The Bank of Mozambique projects a gradual economic rebound in 2026, supported by major investments in natural gas and mining. Governor Rogério Zandamela, speaking at the 50th Advisory Council meeting in Pemba, Cabo Delgado on Wednesday, said the recovery would be anchored in strategic projects and improved domestic production conditions.
He noted that international reserves are expected to remain at “comfortable levels,” while inflation will likely stay within single digits. However, Zandamela warned of ongoing fiscal risks, an unfavourable business climate, and external uncertainties stemming from the global economic slowdown.
After three consecutive quarters of contraction—largely due to post-election unrest in 2024 and 2025—the government anticipates a 3.2% GDP growth in 2026, up from 2.9% projected for 2025 and 2.2% in 2024. The proposed Economic and Social Plan and State Budget (PESOE) for 2026 forecasts GDP at 1.665 trillion meticais (€22.3 billion) and inflation at 3.7%, down from 7% this year.
Exports are expected to rise to US$8.4 billion, though imports will remain higher at US$9.5 billion. Authorities hope that ongoing reforms and stability in the extractive sectors will strengthen the recovery and sustain Mozambique’s economic resilience in the medium term.