Mozambique
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| Economy | Mozambique |
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Economy - overview:
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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. Inflation was brought to single digits during the late 1990s although it returned to double digits in 2000-02. 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 much of its annual budget, and the majority of the population remains below the poverty line. Subsistence agriculture continues to employ the vast majority of the country's workforce. 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. Additional investment projects in titanium extraction and processing and garment manufacturing should 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. |
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GDP:
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purchasing power parity - $19.52 billion (2002 est.) |
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GDP - real growth rate:
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7.7% (2002 est.) |
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GDP - per capita:
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purchasing power parity - $1,100 (2002 est.) |
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GDP - composition by sector:
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agriculture: 22%
industry: 23% services: 55% (2001 est.) |
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Population below poverty line:
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70% (2001 est.) |
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Household income or consumption by percentage share:
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lowest 10%: 2.5%
highest 10%: 31.7% (1997) |
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Distribution of family income - Gini index:
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39.6 (1996-97) |
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Inflation rate (consumer prices):
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15.2% (2002 est.) |
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Labor force:
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9.2 million (2000 est.) |
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Labor force - by occupation:
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agriculture 81%, industry 6%, services 13% (1997 est.) |
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Unemployment rate:
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21% (1997 est.) |
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Budget:
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revenues: $393.1 million
expenditures: $1.025 billion, including capital expenditures of $479.4 million (2001 est.) |
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Industries:
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food, beverages, chemicals (fertilizer, soap, paints), aluminum, petroleum products, textiles, cement, glass, asbestos, tobacco |
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Industrial production growth rate:
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3.4% (2000) |
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Electricity - production:
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7.193 billion kWh (2001) |
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Electricity - production by source:
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fossil fuel: 2.9%
hydro: 97.1% other: 0% (2001) nuclear: 0% |
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Electricity - consumption:
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1.39 billion kWh (2001) |
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Electricity - exports:
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5.8 billion kWh (2001) |
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Electricity - imports:
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500 million kWh (2001) |
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Oil - production:
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0 bbl/day (2001 est.) |
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Oil - consumption:
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8,500 bbl/day (2001 est.) |
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Oil - exports:
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NA (2001) |
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Oil - imports:
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NA (2001) |
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Oil - proved reserves:
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0 bbl (37257) |
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Natural gas - production:
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60 million cu m (2001 est.) |
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Natural gas - consumption:
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60 million cu m (2001 est.) |
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Natural gas - exports:
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0 cu m (2001 est.) |
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Natural gas - imports:
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0 cu m (2001 est.) |
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Natural gas - proved reserves:
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63.71 billion cu m (37257) |
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Agriculture - products:
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cotton, cashew nuts, sugarcane, tea, cassava (tapioca), corn, coconuts, sisal, citrus and tropical fruits, potatoes, sunflowers; beef, poultry |
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Exports:
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$680 million f.o.b. (2002 est.) |
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Exports - commodities:
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aluminum, prawns, cashews, cotton, sugar, citrus, timber; bulk electricity |
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Exports - partners:
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Belgium 24.3%, South Africa 9.1%, Germany 6.2% (2002) |
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Imports:
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$1.18 billion c.i.f. (2002 est.) |
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Imports - commodities:
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machinery and equipment, vehicles, fuel, chemicals, metal products, foodstuffs, textiles |
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Imports - partners:
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South Africa 27.5%, France 8.9%, US 7%, Australia 6.9%, Japan 6%, Malaysia 4% (2002) |
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Debt - external:
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$966 million (2002 est.) |
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Economic aid - recipient:
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$632.8 million (2001) |
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Currency:
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metical (MZM) |
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Currency code:
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MZM |
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Exchange rates:
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meticais per US dollar - 23,678 (2002), 20,703.6 (2001), 15,447.1 (2000), 13,028.6 (1999), 12,110.2 (1998)
note: effective October 2000, the exchange rate is determined as the weighted average of buying and selling exchange rates of all transactions of commercial banks and stock exchanges with the public |
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Fiscal year:
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calendar year |
Government: Mozambique lost $3M because of riots - The Associated Press The GuardianGovernment: Mozambique lost $3M because of riotsThe Associated PressMAPUTO, Mozambique ? Mozambique's economy has lost more than $3 million because of deadly riots over the rising prices of food and other goods, ...Factbox: Violence in MozambiqueReutersMozambique: Portuguese Companies Will Go On Investing, Despite RiotsAllAfrica.comClashes leave 7 dead in MozambiquePress TVIRINnews.org -Global Voices Online (blog)all 1,289 news articles » AP Business NewsBrief at 11:50 am EDT - TMCnet AP Business NewsBrief at 11:50 am EDTTMCnetGovernment: Mozambique lost $3M because of riotsMAPUTO, Mozambique (AP) _ Mozambique's economy has lost more than $3 million because of deadly riots over ...and more » Deadly riots in Mozambique over food prices - The Australian CBC.caDeadly riots in Mozambique over food pricesThe AustralianDespite a fast-growing economy, Mozambique - one of the world's poorest countries, with a population of 23 million - was also hit by protests two years ago ...Wheat Rises as Russia Extends Ban, Mozambique Strike ContinuesDailyFinanceRussian Drought Spurs Worldwide Food Price HikesAOL NewsWheat Advances as Russia Extends Export Ban, FAO Calls MeetingSan Francisco Chronicleall 496 news articles » |
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