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Country Overview
Mozambique, lies in the South-East of the African continent and has been described as being the sixth-fastest growing economy in Sub-Saharan Africa over the past 7 years. The Gross Domestic Product (GDP) in Mozambique expanded 7.1% pa over this period.

The economy is expected to grow at a rate of more than 7.5% pa over the short- to medium- term, boosted by a significant expansion of coal exports and high levels of foreign investment in various sectors, but most significantly in the natural gas sector.

Mozambique Snapshot
Infrustructure Poor
Diversity of Economy Fairly good and improving
Banking Sector Under-developed
Continuity of Economic Policy Improving
GDP Growth Robust
Foreign Investment Strong
Socio – Economic Development Very low
Forex Reserves Healthy and upward trend

Source: NKC Independent Economists CC

Coal and natural gas reserves are part of the country's greatest resources as mining output soared by 41% in 2013. The remote Tete province boasts possibly the last big coking mine in the world and local analysts estimate that while gas could bring the country a revenue of between USD200 billion to USD400 billion over 40 years, coal export volumes will grow from 4.0 million tonnes in 2013 to 19.5 million tonnes in 2017. Water resources are also plentiful, as a number of rivers, including the Limpopo, Zambezi, Save, Lurio and Rovuma pass through the country.

Mozambique Risk Outlook

Standard & Poor have affirmed Mozambique's "B+" rating with a stable outlook on it's long-term sovereign debt. Fitch Ratings affirmed its "B+" sovereign credit rating on Mozambique, revising the outlook on the rating from "B" positive outlook to "B+" with a stable outlook with prospects for accelerated growth supported by natural resource development.

Mozambique Risk Ratings
S&P Fitch
B+ / Stable B + / Stable


The country’s largest source of exportation revenue comes from aluminium followed by coal, electrical and tobacco. Other important exports include prawns, cashews, cotton, timber and citrus.

Main Exports: % share of total 2012e 2013f 2014f
Aluminum ingots 31.37% 30.43% 29.12%
Coal 12.52% 12.10% 12.00%
Electrical 6.72% 7.02% 7.10%
Tobacco 6.57% 5.32% 5.16%

Source: NKC Independent Economists CC (e – estimate; f – forecast)

Agriculture, fishing, energy and tourism constitute important contributions for the development of the country. Total exports are expected to rise from an estimated USD3.8 billion in 2012 to USD8.5 billion in 2017. Mozambique currently imports all its transportation fuel. With economic growth in excess of 6% pa and the burgeoning coal mining sector development in Tete, this indicates that the demand for diesel fuel is likely to increase dramatically.

Main Imports: % share of total 2012e 2013f 2014f
Non-crude Petroleum 18.41% 16.87% 13.38%
Machinery 14.29% 13.72% 11.28%
Vehicles 7.93% 5.98% 4.83%
Electricity 4.97% 4.80% 3.87%

Source: NKC Independent Economists CC (e – estimate; f – forecast)


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