Economy Of Mozambique
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Economy overview
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At independence in 1975, Mozambique was one of the world's poorest countries. Socialist mismanagement and a brutal civil war from 1977-92 exacerbated the situation. In 1987, the government embarked on a series of macroeconomic reforms designed to stabilize the economy. These steps, combined with donor assistance and with political stability since the multi-party elections in 1994, have led to dramatic improvements in the country's growth rate. Inflation was reduced to single digits during the late 1990s although it returned to double digits in 2000-03. Fiscal reforms, including the introduction of a value-added tax and reform of the customs service, have improved the government's revenue collection abilities. In spite of these gains, Mozambique remains dependent upon foreign assistance for much of its annual budget, and the majority of the population remains below the poverty line. Subsistence agriculture continues to employ the vast majority of the country's workforce. A substantial trade imbalance persists although the opening of the MOZAL aluminum smelter, the country's largest foreign investment project to date has increased export earnings. Additional investment projects in titanium extraction and processing and garment manufacturing should further close the import/export gap. Mozambique's once substantial foreign debt has been reduced through forgiveness and rescheduling under the IMF's Heavily Indebted Poor Countries (HIPC) and Enhanced HIPC initiatives, and is now at a manageable level.
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GDP
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purchasing power parity - $21.23 billion (2004 est.)
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GDP - real growth rate
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7% (2004 est.)
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GDP - per capita
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purchasing power parity - $1,200 (2004 est.)
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GDP - composition by sector
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agriculture: 20.1%
industry: 27.3%
services: 52.7% (2004 est.)
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Investment gross fixed
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47.8% of GDP (2004 est.)
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Population below poverty line
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70% (2001 est.)
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Household income or consumption by percentage share
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lowest 10%: 2.5%
highest 10%: 31.7% (1997)
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Distribution of family income - Gini index
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39.6 (1996-97)
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Inflation rate consumer prices
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14% (2004 est.)
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Labor force
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9.2 million (2000 est.)
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Labor force by occupation
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agriculture 81%, industry 6%, services 13% (1997 est.)
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Unemployment rate
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21% (1997 est.)
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Budget
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revenues: $1.089 billion
expenditures: $1.269 billion, including capital expenditures of $479.4 million (2004 est.)
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Public debt
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Agriculture products
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cotton, cashew nuts, sugarcane, tea, cassava (tapioca), corn, coconuts, sisal, citrus and tropical fruits, potatoes, sunflowers; beef, poultry
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Industries
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food, beverages, chemicals (fertilizer, soap, paints), aluminum, petroleum products, textiles, cement, glass, asbestos, tobacco
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Industrial production growth rate
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3.4% (2000)
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Electricity production
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7.193 billion kWh (2001)
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Electricity production by source
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fossil fuel: 2.9%
hydro: 97.1%
other: 0% (2001)
nuclear: 0%
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Electricity consumption
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1.39 billion kWh (2001)
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Electricity exports
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5.8 billion kWh (2001)
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Electricity imports
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500 million kWh (2001)
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Oil production
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0 bbl/day (2001 est.)
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Oil consumption
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8,500 bbl/day (2001 est.)
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Oil exports
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NA (2001)
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Oil imports
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NA (2001)
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Oil proved reserves
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0 bbl (1 January 2002)
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Natural gas production
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60 million cu m (2001 est.)
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Natural gas consumption
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60 million cu m (2001 est.)
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Natural gas exports
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0 cu m (2001 est.)
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Natural gas imports
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0 cu m (2001 est.)
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Natural gas proved reserves
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63.71 billion cu m (1 January 2002)
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Current account balance
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$-566 million (2004 est.)
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Exports
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$795 million f.o.b. (2004 est.)
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Exports commodities
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aluminum, prawns, cashews, cotton, sugar, citrus, timber; bulk electricity
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Exports partners
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Belgium 26%, South Africa 14.4%, Italy 9.6%, Spain 9.5%, Germany 8.3%, Zimbabwe 4.7% (2003)
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Imports
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$1.142 billion f.o.b. (2003 est.)
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Imports commodities
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machinery and equipment, vehicles, fuel, chemicals, metal products, foodstuffs, textiles
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Imports partners
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South Africa 26.3%, Australia 9.2%, US 3.9% (2003)
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Reserves of foreign exchange gold
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$990 million (2004 est.)
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Debt external
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$966 million (2002 est.)
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Economic aid recipient
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$632.8 million (2001)
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Currency
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metical (MZM)
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Currency code
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MZM
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Exchange rates
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meticais per US dollar - 23,782.3 (2003), 23,678 (2002), 20,703.6 (2001), 15,447.1 (2000), 13,028.6 (1999)
note: effective October 2000, the exchange rate is determined as the weighted average of buying and selling exchange rates of all transactions of commercial banks and stock exchanges with the public
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Fiscal year
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calendar year
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This information was reproduced in part from the CIA World Fact book.
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