily growing, reflecting the country’s evolving economic landscape.

The country’s economic outlook is promising, with ongoing infrastructure development projects, increased foreign investment, and efforts to diversify the economy beyond traditional sectors.