In-Depth Analysis
Mozambique
Despite having bountiful untapped mineral resources, the largest power generation potential in Southern Africa, and vast stretches of underutilised arable land, Mozambique remains one of the least-developed countries in the world. Two major offshore LNG projects, which could double GDP in the coming years, are going ahead despite depressed gas prices and an escalating insurgency in Cabo Delgado.
We expect the trend of improving mineral exports to be maintained in the medium term, driven mainly by a continued ramp-up of mineral coal production and the start of natural gas production in the Rovuma basin. In the short- to medium term, political risk will mainly stem from the insurgency in Cabo Delgado and holding a fair trial against the hidden-debt accused individuals, which we are doubtful about. (Source: Mozambique Quarterly Update, published November 2021.)
Macroeconomic Data
(2020)
|
Fiscal Balance (as a % of GDP) |
-12.8 |
|
Consumer Price Index (% change y-o-y, avg) |
3.1 |
|
Current Account Balance (as a % of GDP) |
-25.5 |
|
Real GDP (annual % change) |
-1.2 |
|
GDP per Capita, US$ |
450.1 |
|
Import Cover (months) |
5.53 |
|
Population, million |
31.3 |
| Total External Debt (as a % of GDP) |
148.9 |