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Mozambique Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Mozambique Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

Economy - overview:
At independence in 1975, Mozambique was one of the world's poorest countries. Socialist policies, economic mismanagement, and a brutal civil war from 1977 to 1992 further impoverished the country. 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, propelled the country’s GDP from $4 billion in 1993, following the war, to about $37 billion in 2017. 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, more than half the population remains below the poverty line. Subsistence agriculture continues to employ the vast majority of the country's work force. Citizens rioted in September 2010 after fuel, water, electricity, and bread price increases were announced. In an attempt to lessen the negative impact on the population, the government implemented subsidies, decreased taxes and tariffs, and instituted other fiscal measures.A substantial trade imbalance persists, although aluminum production from the Mozal Aluminum 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, a significant 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 was reduced through forgiveness and rescheduling under the IMF's Heavily Indebted Poor Countries (HIPC) and Enhanced HIPC initiatives. However, in 2016, information surfaced revealing that the Mozambican Government was responsible for over $2 billion in government-backed loans originally secured between 2012-14 by state-owned defense and security companies without parliamentary approval or national budget inclusion, which prompted the IMF and international donors to halt direct budget support to the Government of Mozambique. Mozambique grew at an average annual rate of 6%-8% in the decade leading up to 2015, one of Africa's strongest performances, but growth slowed in 2016. The sizable external debt burden, donor withdrawal, elevated inflation, and currency depreciation contributed to slower growth in 2016-17.Two major international consortiums are seeking approval to develop massive natural gas deposits off the coast of Cabo Delgado province, in what has the potential to become the largest infrastructure project in Africa. The government predicts sales of liquefied natural gas from these projects could generate several billion dollars in revenues annually sometime after 2022.

GDP (purchasing power parity):
$37.39 billion (2017 est.) $35.69 billion (2016 est.) $34.37 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 123

GDP (official exchange rate):
$12.35 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
4.7% (2017 est.) 3.8% (2016 est.) 6.6% (2015 est.)
country comparison to the world: 47
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$1,300 (2017 est.) $1,200 (2016 est.) $1,200 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 222

Gross national saving:
18.7% of GDP (2017 est.) 5.6% of GDP (2016 est.) 5% of GDP (2015 est.)
country comparison to the world: 99
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 67.3%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 24.5%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 19.5%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 24.9%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 42.6%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -78.8% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 24.3%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 23%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 52.8% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
cotton, cashew nuts, sugarcane, tea, cassava (manioc, 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:
10.5% (2017 est.)
country comparison to the world: 8
[see also: Industrial production growth rate country ranks ]

Labor force:
12.98 million (2017 est.)
country comparison to the world: 44
[see also: Labor force country ranks ]

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

Unemployment rate:
22.4% (2014 est.) 17% (2007 est.)
country comparison to the world: 189
[see also: Unemployment rate country ranks ]

Population below poverty line:
46.1% (2015 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) 47.3 (2002)
country comparison to the world: 37
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $2.758 billion
[see also: Budget - revenues country ranks ]
expenditures: $3.607 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
22.3% of GDP (2017 est.)
country comparison to the world: 135
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-6.9% of GDP (2017 est.)
country comparison to the world: 185
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
119.4% of GDP (2017 est.) 121.2% of GDP (2016 est.)
country comparison to the world: 8
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
17.5% (2017 est.) 19.2% (2016 est.)
country comparison to the world: 215
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
9.5% (17 January 2013) 3.25% (31 December 2010)
country comparison to the world: 27
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
27% (31 December 2017 est.) 21.18% (31 December 2016 est.)
country comparison to the world: 9
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$4.278 billion (31 December 2017 est.) $3.411 billion (31 December 2016 est.)
country comparison to the world: 110
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$6.496 billion (31 December 2017 est.) $5.142 billion (31 December 2016 est.)
country comparison to the world: 123
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$5.231 billion (31 December 2017 est.) $4.242 billion (31 December 2016 est.)
country comparison to the world: 127
[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 ]

Current account balance:
-$3.162 billion (2017 est.) -$4.307 billion (2016 est.)
country comparison to the world: 167
[see also: Current account balance country ranks ]

Exports:
$4.773 billion (2017 est.) $3.328 billion (2016 est.)
country comparison to the world: 111
[see also: Exports country ranks ]

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

Exports - partners:
Netherlands 30.8%, India 15.2%, South Africa 14.6% (2016)

Imports:
$5.021 billion (2017 est.) $4.733 billion (2016 est.)
country comparison to the world: 123
[see also: Imports country ranks ]

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

Imports - partners:
South Africa 36.6%, China 10.9%, Netherlands 7.8%, Bahrain 5.2%, France 4.2%, Portugal 4.2%, UAE 4.1% (2016)

Reserves of foreign exchange and gold:
$2.193 billion (31 December 2017 est.) $2.081 billion (31 December 2016 est.)
country comparison to the world: 117
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$10.27 billion (31 December 2017 est.) $10.48 billion (31 December 2016 est.)
country comparison to the world: 114
[see also: Debt - external country ranks ]

Exchange rates:
meticais (MZM) per US dollar - 64.4 (2017 est.) 63.067 (2016 est.) 63.067 (2015 est.) 39.983 (2014 est.) 31.367 (2013 est.)


NOTE: 1) The information regarding Mozambique on this page is re-published from the 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Mozambique Economy 2018 information contained here. All suggestions for corrections of any errors about Mozambique Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The 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






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