Browsing: economy of mozambique

coral gas field Mozambique

After a substantial decline in 2021, Mozambique’s GDP is expected to recover to 4.5% at the closing of 2022 and potentially expand to 5.1% in 2023.  The impact of the Covid-19 pandemic, extreme climactic events and jihadist insurgency in the north of Mozambique were the driving factors of the contraction in the economy.

As a consequence of violence in the northern gas-rich province of Cabo Delgado, French energy firm TotalEnergies, declared force majeure at its Area 1 site in May 2021, after an attack on a nearby town. Several mines and other businesses in the province have also suspended operations following recent attacks.

Over the course of 2022, the prospects of the TotalEnergies improved, owing to territorial gains made near the site.  The decrease in insurgency and piracy has been seen as a major setback for rebels. The progress on security is thankful to a combined military intervention from defense …