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Mozambique Economy




Mozambique    Economy Top of Page
Economy - overview: Before the peace accord of October 1992, Mozambique's economy was devastated by a protracted civil war and socialist mismanagement. In 1994, it ranked as one of the poorest countries in the world. Since then, Mozambique has undertaken a series of economic reforms. Almost all aspects of the economy have been liberalized to some extent. More than 900 state enterprises have been privatized. A value-added tax, introduced in 1999, launched the government's comprehensive tax reform program. Pending are much needed commercial code reform and greater private sector involvement in the transportation, telecommunications, and energy sectors. Since 1996, inflation has been low and foreign exchange rates relatively stable. Albeit from a small base, Mozambique's economy grew at an annual 10% rate in 1997-99, one of the highest growth rates in the world. Growth slowed and inflation rose in 2000 due to devastating flooding in the early part of the year. Both indicators should recover in 2001. The country depends on foreign assistance to balance the budget and to pay for a trade imbalance in which imports greatly outnumber exports. The trade situation should improve in the medium term, however, as trade and transportation links to South Africa and the rest of the region have been improved and sizeable foreign investments are beginning to materialize. Among these investments are metal production (aluminum, steel), natural gas, power generation, agriculture, fishing, timber, and transportation services. Mozambique has received a formal cancellation of a large portion of its external debt through an IMF initiative and is scheduled to receive additional relief.
GDP: purchasing power parity - $19.1 billion (2000 est.)
GDP - real growth rate: 3.8% (2000 est.)
GDP - per capita: purchasing power parity - $1,000 (2000 est.)
GDP - composition by sector: agriculture:  44%

industry:  19%

services:  37% (1999 est.)
Population below poverty line: 70% (2000 est.)
Household income or consumption by percentage share: lowest 10%:  2.5%

highest 10%:  31.7% (1996-97)
Inflation rate (consumer prices): 11.4% (2000 est.)
Labor force: 7.4 million (1997 est.)
Labor force - by occupation: agriculture 81%, industry 6%, services 13% (1997 est.)
Unemployment rate: 21% (1997 est.)
Budget: revenues:  $466.9 million

expenditures:  $1.004 billion, including capital expenditures of $502.5 million (2000 est.)
Industries: food, beverages, chemicals (fertilizer, soap, paints), petroleum products, textiles, cement, glass, asbestos, tobacco
Industrial production growth rate: 7.2% (1999)
Electricity - production: 2.3 billion kWh (1999)
Electricity - production by source: fossil fuel:  13.04%

hydro:  86.96%

nuclear:  0%

other:  0% (1999)
Electricity - consumption: 307 million kWh (1999)
Electricity - exports: 1.9 billion kWh (1999)
Electricity - imports: 68 million kWh (1999)
Agriculture - products: cotton, cashew nuts, sugarcane, tea, cassava (tapioca), corn, rice, coconuts, sisal, tropical fruits; beef, poultry
Exports: $390 million (f.o.b., 2000 est.)
Exports - commodities: prawns 40%, cashews, cotton, sugar, citrus, timber; bulk electricity (2000)
Exports - partners: EU 27%, South Africa 26%, Zimbabwe 15%, India 12%, US 5%, Japan 4% (1999 est.)
Imports: $1.4 billion (c.i.f., 2000 est.)
Imports - commodities: machinery and equipment, mineral products, chemicals, metals, foodstuffs, textiles (2000)
Imports - partners: South Africa 44%, EU 16%, US 6.5%, Japan 6.5%, Pakistan 3%, India 3% (1999 est.)
Debt - external: $1.4 billion (2000 est.)
Economic aid - recipient: $1.04 billion (1998)
Currency: metical (MZM)
Currency code: MZM
Exchange rates: meticais per US dollar - 17,331.0 (January 2001), 5,199.8 (2000), 12,775.1 (1999), 11,874.6 (1998), 11.543.6 (1997), 11,293.8 (1996)
Fiscal year: calendar year

 

Countryfacts Information Courtesy: CIA Worldbook








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