Mozambique economic risks are best assessed against the latest available figures: GDP of US$22.8 billion in 2024, inflation of 4.1% in 2024 and unemployment of 6.6% in 2025. Those indicators sit alongside a Treasury bond programme that raised more than €811 million in 2026, according to Mozambique Stock Exchange (BVM) data.
The GDP of US$22.8 billion in 2024 and GDP per capita of US$657 in 2024 describe a small domestic market. For investors, aggregate output and per-capita income are starting points for sizing demand, counterparty exposure and exit liquidity. They do not establish a trend; they set the scale for any sector or project. Investors should be specific about end market, revenue currency and local partners’ balance-sheet capacity.
Inflation of 4.1% in 2024 and unemployment of 6.6% in 2025 provide the macro backdrop for fixed-income assets. The inflation rate is a necessary input for real-return calculations, while the unemployment rate is a partial indicator of labour-market slack. Investors should compare these with the fixed 13.3% coupon on the six-year Treasury bonds issued in 2026. Because the coupon is contractual and the inflation figure is a 2024 annual average, any real-return calculation must state the periods being compared.
BVM data show more than €811 million raised through Treasury bond issuances in 2026, with the two most recent operations closing on 30 September 2026. Those operations involved new six-year Treasury bonds, issued in 2026, maturing in September 2032 and carrying a fixed interest rate of 13.3%. For investors, issuance size, tenor and fixed coupon provide a fixed-income reference point; duration, reinvestment and inflation assumptions are central to assessing Mozambique economic risks.
The main risks visible in the figures are price and labour-market conditions: inflation was 4.1% in 2024 and unemployment was 6.6% in 2025. The GDP level of US$22.8 billion in 2024 and GDP per capita of US$657 in 2024 also set the scale for domestic demand and market size. On the opportunity side, the Treasury bond issuance of more than €811 million in 2026 and the 13.3% fixed coupon on six-year paper issued in 2026 and maturing in September 2032 give investors a clear set of contractual terms to evaluate.
Use these figures as anchors rather than extrapolating unsupported trends. Investors can test how returns would be affected by the 4.1% inflation rate recorded in 2024, how a 13.3% fixed coupon on 2026 six-year paper compares over a horizon to September 2032, and how a US$22.8 billion GDP base in 2024 frames market size. These are analytical steps, not forecasts.
The figures point to a small economy, with GDP of US$22.8 billion in 2024 and GDP per capita of US$657 in 2024. Inflation was 4.1% in 2024 and unemployment was 6.6% in 2025. Investors also need to assess the Treasury bond programme, which raised more than €811 million in 2026 and included six-year paper at a fixed 13.3% coupon.
Mozambique inflation, measured by consumer prices, was 4.1% in 2024. That is the latest annual figure cited in this analysis. It should be read alongside the 13.3% fixed coupon on six-year Treasury bonds issued in 2026 when assessing real returns.
In 2026, Mozambique raised more than €811 million through Treasury bond issuances, according to BVM data. The two most recent operations closed on 30 September 2026 and involved new six-year bonds maturing in September 2032 with a fixed interest rate of 13.3%. The tenor and fixed coupon are key inputs for return and duration analysis.
Mozambique economic risks therefore centre on a US$22.8 billion GDP base in 2024, 4.1% inflation in 2024, 6.6% unemployment in 2025 and a 2026 Treasury bond programme with a 13.3% fixed coupon on six-year paper.
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