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.

purchasing power parity - $18.7 billion (1999 est.)

10% (1999 est.)

purchasing power parity - $1,000 (1999 est.)

agriculture: 34%
industry: 18%
services: 48% (1998 est.)

NA%

lowest 10%: NA%
highest 10%: NA%

4% (1999 est.)

NA

agriculture 81%, industry 6%, services
13% (1997 est.)

NA%

revenues: $402 million
expenditures: $799 million, including capital expenditures of $NA
(1997 est.)

food, beverages, chemicals (fertilizer, soap, paints),
petroleum products, textiles, cement, glass, asbestos, tobacco

39% (1997)

1.2 billion kWh (1998)

fossil fuel: 25%
hydro: 75%
nuclear: 0%
other: 0% (1998)

1.018 billion kWh (1998)

483 million kWh (1998)

385 million kWh (1998)

cotton, cashew nuts, sugarcane, tea, cassava
(tapioca), corn, rice, tropical fruits; beef, poultry

$300 million (f.o.b., 1999 est.)

prawns 40%, cashews, cotton, sugar, copra,
citrus, coconuts, timber (1997)

Spain 17%, South Africa 16%, Portugal 12%, US 10%,
Japan, Malawi, India, Zimbabwe (1996 est.)

$1.6 billion (c.i.f., 1999 est.)

food, clothing, farm equipment, petroleum,
transport equipment (1997)

South Africa 55%, Zimbabwe 7%, Saudi Arabia 5%,
Portugal 4%, US, Japan, India (1996 est.)

$4.8 billion (1999)

$1.115 billion (1995)

1 metical (Mt) = 100 centavos

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)

calendar year