The Mozambican economy shrank by 2.4% year-on-year in the fourth quarter of 2020, following a 1.1% decline in the previous quarter, as the country struggled with terrorist attacks and as coronavirus-induced restrictions around the globe hit tourism-related sectors. The largest contraction was registered in the services sector (-4.1% vs -2.4% in Q2), led by hotels & restaurants (-22.5% vs -31.4%); transport & communications (-7.5% vs -1.2%) and financial services (-2.1% vs -2.1%). The primary sector also declined (-2.7% vs -1.9%), due to a slowdown in agriculture output (1.1% vs 3.2%) and a sharp contraction in mining (-13.3% vs -16.2%). Also, secondary activities relapsed (-2.3% vs 0.6%), dragged by utilities (-5.2% vs 4.1%) construction (-3.9% vs -0.2%) and manufacturing (-1.1% vs -0.9%). source: Instituto Nacional De Estatistica, Mozambique

GDP Annual Growth Rate in Mozambique averaged 5.45 percent from 2000 until 2020, reaching an all time high of 15.30 percent in the first quarter of 2004 and a record low of -3.25 percent in the second quarter of 2020. This page provides the latest reported value for - Mozambique GDP Annual Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Mozambique GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on May of 2021.

GDP Annual Growth Rate in Mozambique is expected to be 1.60 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Mozambique to stand at 2.30 in 12 months time. In the long-term, the Mozambique GDP Annual Growth Rate is projected to trend around 4.50 percent in 2022 and 4.00 percent in 2023, according to our econometric models.

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Mozambique GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-2.37 -1.09 15.30 -3.23 2000 - 2020 percent Quarterly
2014=100


Calendar GMT Actual Previous Consensus TEForecast
2020-06-09 09:20 AM Q1 1.68% 1.51% 1.3%
2020-08-18 01:30 PM Q2 -3.25% 1.68% -3%
2020-11-24 12:40 PM Q3 -1.09% -3.25% -2.8%
2021-02-15 11:00 AM Q4 -2.37% -1.09% 0.8%
2021-06-04 09:20 AM Q1 -2.37%
2021-08-27 01:30 PM Q2
2021-11-25 04:00 PM Q3
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News Stream
Mozambique GDP Contraction Deepens in Q4
The Mozambican economy shrank by 2.4% year-on-year in the fourth quarter of 2020, following a 1.1% decline in the previous quarter, as the country struggled with terrorist attacks and as coronavirus-induced restrictions around the globe hit tourism-related sectors. The largest contraction was registered in the services sector (-4.1% vs -2.4% in Q2), led by hotels & restaurants (-22.5% vs -31.4%); transport & communications (-7.5% vs -1.2%) and financial services (-2.1% vs -2.1%). The primary sector also declined (-2.7% vs -1.9%), due to a slowdown in agriculture output (1.1% vs 3.2%) and a sharp contraction in mining (-13.3% vs -16.2%). Also, secondary activities relapsed (-2.3% vs 0.6%), dragged by utilities (-5.2% vs 4.1%) construction (-3.9% vs -0.2%) and manufacturing (-1.1% vs -0.9%).
2021-02-15
Mozambique GDP Contracts Less in Q3
The Mozambican economy shrank by 1.1% yoy in the third quarter of 2020, following a 3.3% decline in the previous three-month period, as domestic activity gradually recovers from the impact of Covid-19 and related containment measures. The services sector contracted less (-2.4% vs -4.1% in Q2), led by hotels & restaurants (-31.4% vs -35.8%); transport & storage (-1.2% vs -4.7%) and internal trade (0.2% vs -5.7%). Also, primary activities fell at a softer pace (-1.9% vs -2.7%), amid a smaller contraction in mining (-16.2% vs -25.6%) and growth recorded in agriculture (3.2% vs 3.5%). In addition, secondary activities rebounded (0.6% vs -2.4%), driven by utilities (4.1% vs 6.3%) and softer decreases in manufacturing (-0.9% vs -5.3%) and construction (-0.2% vs -0.9%). The Mozambican government projects the economy will grow 2.1% in 2021, supported by agriculture and construction. Gas exploration projects in the Rovuma basin could also support activity.
2020-11-24
Mozambique Q2 GDP Shrinks the Most on Record
The Mozambican economy shrank 3.25% yoy in the Q2 of 2020, following a 1.68% growth in the previous three-month period. It was the steepest economic contraction since at least the Q2 of 2000, amid the full impact of the coronavirus outbreak and related containment measures. The main negative contribution came from the services sector (-4.06%), namely hotels & restaurants (-35.8% vs -1.4%); internal trade (-5.7% vs 2.9%) and transport & communication (-4.7% vs 5%). Declines were also seen in primary activities (-2.65%), induced by mining (-25.6% vs -11.7%) and fishing (-1.8% vs 1.5%) which contrasted with a solid rise in agriculture (3.5% vs 2.9%). In addition, secondary activities posted a 2.42% fall, due to weaker performance in manufacturing (-5.3% vs 2.5%) and construction (-0.9% vs 1.7%). The emergency state in the country was first set on April 1st and was extended for the fourth time until August 30th, though with some relaxation of restrictions.
2020-08-18
Mozambique GDP Grows 1.7% in Q1
The Mozambican economy expanded 1.68 percent year-on-year in the first three months of 2020, following a downwardly revised 1.51 percent growth in the previous period. Increases were seen in utilities (6.5 percent), transportation and storage (5 percent), agriculture (2.9 percent), manufacturing (2.5 percent), construction (1.7 percent) and fishery (1.5 percent). In contrast, mining plunged 11.7 percent and financial services declined 0.1 percent. The government expects the economy to shrink 3.3 percent in 2020 due to the coronavirus pandemic. The emergency state in the country was first set on April 1st and has been prolonged until June 30th. Schools and entertainment spaces remain closed, and gatherings are not allowed.
2020-06-09

Mozambique GDP Annual Growth Rate
The most important sector of Mozambican economy is services and accounts for 49 percent of total GDP, of which wholesale and retail trade, repair of motor vehicles (12 percent); education (8 percent) and transport (7 percent). Industry constitutes 27 percent with mining and quarrying representing 11 percent as the country has large mineral deposits (marble, bentonite, coal, gold, bauxite, granite and gemstones) with aluminum being the most important exported product. Manufacturing accounts for 10 percent and construction for 3 percent. Agriculture, hunting, forestry and fishing creates 24 percent of the wealth with prawns, cotton, cashew nuts, sugar, citrus, copra, coconuts, and timber being the most important crops. On the expenditure side, household consumption is the main component of GDP and accounts for 67 percent of its total use, followed by government expenditure (26 percent) and gross fixed capital formation (25 percent). Exports of goods and services account for 41 percent of GDP while imports account for 73 percent, subtracting 32 percent of total GDP.