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Mozambique Economy 2013

SOURCE: 2013 CIA WORLD FACTBOOK AND OTHER SOURCES











Mozambique Economy 2013
SOURCE: 2013 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 5, 2013

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. Inspite 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 Company (HCB), 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. Citizens rioted in September 2010, after fuel, water, electricity, and bread price increases were announced. In an attempt lessen the negative impact on people, the government implemented subsidies, decreased taxes and tariffs, and instituted other fiscal measures. Real growth of more than 7% per year was achieved in 2010-12. Investment in the country's gas sector may raise Mozambique's economic growth to 8% per year through 2017.

GDP (purchasing power parity):
$26.22 billion (2012 est.)
country comparison to the world: 120

$24.39 billion (2011 est.)
$22.72 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$14.64 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
7.5% (2012 est.)
country comparison to the world: 20

7.3% (2011 est.)
7.1% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$1,200 (2012 est.)
country comparison to the world: 210

$1,100 (2011 est.)
$1,100 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 31.8%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 24.6%
services: 43.6% (2012 est.)

Labor force:
10.1 million (2012 est.)
country comparison to the world: 50
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 81%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 6%
services: 13% (1997 est.)

Unemployment rate:
21% (1997 est.)
country comparison to the world: 162
[see also: Unemployment rate country ranks ]

Population below poverty line:
54% (2008 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 1.9%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 36.7% (2008)

Distribution of family income - Gini index:
45.6 (2008)
country comparison to the world: 37

47.3 (2002)
[see also: Distribution of family income - Gini index country ranks ]

Investment (gross fixed):
26.8% of GDP (2012 est.)
country comparison to the world: 34
[see also: Investment (gross fixed) country ranks ]

Budget:
revenues: $4.37 billion
[see also: Budget revenues country ranks ]
expenditures: $5.324 billion (2012 est.)

Taxes and other revenues:
29.8% of GDP (2012 est.)
country comparison to the world: 100
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-6.5% of GDP (2012 est.)
country comparison to the world: 181
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
39.9% of GDP (2012 est.)
country comparison to the world: 90

34.4% of GDP (2011 est.)
[see also: Public debt country ranks ]

Inflation rate (consumer prices):
3.5% (2012 est.)
country comparison to the world: 98

10.4% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
3.25% (31 December 2010 est.)
country comparison to the world: 28

9.95% (31 December 2009 est.)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
18.8% (31 December 2012 est.)
country comparison to the world: 18

19.1% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$4.006 billion (31 December 2012 est.)
country comparison to the world: 108

$3.576 billion (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$5.268 billion (31 December 2011 est.)
country comparison to the world: 128

$4.095 billion (31 December 2010 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$3.711 billion (31 December 2012 est.)
country comparison to the world: 124

$3.387 billion (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]

Agriculture - products:
cotton, cashew nuts, sugarcane, tea, cassava (tapioca), corn, coconuts, sisal, citrus and tropical fruits, potatoes, sunflowers; beef, poultry

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

Industrial production growth rate:
8% (2010 est.)
country comparison to the world: 29
[see also: Industrial production growth rate country ranks ]

Current account balance:
-$2.432 billion (2012 est.)
country comparison to the world: 143

-$1.615 billion (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$3.516 billion (2012 est.)
country comparison to the world: 125

$2.776 billion (2011 est.)
[see also: Exports country ranks ]

Exports - commodities:
aluminum, prawns, cashews, cotton, sugar, citrus, timber; bulk electricity

Exports - partners:
South Africa 28.9%, Belgium 15.1%, Italy 11.8%, Spain 8.5%, China 6.6% (2011)

Imports:
$5.373 billion (2012 est.)
country comparison to the world: 125

$4.187 billion (2011 est.)
[see also: Imports country ranks ]

Imports - commodities:
machinery and equipment, vehicles, fuel, chemicals, metal products, foodstuffs, textiles

Imports - partners:
South Africa 35.4%, China 10.2%, India 8.4%, US 6.6%, Australia 6.1%, Portugal 4.4% (2011)

Reserves of foreign exchange and gold:
$2.626 billion (31 December 2012 est.)
country comparison to the world: 113

$2.469 billion (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$4.88 billion (31 December 2012 est.)
country comparison to the world: 119

$4.461 billion (31 December 2011 est.)
[see also: Debt - external country ranks ]

Exchange rates:
meticais (MZM) per US dollar -

28.13 (2012 est.)
29.075 (2011 est.)
33.96 (2010 est.)
26.28 (2009)
24.125 (2008)

Fiscal year:
calendar year


NOTE: 1) The information regarding Mozambique on this page is re-published from the 2013 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Mozambique Economy 2013 information contained here. All suggestions for corrections of any errors about Mozambique Economy 2013 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






This page was last modified 11-Mar-13
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