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, in purchasing power parity terms, from $4 billion in 1993 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, about half the population remains below the poverty line and subsistence agriculture continues to employ the vast majority of the country's work force.

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 secured between 2012-14 by state-owned defense and security companies without parliamentary approval or national budget inclusion; this prompted the IMF and international donors to halt direct budget support to the Government of Mozambique. An international audit was performed on Mozambique’s debt in 2016-17, but debt restructuring and resumption of donor support have yet to occur.

Mozambique grew at an average annual rate of 6%-8% in the decade leading up to 2015, one of Africa's strongest performances, but the sizable external debt burden, donor withdrawal, elevated inflation, and currency depreciation contributed to slower growth in 2016-17.

Two major International consortiums, led by American companies ExxonMobil and Anadarko, 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):
$37.09 billion (2017 est.)
$35.76 billion (2016 est.)
$34.46 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 122
[see also: GDP country ranks ]

GDP (official exchange rate):
$12.59 billion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3.7% (2017 est.)
3.8% (2016 est.)
6.6% (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 91
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$1,300 (2017 est.)
$1,200 (2016 est.)
$1,200 (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 222
[see also: GDP - per capita country ranks ]

Gross national saving:
16.8% of GDP (2017 est.)
-1.2% of GDP (2016 est.)
5% of GDP (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 123
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 69.7% (2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 27.2% (2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 21.7% (2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 13.9% (2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 38.3% (2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -70.6% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 23.9% (2017 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 19.3% (2017 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 56.8% (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:
4.9% (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 61
[see also: Industrial production growth rate country ranks ]

Labor force:
12.9 million (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 45
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 74.4%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 3.9%
[see also: Labor force - by occupation - industry country ranks ]
services: 21.7% (2015 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
24.5% (2017 est.)
25% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 196
[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)
[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 (CIA rank, may be based on non-current data): 39
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: 3.356 billion (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 4.054 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
26.7% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 105
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-5.6% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 176
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
102.1% of GDP (2017 est.)
121.6% of GDP (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 15
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
15.3% (2017 est.)
19.2% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 212
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
19% (4 November 2017)
23.25% (31 December 2016)
country comparison to the world (CIA rank, may be based on non-current data): 8
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
27.86% (31 December 2017 est.)
21.18% (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 8
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$3.817 billion (31 December 2017 est.)
$3.411 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 112
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$3.817 billion (31 December 2017 est.)
$3.411 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 117
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$4.337 billion (31 December 2017 est.)
$4.242 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 131
[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:
-$2.824 billion (2017 est.)
-$4.28 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 174
[see also: Current account balance country ranks ]

Exports:
$4.725 billion (2017 est.)
$3.328 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 110
[see also: Exports country ranks ]

Exports - partners:
India 28.1%, Netherlands 24.4%, South Africa 16.7% (2017)

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

Imports:
$5.223 billion (2017 est.)
$4.733 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 124
[see also: Imports country ranks ]

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

Imports - partners:
South Africa 36.8%, China 7%, UAE 6.8%, India 6.2%, Portugal 4.4% (2017)

Reserves of foreign exchange and gold:
$3.361 billion (31 December 2017 est.)
$2.081 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 106
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$10.91 billion (31 December 2017 est.)
$10.48 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 110
[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.)