The most recent figures from the Mozambican government reveal a strong dependence of the country’s Gross Domestic Product (GDP) on the extractive industry. In 2022, this dependence reached 10.55%, and in the first two quarters of 2023, the figures rose to 32.58% and 42.71%, respectively.
While the extractive industry and the mining sector are seeing significant growth, other sectors are facing challenges. The construction sector fell by 10.31%, the manufacturing industry slowed down by 7.77% and fisheries fell by 9.16%.
Real GDP grew by 4.17% in the first quarter of 2023 and by 4.67% in the second quarter of the same year. The government predicts GDP growth of close to 5.5% in 2024, driven by the extractive industry and other sectors such as tourism and investments in road and air mobility.
The continued dependence of the Mozambican economy on the extractive industry and the mining sector highlights the importance of diversifying the country’s economic base. However, solid growth is expected, driven by the resumption of development of the onshore modules of the Golfinho Tuna natural gas project and other investments.
Despite challenges in some sectors, Mozambique is on the road to robust economic growth, supported by the extractive industry and investments in various sectors. The government is committed to promoting sustainable growth and economic diversification to ensure a prosperous future for the country.
