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Mozambique Business Report
General information
Source: The World Factbook - Central Intelligence Agency
Population
27,233,789 (July 2018 est.)GDP (PPP)
$37.09 billion (2017 est.)Two major International consortiums, led by American companies ExxonMobil and Anadarko, are seeking approval to develop massive natural gas deposits off the coast of Cabo Delgado province, in what has the potential to become the largest infrastructure project in Africa.
GDP growth rate
3.7% (2017 est.)Mozambique grew at an average annual rate of 6%-8% in the decade leading up to 2015, one of Africa's strongest performances, but the sizable external debt burden, donor withdrawal, elevated inflation, and currency depreciation contributed to slower growth in 2016-17.
GDP (PPP) per capita
$1,300 (2017 est.)About half the population remains below the poverty line and subsistence agriculture continues to employ the vast majority of the country's work force.
Local currency
Mozambican metical (MZM)Weak currency that lost much of its value during the 2016 oil price crash.
Financial stability (Public debt)
102.1% of GDP (2017 est.)Mozambique's once substantial foreign debt was reduced through forgiveness and rescheduling under the IMF's Heavily Indebted Poor Countries (HIPC) and Enhanced HIPC initiatives.
Inflation
15.3% (2017 est.)Very high.
Language
Emakhuwa 26.1%, Portuguese (official) 16.6%English in not spoken.
Corruption perception index (Source: Transparency International)
158/180Extremely high level of corruption.
Duties and tax
Source: PwC World Tax Summaries 2017-2018
VAT
17%VAT is chargeable on the sale of most goods and services as well as on imports.
Corporate Tax
32%Non-resident entities without a PE in Mozambique are only subject to withholding tax (WHT) in Mozambique in respect to income earned in Mozambique. The rates for mining products are as follows: 8% for diamonds. 6% for precious metals, precious stone and semi-precious stone, and heavy sand. 3% for base metals, coal, and others. 1.5% for sand and stone.
Duties
0% to 20%Mozambique is part of the Southern African Development Community (SADC) protocol on commercial trade hat exempts from customs duties some goods produced within the SADC region. Mozambique also has signed agreements with the European Union (EU) based on which preferential rates are applicable on certain goods imported from such region.
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