Washington, DC: An IMF mission team held a virtual staff visit with the Mozambican authorities, concluding on March 29, 2021.
Discussions centered on macroeconomic prospects and policies to manage the difficult economic circumstances created by the COVID pandemic, and the authorities’ reform agenda for the next years. Staff and the authorities share a broadly similar assessment of economic prospects for 2021 and the medium-term, with staff acknowledging the authorities’ adroit economic management in the face of a series of shocks in the past years.
The IMF remains closely engaged with the authorities in developing policy reforms in fiscal, monetary and financial, and governance areas, including strong collaboration through technical assistance.
Mozambique: Selected Economic Indicators | ||||
2018 | 2019 | 2020 | 2021 | |
(Annual percentage change, unless otherwise indicated) | ||||
National income and prices | ||||
Nominal GDP (MT billion) | 896 | 957 | 980 | 1052 |
Real GDP growth | 3.4 | 2.3 | -1.3 | 1.6 |
Consumer price index (end of period) | 3.5 | 3.5 | 3.5 | 7.8 |
(Percent of GDP) | ||||
Government Operations | ||||
Total revenue | 23.8 | 28.9 | 24.1 | 24.2 |
Total expenditure and net lending | 31.3 | 30.0 | 30.9 | 33.3 |
Overall balance, after grants | -8.2 | -1.2 | -4.1 | -6.3 |
Primary Balance after grants | -3.8 | 2.0 | -1.0 | -3.2 |
(Annual percentage change, unless otherwise indicated) | ||||
Money and Credit | ||||
Reserve money | 22.5 | 19.1 | 9.0 | 11.1 |
M3 (Broad Money) | 8.2 | 12.1 | 23.6 | 12.1 |
Credit to the economy | -2.5 | 5.0 | 14.8 | 7.0 |
(Percent of GDP) | 24.6 | 24.1 | 27.1 | 27.0 |
External sector | ||||
Merchandise exports | 10.0 | -9.2 | -23.9 | 6.5 |
Merchandise exports, excluding megaprojects | 20.2 | 12.1 | -24.7 | -11.3 |
Merchandise imports | 18.1 | 9.5 | -12.9 | 32.9 |
Merchandise imports, excluding megaprojects | 8.9 | 9.3 | -4.5 | 3.1 |
(Millions of U.S. dollars) | ||||
External Public Debt | 13,335 | 13,485 | 15,199 | 14,769 |
External current account, after grants | -4,501 | -3,022 | -3,813 | -10,393 |
Net international reserves (end of period) | 2,885 | 3,605 | 4,351 | 4,005 |
Gross international reserves (end of period) | 3,081 | 3,884 | 4,552 | 4,206 |
Sources: Mozambican authorities; and IMF staff estimates and projections. | ||||