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Mozambique: Economy#

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. 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 remained dependent upon foreign assistance for 40% of its 2012 annual budget and over half the population remained below the poverty line. Subsistence agriculture continues to employ the vast majority of the country's work force and smallholder agricultural productivity and productivity growth is weak. A substantial trade imbalance persists although aluminum production from the Mozal smelter has significantly boosted export earnings in recent years. In 2012, The Mozambican government took over Portugal's last remaining share in the Cahora Bassa Hydroelectricity Company (HCB), a signficant contributor to the Southern African Power Pool. The government has plans to expand the Cahora Bassa Dam and build additional dams to increase its electricity exports and fulfill the needs of its burgeoning domestic industries. 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. In July 2007, the US government's Millennium Challenge Corporation (MCC) signed a $506.9 million Compact with Mozambique. Compact projects will end in September 2013 and are focusing on improving sanitation, roads, agriculture, and the business regulation environment in an effort to spur economic growth in the four northern provinces of the country. Citizens rioted in September 2010, after fuel, water, electricity, and bread price increases were announced. In an attempt to lessen the negative impact on people, the government implemented subsidies, decreased taxes and tariffs, and instituted other fiscal measures. Mozambique grew at an average annual rate of 6%-8% in the decade up to 2013, one of Africa's strongest performances. Mozambique's ability to attract large investment projects in natural resources is expected to fuel continued high growth in coming years. Revenues from these vast resources, including natural gas, coal, titanium and hydroelectric capacity, could overtake donor assistance within five years.

Economic Facts#

GDP (purchasing power parity)$28.15 billion (2013 est.)
$26.31 billion (2012 est.)
$24.49 billion (2011 est.)
note: data are in 2013 US dollars
GDP - real growth rate7% (2013 est.)
7.4% (2012 est.)
7.3% (2011 est.)
GDP - per capita (PPP)$1,200 (2013 est.)
$1,200 (2012 est.)
$1,100 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by sector of originagriculture: 28.7%
industry: 24.9%
services: 46.4% (2013 est.)
Population below poverty line52% (2009 est.)
Household income or consumption by percentage sharelowest 10%: 1.9%
highest 10%: 36.7% (2008)
Labor force - by occupationagriculture: 81%
industry: 6%
services: 13% (1997 est.)
Exports - commoditiesaluminum, prawns, cashews, cotton, sugar, citrus, timber; bulk electricity
Exports - partnersSouth Africa 31.3%, Belgium 12.8%, China 9%, Italy 7.9%, Spain 6.2%, India 5.8% (2012)
Agriculture - productscotton, cashew nuts, sugarcane, tea, cassava (manioc, tapioca), corn, coconuts, sisal, citrus and tropical fruits, potatoes, sunflowers; beef, poultry
Budgetrevenues: $4.808 billion
expenditures: $6.101 billion (2013 est.)
Imports - commoditiesmachinery and equipment, vehicles, fuel, chemicals, metal products, foodstuffs, textiles
Imports - partnersSouth Africa 30.5%, China 12.3%, India 11.6%, US 5.1%, Portugal 4.8%, Australia 4.5% (2012)
Exchange ratesmeticais (MZM) per US dollar -
30 (2013 est.)
28.383 (2012 est.)
33.96 (2010 est.)
26.28 (2009)
24.125 (2008)
Exports$3.92 billion (2013 est.)
$3.47 billion (2012 est.)
Debt - external$6.276 billion (31 December 2013 est.)
$4.7 billion (31 December 2012 est.)
Fiscal yearcalendar year
Imports$7.068 billion (2013 est.)
$6.168 billion (2012 est.)
Industrial production growth rate8% (2013 est.)
Industriesaluminum, petroleum products, chemicals (fertilizer, soap, paints), textiles, cement, glass, asbestos, tobacco, food, beverages
Inflation rate (consumer prices)4.4% (2013 est.)
2.1% (2012 est.)
Labor force10.55 million (2013 est.)
Unemployment rate17% (2007 est.)
21% (1997 est.)
Distribution of family income - Gini index45.6 (2008)
47.3 (2002)
Public debt46.7% of GDP (2013 est.)
42.2% of GDP (2012 est.)
Current account balance-$5.884 billion (2013 est.)
-$5.168 billion (2012 est.)
Reserves of foreign exchange and gold$2.99 billion (31 December 2013 est.)
$2.77 billion (31 December 2012 est.)
GDP (official exchange rate)$14.67 billion (2013 est.)
Market value of publicly traded shares$NA
Central bank discount rate9.5% (17 January 2013 est.)
3.25% (31 December 2010 est.)
Commercial bank prime lending rate15.6% (31 December 2013 est.)
16.81% (31 December 2012 est.)
Stock of domestic credit$4.438 billion (31 December 2013 est.)
$3.951 billion (31 December 2012 est.)
Stock of narrow money$4.665 billion (31 December 2013 est.)
$4.335 billion (31 December 2012 est.)
Stock of broad money$6.856 billion (31 December 2013 est.)
$6.242 billion (31 December 2012 est.)
Taxes and other revenues32.8% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-8.8% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 71.4%
government consumption: 16.9%
investment in fixed capital: 33.8%
investment in inventories: -1.6%
exports of goods and services: 30%
imports of goods and services: -50.5%
(2013 est.)
Gross national saving-5.6% of GDP (2013 est.)
-4.6% of GDP (2012 est.)
0.8% of GDP (2011 est.)