Mozambique’s Economy Soars:
5% Growth in 2023

Over the past decade, Mozambique has made significant strides in its energy, transport, and banking sectors, demonstrating remarkable resilience in the face of acute challenges.

In 2023, Mozambique’s economy grew by an impressive 5%, outpacing its regional rivals. The banking sector is projected to expand by 6.18% annually from 2024 to 2029, reaching a market volume of US$3.01 billion by 2029. This growth is bolstered by substantial investments in the gas sector, set to intensify in 2024 and 2025, positioning Mozambique as a key player in the South African Power Pool’s green energy supply.

The country’s Just Energy Transition Strategy, first presented at COP28, outlines ambitious plans to achieve universal electrification by 2030. Investment in liquefied natural gas (LNG) projects in the Rovuma and Maniamba Basins exemplifies Mozambique’s commitment to leveraging its gas reserves. The Mozambique Hydrogen Strategy and the transition to cleaner energy are projected to require $80 billion by 2050, highlighting the nation’s forward-looking energy policies.

In the transportation sector, Mozambique is benefiting also from the economic growth of neighbouring countries. The government has intensified efforts to enhance urban mobility through initiatives like the Maputo Metropolitan Transport system. Additionally, new investments aim to strengthen Maputo’s competitiveness against South African ports. These developments underscore Mozambique’s strategic positioning and robust economic trajectory.