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Economy of Mozambique vs Zambia compared: GDP & Debt

Updated on by Georank

Mozambique has a GDP of $22.3B compared to $28.9B for Zambia, ranking 127/197 and 116/197 by economy size, respectively.

Mozambique has $22.9B in government debt (102.5% of GDP), compared to $24.8B (86% of GDP) in Zambia.

Mozambique vs Zambia GDP by year

Mozambique
Zambia
1x
Year GDP, current $
Mozambique Zambia
2025 $22,337,997,046 $28,879,806,220
2024 $22,752,244,245 $25,303,185,342
2023 $20,927,498,317 $27,577,956,471
2022 $18,884,232,599 $29,163,782,140
2021 $16,168,055,475 $22,096,416,932
2020 $14,235,420,174 $18,137,764,931
2019 $15,512,759,047 $23,308,667,781
2018 $15,017,358,953 $26,311,507,274
2017 $13,264,640,646 $25,873,601,261
2016 $12,069,051,237 $20,958,412,538
2015 $16,208,985,770 $21,251,216,799
2014 $17,978,246,586 $27,141,023,558
2013 $17,198,073,057 $28,037,239,463
2012 $16,688,114,144 $25,503,060,420
2011 $14,619,279,989 $23,459,515,276
2010 $11,411,894,724 $20,265,559,484
2009 $12,263,894,790 $15,328,342,304
2008 $12,920,340,965 $17,910,858,638
2007 $10,811,456,006 $14,056,957,976
2006 $9,509,835,537 $12,756,858,899
2005 $8,868,504,900 $8,331,870,169
2004 $7,937,255,565 $6,221,110,219
2003 $6,583,526,861 $4,901,869,764
2002 $5,950,769,427 $4,193,850,445
2001 $5,650,154,067 $4,094,441,301
2000 $5,930,685,215 $3,600,632,111
1999 $6,285,219,691 $3,404,284,891
1998 $5,551,118,149 $3,537,741,942
1997 $4,873,663,775 $4,303,288,480
1996 $4,030,146,135 $3,597,220,962
1995 $3,061,646,174 $3,806,983,413
1994 $2,958,108,170 $3,656,806,166
1993 $2,883,161,897 $3,273,505,344
1992 $2,798,696,511 $3,182,810,841
1991 $3,854,856,435 $3,376,806,697
1990 - $3,288,381,797
1989 - $3,994,673,161
1988 - $3,728,878,149
1987 - $2,265,250,972
1986 - $1,664,413,508
1985 - $2,252,454,500
1984 - $2,719,518,933
1983 - $3,321,048,451
1982 - $3,871,117,093
1981 - $4,008,126,497
1980 - $3,884,530,854
1979 - $3,353,445,378
1978 - $2,811,032,473
1977 - $2,515,296,940
1976 - $2,742,859,263
1975 - $2,442,672,141
1974 - $2,910,981,262
1973 - $2,434,255,237
1972 - $1,872,416,680
1971 - $1,653,259,341
1970 - $1,788,779,285
1969 - $1,926,399,230
1968 - $1,573,739,371
1967 - $1,340,639,464
1966 - $1,238,999,505
1965 - $1,061,199,576
1964 - $822,639,671
1963 - $704,339,719
1962 - $679,279,729
1961 - $682,359,727
1960 - $698,739,721

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

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

GDP per capita in Mozambique vs Zambia by year

Mozambique
GDP per capita

GDP per capita, PPP
Zambia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Mozambique Zambia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $627 - $1,318 -
2024 $657 $1,705 $1,187 $4,215
2023 $622 $1,678 $1,331 $4,077
2022 $578 $1,582 $1,447 $3,841
2021 $510 $1,457 $1,127 $3,503
2020 $462 $1,412 $952 $3,157
2019 $519 $1,389 $1,259 $3,361
2018 $518 $1,326 $1,464 $3,442
2017 $471 $1,283 $1,483 $3,392
2016 $441 $1,379 $1,239 $3,313
2015 $611 $1,318 $1,296 $3,337
2014 $697 $1,166 $1,707 $3,441
2013 $687 $1,114 $1,821 $3,477
2012 $686 $1,076 $1,710 $3,324
2011 $618 $1,064 $1,625 $3,228
2010 $496 $1,000 $1,451 $3,098
2009 $548 $951 $1,136 $2,872
2008 $592 $916 $1,376 $2,708
2007 $508 $862 $1,119 $2,555
2006 $457 $798 $1,052 $2,378
2005 $437 $721 $711 $2,213
2004 $400 $673 $549 $2,068
2003 $339 $620 $446 $1,942
2002 $314 $580 $394 $1,837
2001 $305 $533 $397 $1,785
2000 $327 $472 $359 $1,709
1999 $354 $468 $350 $1,654
1998 $320 $422 $373 $1,601
1997 $287.5 $387 $466 $1,631
1996 $244.4 $350 $400 $1,585
1995 $191.8 $321 $433 $1,501
1994 $196.8 $326 $426 $1,464
1993 $205.2 $321 $391 $1,607
1992 $205.6 $292 $389 $1,505
1991 $288.7 $315 $423 $1,534
1990 - $296 $422 $1,522
1989 - - $526 -
1988 - - $504 -
1987 - - $315 -
1986 - - $238.2 -
1985 - - $332 -
1984 - - $413 -
1983 - - $520 -
1982 - - $627 -
1981 - - $670 -
1980 - - $669 -
1979 - - $595 -
1978 - - $514 -
1977 - - $474 -
1976 - - $533 -
1975 - - $490 -
1974 - - $601 -
1973 - - $518 -
1972 - - $410 -
1971 - - $372 -
1970 - - $414 -
1969 - - $459 -
1968 - - $387 -
1967 - - $341 -
1966 - - $325 -
1965 - - $287.4 -
1964 - - $230 -
1963 - - $203.2 -
1962 - - $202.3 -
1961 - - $209.7 -
1960 - - $221.6 -

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

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

Mozambique's GDP per capita is $627, ranking 193/197, compared to $1,318 in Zambia, ranking 170/197. Adjusted for purchasing power (GDP per capita PPP), Mozambique ranks 192nd at $1,705, while Zambia ranks 166th at $4,215.

Economic indicators

Mozambique Zambia
Gross domestic product
$22.3B
2025
$28.9B
2025
GDP rank
127/197
2025
116/197
2025
GDP growth
-0.52%
2024-2025
3.76%
2024-2025
GDP per capita
$627
2025
$1,318
2025
GDP per capita rank
193/197
2025
170/197
2025
GDP per capita, PPP
$1,705
2024
$4,215
2024
GDP per capita PPP rank
192/197
2024
166/197
2024
Government debt
$22.9B
2025
$24.8B
2025
Debt-to-GDP ratio
102.5%
2025
86%
2025
Government debt per person
$643
2025
$1,133
2025
Government debt per person rank
158/185
2025
140/185
2025
Average annual personal income after taxes
$1,324
2026
$1,538
2026
Market capitalization of domestic companies n/a
$14.9B
2025
Income share by richest 10%
40.8%
2022
39.1%
2022
Income share by poorest 10%
1.7%
2022
1.5%
2022
Government expenditure, % of GDP
30.3%
2025
29.7%
2025
Consumer prices inflation
4.4%
2024-2025
13.9%
2024-2025
Central bank interest rate
9.25%
2026
13.3%
2026
Unemployment rate
6.79%
2022
5.67%
2024
Population
37173146
22844606

Spending and national debt comparison by year

Mozambique
Spending

Debt
Zambia
Spending

Debt
1x
Year % of GDP
Mozambique Zambia
Government spending Government debt Government spending Government debt
2025 30.3% 102.5% 29.7% 86%
2024 33.3% 91.4% 26.5% 125.2%
2023 33.3% 90.8% 27.4% 129.1%
2022 32.9% 100.4% 28.2% 99.5%
2021 32.1% 104.3% 30.5% 111%
2020 33.9% 120% 34% 140%
2019 28% 98.3% 29.8% 103.3%
2018 31.2% 105.5% 27.7% 81.2%
2017 28.6% 103.8% 25% 66.6%
2016 28.7% 124.8% 23.9% 61.2%
2015 32.2% 86% 27.6% 61.9%
2014 39.7% 63.4% 24.3% 33.9%
2013 31.7% 49.5% 24% 25.9%
2012 28.1% 36.7% 21.9% 24.9%
2011 28.9% 34.2% 19.5% 20.8%
2010 26.6% 38.6% 18.1% 18.9%
2009 25.7% 39.3% 17.8% 20.5%
2008 21.3% 32.8% 19.5% 19.2%
2007 20.9% 31.2% 19.9% 21.9%
2006 20.1% 40% 19.7% 25%
2005 17% 60.1% 22.5% 75.7%
2004 17.8% 50.8% 23.3% 129.9%
2003 18.6% 63.2% 27.3% 159.5%
2002 18.6% 63.4% 27.6% 180.2%
2001 20.8% 99.8% 28% 210.2%
2000 17.2% 95.8% 21.4% 261%
1999 15.6% 94.7% - -
1998 14.9% - - -
1997 16.5% - - -
1996 14.9% - - -
1995 18.8% - - -
1994 22.9% - - -
1993 20.7% - - -
1992 21.1% - - -
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/zambia | CC BY

In 2025, Mozambique's government spending was $6.76B, accounting for 30.3% of its GDP, while Zambia spent $8.58B, or 29.7% of GDP.

Debt-to-GDP ratio is 102.5% in Mozambique and 86% in Zambia, ranking 21/185 and 35/185, respectively.

Government deficit by year

Deficit/surplus
Mozambique

Zambia
1x
Year Deficit/surplus, % of GDP
Mozambique Zambia
2025 -3.97% -3.83%
2024 -6.23% -3.46%
2023 -4.26% -5.48%
2022 -5.22% -7.82%
2021 -5.23% -8.13%
2020 -6.19% -13.8%
2019 1.7% -9.41%
2018 -5.7% -8.31%
2017 -1.99% -7.5%
2016 -5.06% -5.69%
2015 -6.55% -8.88%
2014 -9.75% -5.43%
2013 -2.46% -6.4%
2012 -3.45% -3.16%
2011 -4.34% -1.78%
2010 -3.4% -2.43%
2009 -4.35% -2.06%
2008 -1.9% -0.67%
2007 -2.19% -1.04%
2006 -3.03% 16.9%
2005 -2.06% -2.37%
2004 -3.17% -2.51%
2003 -2.64% -5.31%
2002 -3.36% -4.5%
2001 -4.43% -5.89%
2000 -1.26% 1.16%
1999 -0.31% -
1998 -1.08% -
1997 -1.81% -
1996 -2.07% -
1995 -2.46% -
1994 -4% -
1993 -2.53% -
1992 -1.85% -
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/zambia | 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 Zambia's deficit of $1.11B, or 3.83% of GDP.

Over the past 26 years, Mozambique recorded a fiscal deficit in 25 of those years, while Zambia ran a deficit in 24 years. On average, Mozambique posted an annual deficit equal to 3.87% of GDP, compared to deficit of 4.14% of GDP for Zambia.

Inflation comparison by year

Inflation
Mozambique

Zambia
1x
Year Consumer prices inflation
Mozambique Zambia
2025 4.4% 13.9%
2024 3.2% 15%
2023 7% 10.9%
2022 10.4% 11%
2021 6.6% 22%
2020 0.9% 15.7%
2019 5.7% 9.2%
2018 3.2% 7.5%
2017 15.8% 6.6%
2016 18.4% 17.9%
2015 3.6% 10.1%
2014 2.6% 7.8%
2013 4.3% 7%
2012 2.6% 6.6%
2011 11.2% 8.7%
2010 12.4% 8.5%
2009 3.8% 13.4%
2008 14.5% 12.4%
2007 10.4% 10.7%
2006 13.2% 9%
2005 6.4% 18.3%
2004 12.6% 18%
2003 13.5% 21.4%
2002 16.8% 22.2%
2001 9.1% 21.4%
2000 12.7% 24.1%
1999 2.9% 23.9%
1998 1.5% 22.7%
1997 7.4% 21.4%

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

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

Over the past 29 years, Mozambique has recorded an average annual inflation rate of 8.18%, compared with 14.4% in Zambia. In 2025, inflation was 4.4% in Mozambique and 13.9% in Zambia.

Top exports between countries

Mozambique
Export category Export value
Raw materials & minerals $164M
Processed food, beverages & tobacco $6.24M
Textiles & consumer goods $1.05M
Animal & marine products $977K
Machinery & equipment $932K
Metals $523K
Weapons & explosives $295K
Raw agricultural goods $272K
Chemicals & pharma $216K
Wood & paper products $179K
Zambia
Export category Export value
Machinery & equipment $76.9M
Metals $9.55M
Animal & marine products $6.62M
Chemicals & pharma $4.69M
Processed food, beverages & tobacco $3.14M
Raw agricultural goods $2.9M
Raw materials & minerals $2.8M
Textiles & consumer goods $1.79M
Miscellaneous $242K
Weapons & explosives $212K

Balance of trade

Mozambique Zambia
Current account balance
-$2.49B
2024
-$1.12B
2024
Current account balance ranking
148/190
2024
121/190
2024
Current account balance, % of GDP
-11%
2024
-4.41%
2024
Goods imports
$8.38B
2024
$10.1B
2024
Goods exports
$8.21B
2024
$11.4B
2024
Service imports
$2.11B
2024
$1.99B
2024
Service exports
$1.15B
2024
$1.38B
2024
Imports of goods and services, % of GDP
55.7%
2025
27.6%
2024
Exports of goods and services, % of GDP
41.4%
2025
35%
2024

Economic freedom indices

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

Mozambique Zambia
Economic freedom 49.6 51.9
Economic freedom ranking 164/197 152/197
Property rights 29.7 43.9
Government integrity 25.1 39.3
Judicial effectiveness 43.4 45
Tax burden 75.8 74.3
Government spending 67 78.1
Fiscal health 39.1 30.9
Business freedom 40.2 53.4
Labor freedom 47.7 48.8
Monetary freedom 76.2 66.6
Trade freedom 71.2 62.8
Investment freedom 40 40
Financial freedom 40 40

Economic freedom comparison by year

Mozambique
Zambia
1x
Year Economic freedom index
Mozambique Zambia
2026 49.6 51.9
2025 50.7 50.9
2024 50.7 48.4
2023 52.5 47.8
2022 51.3 48.7
2021 51.6 50.4
2020 50.5 53.5
2019 48.6 53.6
2018 46.3 54.3
2017 49.9 55.8
2016 53.2 58.8
2015 54.8 58.7
2014 55 60.4
2013 55 58.7
2012 57.1 58.3
2011 56.8 59.7
2010 56 58
2009 55.7 56.6
2008 55.4 56.2
2007 54.7 56.2
2006 51.9 56.8
2005 54.6 55
2004 57.2 54.9
2003 58.6 55.3
2002 57.7 59.6
2001 59.2 59.5
2000 52.2 62.8
1999 48.9 64.2
1998 43 62.7
1997 44 62.1
1996 48.4 59.6
1995 45.5 55.1

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

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

The Economic Freedom Index for Mozambique is 49.6, ranking 164/197, compared to 51.9 for Zambia, ranking 152/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Mozambique Zambia
Services, % of GDP
42%
2025
57%
2025
Industry, % of GDP
22.1%
2025
35.3%
2025
Agriculture, forestry, and fishing, % of GDP
25.6%
2025
4.11%
2025
GNI, Atlas method
$20.4B
2025
$26.2B
2025
GNI per capita, PPP
$1,540
2025
$3,990
2025
Total reserves including gold
$3.84B
2024
$4.09B
2024
Total reserves ranking
112/177
2024
111/177
2024
Net foreign direct investment
-$3.55B
2024
-$2.05B
2024
Net inflows of foreign direct investment
$3.51B
2024
$2.36B
2024
Net outflows of foreign direct investment
-$44.1M
2024
$311M
2024
Servicing debt to the IMF, % of GNI
22.4%
2024
17.3%
2024
Poverty at national poverty lines
65%
2022
60%
2022
Gross capital formation, % of GDP
24.2%
2025
23.8%
2024

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/zambia | 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.