Mozambique’s Economy Contracts 4.87% as Protests and Storms Batter Growth

• Q4 downturn reverses earlier gains, with 50,000 jobs lost and nearly 1,000 businesses destroyed
• Political unrest and cyclones have left over 1.8 million people affected and pressure mounting on state finances

Maputo, Mozambique – Mozambique’s economy shrank by 4.87% in the final quarter of 2024, reversing positive momentum earlier in the year, Prime Minister Maria Benvinda Levi told parliament on Tuesday. The downturn follows a wave of violent protests that caused $495 million in damages, destroyed more than 955 businesses, and left over 50,000 people jobless.