| Economy | Mozambique |
 = Fields  = World Records  = Dictionary  = Bar graph  = Distribution map  = Fields History  = Definitions |
Economy - overview:
|
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 remains dependent upon foreign assistance for more than half of its annual budget, and in 2008 54% of 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 the opening of the Mozal aluminum smelter, the country's largest foreign investment project to date, has increased export earnings. At the end of 2007, and after years of negotiations, the government took over Portugal's majority share of the Cahora Bassa Hydroelectricity (HCB) company, a dam that was not transferred to Mozambique at independence because of the ensuing civil war and unpaid debts. More electrical power capacity is needed for additional investment projects in titanium extraction and processing and garment manufacturing that could 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. In July 2007 the Millennium Challenge Corporation (MCC) signed a compact with Mozambique; the compact entered into force in September 2008 and will continue for five years. Compact projects will focus 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. Mozambique grew at an average annual rate of 9% in the decade up to 2007, one of Africa's strongest performances. However, heavy reliance on aluminum, which accounts for about one-third of exports, subjects the economy to volatile international prices. The sharp decline in aluminum prices during the global economic crisis lowered GDP growth by several percentage points. Despite 8.3% GDP growth in 2010, the increasing cost of living prompted citizens to riot in September 2010, after fuel, water, electricity, and bread price increases were announced. In an attempt to contain the cost of living, the government implemented subsidies, decreased taxes and tariffs, and instituted other fiscal measures. Real growth of 7.2% was achieved in 2011. |
GDP (purchasing power parity):
|
$23.87 billion (2011 est.)
$22.24 billion (2010 est.)
$20.81 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
|
$1,100 (2011 est.)
$1,000 (2010 est.)
$1,000 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
|
$12.1 billion (2011 est.) |
GDP - real growth rate:
|
7.2% (2011 est.)
6.8% (2010 est.)
6.3% (2009 est.) |
GDP - composition by sector:
|
agriculture: 28.4%
industry: 26.9%
services: 44.7% (2011 est.) |
Investment (gross fixed):
|
28.4% of GDP (2011 est.) |
Population below poverty line:
|
54% (2008 est.) |
Household income or consumption by percentage share:
|
lowest 10%: 1.9%
highest 10%: 36.7% (2008) |
Distribution of family income - Gini index:
|
45.6 (2008)
47.3 (2002) |
Inflation rate (consumer prices):
|
11.7% (2011 est.)
13% (2010 est.) |
Central bank discount rate:
|
3.25% (31 December 2010 est.)
9.95% (31 December 2009 est.) |
Commercial bank prime lending rate:
|
16% (31 December 2011 est.)
16.263% (31 December 2010 est.) |
Stock of money:
|
$1.406 billion (31 December 2008)
$1.261 billion (31 December 2007) |
Stock of money - per capita:
|
62 USD per capita |
Stock of quasi money:
|
$1.752 billion (31 December 2008)
$1.467 billion (31 December 2007) |
Stock of quasi money - per capita:
|
77 USD per capita |
Stock of domestic credit:
|
$5.34 billion (31 December 2011 est.)
$2.92 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
|
233 USD per capita |
Stock of narrow money:
|
$4.171 billion (31 December 2011 est.)
$2.736 billion (31 December 2010 est.) |
Stock of broad money:
|
$5.908 billion (31 December 2011 est.)
$4.033 billion (31 December 2010 est.) |
Labor force:
|
9.973 million (2011 est.) |
Labor force participation rate:
|
43.46 % of population |
Labor force - by occupation:
|
agriculture: 81%
industry: 6%
services: 13% (1997 est.) |
Unemployment rate:
|
21% (1997 est.) |
Unemployment, youth ages 15-24:
|
void |
Budget:
|
revenues: $3.342 billion
expenditures: $3.986 billion (2011 est.) |
Budget revenues per capita:
|
146 USD per capita |
Taxes and other revenues:
|
27.6% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
|
-5.3% of GDP (2011 est.) |
Public debt:
|
43% of GDP (2011 est.)
46.3% of GDP (2010 est.) |
Industries:
|
food, beverages, chemicals (fertilizer, soap, paints), aluminum, petroleum products, textiles, cement, glass, asbestos, tobacco |
Industrial production growth rate:
|
8% (2010 est.) |
Electricity - production:
|
14.98 billion kWh (2008 est.) |
Electricity - production per capita:
|
653 kWh per capita |
Electricity - consumption:
|
10.18 billion kWh (2008 est.) |
Electricity - consumption - per capita:
|
444 kWh per capita |
Electricity - exports:
|
11.21 billion kWh (2008 est.) |
Electricity - imports:
|
3.436 billion kWh (2008 est.) |
Oil - production:
|
0 bbl/day (2010 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
|
17,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
|
0.27 bbl/year per capita |
Oil - exports:
|
0 bbl/day (2009 est.) |
Oil - imports:
|
14,540 bbl/day (2009 est.) |
Oil - proved reserves:
|
0 bbl (1 January 2011 est.) |
Natural gas - production:
|
3.6 billion cu m (2009 est.) |
Natural gas - production per capita:
|
157 cu m per capita |
Natural gas - consumption:
|
100 million cu m (2009 est.) |
Natural gas - consumption - per capita:
|
5 cu m per capita |
Natural gas - exports:
|
3.5 billion cu m (2009 est.) |
Natural gas - imports:
|
0 cu m (2009 est.) |
Natural gas - proved reserves:
|
127.4 billion cu m (1 January 2011 est.) |
Agriculture - products:
|
cotton, cashew nuts, sugarcane, tea, cassava (tapioca), corn, coconuts, sisal, citrus and tropical fruits, potatoes, sunflowers; beef, poultry |
Current account balance:
|
-$1.385 billion (2011 est.)
-$999 million (2010 est.) |
Current account balance - per capita:
|
-60 USD per capita |
Exports:
|
$2.646 billion (2011 est.)
$2.243 billion (2010 est.) |
Exports per capita:
|
116 USD per capita |
Exports - commodities:
|
aluminum, prawns, cashews, cotton, sugar, citrus, timber; bulk electricity |
Exports - partners:
|
Netherlands 47.6%, South Africa 11.6% (2009) |
Imports:
|
$3.846 billion (2011 est.)
$3.335 billion (2010 est.) |
Imports per capita:
|
168 USD per capita |
Imports - commodities:
|
machinery and equipment, vehicles, fuel, chemicals, metal products, foodstuffs, textiles |
Imports - partners:
|
South Africa 28.6%, China 10.3%, Australia 7.2%, India 5.8%, US 4.7%, Portugal 4.1% (2010) |
Reserves of foreign exchange and gold:
|
$2.141 billion (31 December 2011 est.)
$2.159 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
|
94 USD per capita |
Debt - external:
|
$5.437 billion (31 December 2011 est.)
$4.81 billion (31 December 2010 est.) |
Debt - external - per capita:
|
237 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
$NA |
Market value of publicly traded shares - per capita:
|
void |
Currency (code):
|
metical (MZM) |
Exchange rates:
|
meticais (MZM) per US dollar -
28.5 (2011 est.)
33.97 (2010 est.)
26.28 (2009)
24.125 (2008)
26.264 (2007) |
Fiscal year:
|
calendar year |
|
= Fields = World Records = Dictionary = Bar graph = Distribution map = Fields History = Definitions |
|
Home 
Geographic Names
Chiefs of State
Intl. Organizations
Intl. Environmental Agree.
Other References
