Mozambique Economic Outlook
June 21, 2022Economic growth accelerated to 4.1% year on year in the first quarter of 2022, from 3.6% in the fourth quarter of last year. The biggest contributions to growth came from the agricultural and transport sectors. However, the pace of growth in the agricultural sector moderated. Strong expansions were also recorded in the industrial and energy sectors, as well as in hotels and restaurants. The latter sector was boosted by the gradual easing of Covid-19 restrictions from mid-January. Economic activity in Q2 will likely take a hit from Tropical Cyclone Gombe, which made landfall on 11 March. Furthermore, security issues persist: Rebels carried out several attacks in mid-June in the Cabo Delgado province, with a foreign-owned graphite mine among their targets. More positively, private-sector operating conditions improved in April–May.
Mozambique Economic GrowthThe economy is expected to expand at a stronger clip this year, as the fading impact of the global pandemic should support domestic demand. With the Coral Sul offshore platform expected to come online in October, increased LNG production should further buoy activity. Clashes with jihadists in the gas-rich Cobo Delgado province cloud the outlook. FocusEconomics panelists see GDP growing 4.2% in 2022, which is unchanged from last month’s forecast, and 5.5% in 2023.
Mozambique Economy Data
5 years of Mozambique economic forecasts for more than 30 economic indicators.
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|Exchange Rate||62.43||0.48 %||Jan 01|
|Stock Market||0.1||0.0 %||Jan 06|
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