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Mozambique Economy 2017
http://www.theodora.com/wfbcurrent/mozambique/mozambique_economy.html
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES











Mozambique Economy 2017
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2017

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 $34 billion in 2015. 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 2013, the Mozambique Tuna Company (EMATUM) issued an $850 million bond fully guaranteed by the Mozambican government primarily for the purpose of purchasing tuna boats. The government is attempting to reschedule this debt, in the expectation that a pending deal with a consortium led by a US company will provide enough revenue to pay off this debt. The pending deal has the potential to transform Mozambique’s economy and dramatically increase GDP.Mozambique grew at an average annual rate of 6%-8% in the decade up to 2015, one of Africa's strongest performances. Mozambique's ability to attract large investment projects in natural resources is expected to sustain high growth rates in coming years although weaker global demand for commodities is likely to weaken expected revenues from these vast resources, including natural gas, coal, titanium, and hydroelectric capacity.

GDP (purchasing power parity):
$35.31 billion (2016 est.) $33.79 billion (2015 est.) $31.7 billion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 124
[see also: GDP country ranks ]

GDP (official exchange rate):
$12.05 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
4.5% (2016 est.) 6.6% (2015 est.) 7.4% (2014 est.)
country comparison to the world: 51
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$1,200 (2016 est.) $1,200 (2015 est.) $1,200 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 222
[see also: GDP - per capita country ranks ]

Gross national saving:
5% of GDP (2016 est.) 14.7% of GDP (2015 est.) 29.5% of GDP (2014 est.)
country comparison to the world: 166
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 67.1%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 23.2%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 37.4%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 4.3%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 31.3%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -63.3% (2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 25.3%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 19.8%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 54.9% (2016 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:
2.1% (2016 est.)
country comparison to the world: 101
[see also: Industrial production growth rate country ranks ]

Labor force:
13.31 million (2016 est.)
country comparison to the world: 43
[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:
17% (2007 est.) 21% (1997 est.)
country comparison to the world: 160
[see also: Unemployment rate country ranks ]

Population below poverty line:
52% (2009 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)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
45.6 (2008) 47.3 (2002)
country comparison to the world: 39
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $2.554 billion
[see also: Budget revenues country ranks ]
expenditures: $3.609 billion (2016 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
21.2% of GDP (2016 est.)
country comparison to the world: 143
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-8.8% of GDP (2016 est.)
country comparison to the world: 196
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
100.3% of GDP (2016 est.) 75.8% of GDP (2015 est.)
country comparison to the world: 14
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
17.1% (2016 est.) 3.6% (2015 est.)
country comparison to the world: 216
[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: 29
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
24.9% (31 December 2016 est.) 14.87% (31 December 2015 est.)
country comparison to the world: 11
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$3.961 billion (31 December 2016 est.) $4.758 billion (31 December 2015 est.)
country comparison to the world: 108
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$7.48 billion (31 December 2015 est.) $7.871 billion (31 December 2014 est.)
country comparison to the world: 118
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$4.702 billion (31 December 2016 est.) $5.565 billion (31 December 2015 est.)
country comparison to the world: 126
[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:
-$4.035 billion (2016 est.) -$5.776 billion (2015 est.)
country comparison to the world: 166
[see also: Current account balance country ranks ]

Exports:
$3.132 billion (2016 est.) $3.413 billion (2015 est.)
country comparison to the world: 122
[see also: Exports country ranks ]

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

Exports - partners:
South Africa 24.9%, China 10.2%, Italy 8.9%, India 8.9%, Belgium 7.9%, Spain 4.4% (2015)

Imports:
$5.151 billion (2016 est.) $7.577 billion (2015 est.)
country comparison to the world: 120
[see also: Imports country ranks ]

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

Imports - partners:
South Africa 26.8%, China 19.3%, India 13.9% (2015)

Reserves of foreign exchange and gold:
$1.541 billion (31 December 2016 est.) $2.582 billion (31 December 2015 est.)
country comparison to the world: 123
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$9.554 billion (31 December 2016 est.) $9.743 billion (31 December 2015 est.)
country comparison to the world: 111
[see also: Debt - external country ranks ]

Exchange rates:
meticais (MZM) per US dollar - 62.07 (2016 est.) 39.983 (2015 est.) 39.983 (2014 est.) 31.367 (2013 est.) 28.38 (2012 est.)

NOTE: The information regarding Mozambique on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Mozambique Economy 2017 information contained here. All suggestions for corrections of any errors about Mozambique Economy 2017 should be addressed to the CIA.




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