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Mozambique Economy: from the All Country Info reference guide to country facts

Mozambique Economy

Mozambique Economy: A summary of information about Mozambique Economy, from government research data as well as independent research and other sources.

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Mozambique: Economy

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. Pending are tax and much needed commercial code reform, as
well as greater private sector involvement in the transportation,
telecommunications, and energy sectors. Since 1996, inflation has been
low and foreign exchange rates 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. Still, the country depends on
foreign assistance to balance the budget and to pay for a trade
imbalance in which imports outnumber exports by five to one or more.
The medium-term outlook for the country looks bright, as trade and
transportation links to South Africa and the rest of the region are
expected to improve and sizable foreign investments materialize. Among
these investments are metal production (aluminum, steel), natural gas,
power generation, agriculture (cotton, sugar), fishing, timber, and
transportation services. Additional exports in these areas should
bring in needed foreign exchange. In addition, Mozambique is on track
to receive a formal cancellation of a large portion of its external
debt through a World Bank initiative.
GDP
purchasing power parity - $18.7 billion (1999 est.)
GDP - real growth rate
10% (1999 est.)
GDP - per capita
purchasing power parity - $1,000 (1999 est.)
GDP - composition by sector
agriculture: 34%
industry: 18%
services: 48% (1998 est.)
Population below poverty line
NA%
Household income or consumption by percentage share
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices)
4% (1999 est.)
Labor force
NA
Labor force - by occupation
agriculture 81%, industry 6%, services
13% (1997 est.)
Unemployment rate
NA%
Budget
revenues: $402 million
expenditures: $799 million, including capital expenditures of $NA
(1997 est.)
Industries
food, beverages, chemicals (fertilizer, soap, paints),
petroleum products, textiles, cement, glass, asbestos, tobacco
Industrial production growth rate
39% (1997)
Electricity - production
1.2 billion kWh (1998)
Electricity - production by source
fossil fuel: 25%
hydro: 75%
nuclear: 0%
other: 0% (1998)
Electricity - consumption
1.018 billion kWh (1998)
Electricity - exports
483 million kWh (1998)
Electricity - imports
385 million kWh (1998)
Agriculture - products
cotton, cashew nuts, sugarcane, tea, cassava
(tapioca), corn, rice, tropical fruits; beef, poultry
Exports
$300 million (f.o.b., 1999 est.)
Exports - commodities
prawns 40%, cashews, cotton, sugar, copra,
citrus, coconuts, timber (1997)
Exports - partners
Spain 17%, South Africa 16%, Portugal 12%, US 10%,
Japan, Malawi, India, Zimbabwe (1996 est.)
Imports
$1.6 billion (c.i.f., 1999 est.)
Imports - commodities
food, clothing, farm equipment, petroleum,
transport equipment (1997)
Imports - partners
South Africa 55%, Zimbabwe 7%, Saudi Arabia 5%,
Portugal 4%, US, Japan, India (1996 est.)
Debt - external
$4.8 billion (1999)
Economic aid - recipient
$1.115 billion (1995)
Currency
1 metical (Mt) = 100 centavos
Exchange rates
meticais (Mt) per US$1 - 13,392.0 (January 2000),
12,775.1 (1999), 11,874.6 (1998), 11.543.6 (1997), 11,293.8 (1996),
9,024.3 (1995)
Fiscal year
calendar year
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