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Economy of Mozambique vs Rwanda compared: GDP & Debt

Updated on by Georank

Mozambique has a GDP of $22.3B compared to $16.4B for Rwanda, ranking 127/197 and 142/197 by economy size, respectively.

Mozambique has $22.9B in government debt (102.5% of GDP), compared to $10.6B (64.6% of GDP) in Rwanda.

Mozambique vs Rwanda GDP by year

Mozambique
Rwanda
1x
Year GDP, current $
Mozambique Rwanda
2025 $22,337,997,046 $16,372,132,990
2024 $22,752,244,245 $15,111,064,182
2023 $20,927,498,317 $14,806,501,437
2022 $18,884,232,599 $13,747,404,814
2021 $16,168,055,475 $11,252,894,910
2020 $14,235,420,174 $10,487,146,253
2019 $15,512,759,047 $10,519,272,170
2018 $15,017,358,953 $9,650,161,136
2017 $13,264,640,646 $9,164,345,443
2016 $12,069,051,237 $8,596,812,241
2015 $16,208,985,770 $8,447,064,079
2014 $17,978,246,586 $8,129,984,484
2013 $17,198,073,057 $7,714,276,920
2012 $16,688,114,144 $7,556,673,276
2011 $14,619,279,989 $6,802,676,034
2010 $11,411,894,724 $6,052,276,078
2009 $12,263,894,790 $5,603,399,015
2008 $12,920,340,965 $5,120,655,375
2007 $10,811,456,006 $4,017,977,507
2006 $9,509,835,537 $3,274,207,945
2005 $8,868,504,900 $2,933,819,766
2004 $7,937,255,565 $2,376,496,067
2003 $6,583,526,861 $2,138,237,279
2002 $5,950,769,427 $1,966,003,468
2001 $5,650,154,067 $1,966,600,715
2000 $5,930,685,215 $2,068,836,754
1999 $6,285,219,691 $2,157,108,263
1998 $5,551,118,149 $1,989,343,546
1997 $4,873,663,775 $1,851,558,197
1996 $4,030,146,135 $1,382,334,879
1995 $3,061,646,174 $1,293,535,193
1994 $2,958,108,170 $753,636,370
1993 $2,883,161,897 $1,971,525,712
1992 $2,798,696,511 $2,029,026,962
1991 $3,854,856,435 $1,911,600,237
1990 - $2,550,185,679
1989 - $2,405,022,593
1988 - $2,395,492,687
1987 - $2,157,432,668
1986 - $1,944,710,684
1985 - $1,715,626,331
1984 - $1,587,413,084
1983 - $1,479,687,587
1982 - $1,407,243,139
1981 - $1,407,062,527
1980 - $1,254,765,642
1979 - $1,109,346,131
1978 - $905,709,076
1977 - $746,650,613
1976 - $637,753,853
1975 - $571,863,500
1974 - $308,458,423
1973 - $290,746,157
1972 - $246,457,838
1971 - $222,952,504
1970 - $219,900,006
1969 - $188,700,037
1968 - $172,200,018
1967 - $159,560,018
1966 - $124,525,703
1965 - $148,799,980
1964 - $129,999,994
1963 - $128,000,000
1962 - $125,000,008
1961 - $122,000,016
1960 - $119,000,024

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

GeoRank.org/economy/mozambique/rwanda | CC BY

GDP per capita in Mozambique vs Rwanda by year

Mozambique
GDP per capita

GDP per capita, PPP
Rwanda
GDP per capita

GDP per capita, PPP
1x
Year Current $
Mozambique Rwanda
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $627 - $1,124 -
2024 $657 $1,705 $1,060 $3,711
2023 $622 $1,678 $1,061 $3,399
2022 $578 $1,582 $1,007 $3,099
2021 $510 $1,457 $843 $2,733
2020 $462 $1,412 $803 $2,285
2019 $519 $1,389 $823 $2,336
2018 $518 $1,326 $773 $2,125
2017 $471 $1,283 $751 $1,968
2016 $441 $1,379 $721 $1,866
2015 $611 $1,318 $726 $1,781
2014 $697 $1,166 $715 $1,678
2013 $687 $1,114 $695 $1,512
2012 $686 $1,076 $698 $1,455
2011 $618 $1,064 $643 $1,413
2010 $496 $1,000 $587 $1,314
2009 $548 $951 $557 $1,241
2008 $592 $916 $522 $1,191
2007 $508 $862 $421 $1,079
2006 $457 $798 $352 $1,002
2005 $437 $721 $324 $914
2004 $400 $673 $269.5 $832
2003 $339 $620 $249 $775
2002 $314 $580 $234 $760
2001 $305 $533 $237.3 $670
2000 $327 $472 $251.9 $609
1999 $354 $468 $264.7 $554
1998 $320 $422 $246.2 $528
1997 $287.5 $387 $238.7 $500
1996 $244.4 $350 $206 $499
1995 $191.8 $321 $228 $514
1994 $196.8 $326 $111 $311
1993 $205.2 $321 $247 $521
1992 $205.6 $292 $264.1 $575
1991 $288.7 $315 $254 $542
1990 - $296 $346 $549
1989 - - $335 -
1988 - - $344 -
1987 - - $320 -
1986 - - $297.7 -
1985 - - $271.6 -
1984 - - $259.9 -
1983 - - $250.6 -
1982 - - $246.4 -
1981 - - $254.6 -
1980 - - $234.4 -
1979 - - $213.8 -
1978 - - $179.9 -
1977 - - $152.7 -
1976 - - $134.4 -
1975 - - $124.1 -
1974 - - $68.9 -
1973 - - $66.9 -
1972 - - $58.4 -
1971 - - $54.4 -
1970 - - $55.2 -
1969 - - $48.9 -
1968 - - $46 -
1967 - - $44 -
1966 - - $35.4 -
1965 - - $43.5 -
1964 - - $39 -
1963 - - $39.3 -
1962 - - $39.2 -
1961 - - $39.3 -
1960 - - $39.4 -

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

GeoRank.org/economy/mozambique/rwanda | CC BY

Mozambique's GDP per capita is $627, ranking 193/197, compared to $1,124 in Rwanda, ranking 178/197. Adjusted for purchasing power (GDP per capita PPP), Mozambique ranks 192nd at $1,705, while Rwanda ranks 168th at $3,711.

Economic indicators

Mozambique Rwanda
Gross domestic product
$22.3B
2025
$16.4B
2025
GDP rank
127/197
2025
142/197
2025
GDP growth
-0.52%
2024-2025
9.38%
2024-2025
GDP per capita
$627
2025
$1,124
2025
GDP per capita rank
193/197
2025
178/197
2025
GDP per capita, PPP
$1,705
2024
$3,711
2024
GDP per capita PPP rank
192/197
2024
168/197
2024
Government debt
$22.9B
2025
$10.6B
2025
Debt-to-GDP ratio
102.5%
2025
64.6%
2025
Government debt per person
$643
2025
$726
2025
Government debt per person rank
158/185
2025
155/185
2025
Average annual personal income after taxes
$1,324
2026
$1,614
2026
Market capitalization of domestic companies n/a
$3.2B
2025
Income share by richest 10%
40.8%
2022
33.4%
2023
Income share by poorest 10%
1.7%
2022
3.1%
2023
Government expenditure, % of GDP
30.3%
2025
24.1%
2025
Consumer prices inflation
4.4%
2024-2025
5.91%
2024-2025
Central bank interest rate
9.25%
2026
6.75%
2025
Unemployment rate
6.79%
2022
5.36%
2025
Population
37173146
15062056

Spending and national debt comparison by year

Mozambique
Spending

Debt
Rwanda
Spending

Debt
1x
Year % of GDP
Mozambique Rwanda
Government spending Government debt Government spending Government debt
2025 30.3% 102.5% 24.1% 64.6%
2024 33.3% 91.4% 27.1% 63.4%
2023 33.3% 90.8% 26.2% 61.4%
2022 32.9% 100.4% 28.7% 59%
2021 32.1% 104.3% 31% 66.2%
2020 33.9% 120% 32.5% 66.7%
2019 28% 98.3% 27.7% 52.8%
2018 31.2% 105.5% 26.3% 49.2%
2017 28.6% 103.8% 25.3% 46.1%
2016 28.7% 124.8% 25.4% 41.5%
2015 32.2% 86% 26.9% 33.5%
2014 39.7% 63.4% 27.8% 29.5%
2013 31.7% 49.5% 26.5% 27%
2012 28.1% 36.7% 24.9% 19.3%
2011 28.9% 34.2% 25% 18.9%
2010 26.6% 38.6% 24.1% 19%
2009 25.7% 39.3% 22.6% 18.7%
2008 21.3% 32.8% 22.7% 18.5%
2007 20.9% 31.2% 22.7% 22.4%
2006 20.1% 40% 20.9% 22.8%
2005 17% 60.1% 20.2% 59.8%
2004 17.8% 50.8% 18.1% 82.1%
2003 18.6% 63.2% 18.8% 80.7%
2002 18.6% 63.4% 20.7% 93.4%
2001 20.8% 99.8% 19.3% 85.2%
2000 17.2% 95.8% 18.5% 87.2%
1999 15.6% 94.7% 22.7% 79.5%
1998 14.9% - 16.6% 71.1%
1997 16.5% - 17.2% 73.3%
1996 14.9% - 19.8% 84.6%
1995 18.8% - 18.3% 102.2%
1994 22.9% - 13.5% -
1993 20.7% - 20.6% -
1992 21.1% - 21.8% -
1991 17.3% - - -
1990 21% - - -
1989 27% - - -
1988 27% - - -
1987 22.9% - - -
1986 24.2% - - -
1985 21% - - -
1984 30.9% - - -
1983 35.3% - - -
1982 27% - - -
1981 23.8% - - -
1980 14.2% - - -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1980–1989, retrieved 2026-07-08).

GeoRank.org/economy/mozambique/rwanda | CC BY

In 2025, Mozambique's government spending was $6.76B, accounting for 30.3% of its GDP, while Rwanda spent $3.95B, or 24.1% of GDP.

Debt-to-GDP ratio is 102.5% in Mozambique and 64.6% in Rwanda, ranking 21/185 and 68/185, respectively.

Government deficit by year

Deficit/surplus
Mozambique

Rwanda
1x
Year Deficit/surplus, % of GDP
Mozambique Rwanda
2025 -3.97% -4.49%
2024 -6.23% -6.19%
2023 -4.26% -4.88%
2022 -5.22% -5.56%
2021 -5.23% -6.89%
2020 -6.19% -9.26%
2019 1.7% -5%
2018 -5.7% -2.57%
2017 -1.99% -2.54%
2016 -5.06% -2.3%
2015 -6.55% -2.71%
2014 -9.75% -3.97%
2013 -2.46% -1.29%
2012 -3.45% -2.41%
2011 -4.34% -0.87%
2010 -3.4% -0.65%
2009 -4.35% 0.26%
2008 -1.9% 0.84%
2007 -2.19% -1.58%
2006 -3.03% -0.03%
2005 -2.06% 1.14%
2004 -3.17% 2.31%
2003 -2.64% -1.25%
2002 -3.36% -2.06%
2001 -4.43% -1.83%
2000 -1.26% -0.22%
1999 -0.31% -4.48%
1998 -1.08% -2.63%
1997 -1.81% -2.25%
1996 -2.07% -5.08%
1995 -2.46% -2.07%
1994 -4% -9.68%
1993 -2.53% -6.7%
1992 -1.85% -7.31%
1991 -2.01% -
1990 -4.42% -
1989 -4.23% -
1988 -6.47% -
1987 -7.24% -
1986 -12.1% -
1985 -9.69% -
1984 -13.4% -
1983 -15.8% -
1982 -3.61% -
1981 -7.41% -
1980 -1.47% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1980–1989, retrieved 2026-07-08).

GeoRank.org/economy/mozambique/rwanda | CC BY

In 2025, Mozambique's government deficit, the difference between spending and revenue, was $886M, equivalent to 3.97% of GDP. This compares to Rwanda's deficit of $736M, or 4.49% of GDP.

Over the past 34 years, Mozambique recorded a fiscal deficit in 33 of those years, while Rwanda ran a deficit in 30 years. On average, Mozambique posted an annual deficit equal to 3.43% of GDP, compared to deficit of 3.06% of GDP for Rwanda.

Inflation comparison by year

Inflation
Mozambique

Rwanda
1x
Year Consumer prices inflation
Mozambique Rwanda
2025 4.4% 5.91%
2024 3.2% 1.77%
2023 7% 19.8%
2022 10.4% 17.7%
2021 6.6% -0.39%
2020 0.9% 9.85%
2019 5.7% 3.35%
2018 3.2% -0.31%
2017 15.8% 8.28%
2016 18.4% 7.17%
2015 3.6% 2.53%
2014 2.6% 2.35%
2013 4.3% 5.92%
2012 2.6% 10.3%
2011 11.2% 3.08%
2010 12.4% -0.25%
2009 3.8% 12.9%
2008 14.5% 15.4%
2007 10.4% 9.08%
2006 13.2% 8.88%
2005 6.4% 9.01%
2004 12.6% 12.3%
2003 13.5% 7.45%
2002 16.8% 1.99%
2001 9.1% 3.34%
2000 12.7% 3.9%
1999 2.9% -2.41%
1998 1.5% 6.21%
1997 7.4% 12%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2025, retrieved 2026-07-08); World Bank | Economy & Growth (1997–2025, retrieved 2026-07-08).

GeoRank.org/economy/mozambique/rwanda | CC BY

Over the past 29 years, Mozambique has recorded an average annual inflation rate of 8.18%, compared with 6.8% in Rwanda. In 2025, inflation was 4.4% in Mozambique and 5.91% in Rwanda.

Top exports between countries

Mozambique
Export category Export value
Processed food, beverages & tobacco $260K
Machinery & equipment $258K
Raw materials & minerals $33K
Metals $18K
Chemicals & pharma $15K
Textiles & consumer goods $4K
Wood & paper products $1K
Rwanda
Export category Export value
Machinery & equipment $1.13M
Processed food, beverages & tobacco $32K
Textiles & consumer goods $18K
Metals $16K
Raw agricultural goods $9K
Chemicals & pharma $7K
Miscellaneous $3K
Precious metals & jewellery $1K
Wood & paper products $1K

Balance of trade

Mozambique Rwanda
Current account balance
-$2.49B
2024
-$1.81B
2024
Current account balance ranking
148/190
2024
136/190
2024
Current account balance, % of GDP
-11%
2024
-12%
2024
Goods imports
$8.38B
2024
$5.55B
2024
Goods exports
$8.21B
2024
$3.2B
2024
Service imports
$2.11B
2024
$991M
2024
Service exports
$1.15B
2024
$1.08B
2024
Imports of goods and services, % of GDP
55.7%
2025
35.1%
2025
Exports of goods and services, % of GDP
41.4%
2025
21.6%
2025

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Mozambique Rwanda
Economic freedom 49.6 56.5
Economic freedom ranking 164/197 121/197
Property rights 29.7 60.3
Government integrity 25.1 53.9
Judicial effectiveness 43.4 27.5
Tax burden 75.8 80.6
Government spending 67 75.7
Fiscal health 39.1 37.5
Business freedom 40.2 60.1
Labor freedom 47.7 49.1
Monetary freedom 76.2 72.3
Trade freedom 71.2 61.8
Investment freedom 40 60
Financial freedom 40 40

Economic freedom comparison by year

Mozambique
Rwanda
1x
Year Economic freedom index
Mozambique Rwanda
2026 49.6 56.5
2025 50.7 54.8
2024 50.7 51.6
2023 52.5 52.2
2022 51.3 57.1
2021 51.6 68.3
2020 50.5 70.9
2019 48.6 71.1
2018 46.3 69.1
2017 49.9 67.6
2016 53.2 63.1
2015 54.8 64.8
2014 55 64.7
2013 55 64.1
2012 57.1 64.9
2011 56.8 62.7
2010 56 59.1
2009 55.7 54.2
2008 55.4 54.2
2007 54.7 52.4
2006 51.9 52.8
2005 54.6 51.7
2004 57.2 53.3
2003 58.6 47.8
2002 57.7 50.4
2001 59.2 45.4
2000 52.2 42.3
1999 48.9 39.8
1998 43 39.1
1997 44 38.3
1996 48.4 -
1995 45.5 -

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08).

GeoRank.org/economy/mozambique/rwanda | CC BY

The Economic Freedom Index for Mozambique is 49.6, ranking 164/197, compared to 56.5 for Rwanda, ranking 121/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Mozambique Rwanda
Services, % of GDP
42%
2025
52.3%
2025
Industry, % of GDP
22.1%
2025
22%
2025
Agriculture, forestry, and fishing, % of GDP
25.6%
2025
20.3%
2025
GNI, Atlas method
$20.4B
2025
$16.7B
2025
GNI per capita, PPP
$1,540
2025
$4,070
2025
Total reserves including gold
$3.84B
2024
$1.96B
2025
Total reserves ranking
112/177
2024
128/177
2025
Net foreign direct investment
-$3.55B
2024
-$560M
2024
Net inflows of foreign direct investment
$3.51B
2024
$573M
2024
Net outflows of foreign direct investment
-$44.1M
2024
$13.2M
2024
Servicing debt to the IMF, % of GNI
22.4%
2024
2.91%
2024
Poverty at national poverty lines
65%
2022
27.4%
2023
Gross capital formation, % of GDP
24.2%
2025
34.1%
2025

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2025, retrieved 2026-07-08); U.S. Census Bureau (1985–2025, retrieved 2026-07-08).

GeoRank.org/economy/mozambique/rwanda | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08)
  4. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  5. International Monetary Fund (IMF) | Public Finances in Modern History (1980–1989, retrieved 2026-07-08)
  6. TradeMap (2022–2025, retrieved 2026-07-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  8. LivingCost (2026, retrieved 2026-07-08)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.