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Economy of Mozambique
From Wikipedia, the free encyclopedia
The economy of Mozambique is $14.396 billion by gross domestic product as of 2018, and has developed since the end of the Mozambican Civil War (1977–1992). In 1987, the government embarked on a series of macroeconomic reforms, which were 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.
![]() | This article includes a list of general references, but it lacks sufficient corresponding inline citations. (August 2010) |
![]() Maputo City, capital and financial center of Mozambique | |
Currency | Mozambican metical (MZN) |
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Calendar Year | |
Trade organisations | AU, AfCFTA (signed), African Development Bank, SADC, World Bank, IMF, WTO, Group of 77 |
Country group | |
Statistics | |
GDP | |
GDP growth |
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GDP per capita | |
GDP by sector |
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3.911% (2018)[3] | |
Population below poverty line | 52% (2009 est.) |
Labour force | 10.1 million (2012 est.) |
Labour force by occupation |
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Unemployment | 17% (2007 est.) |
Main industries | aluminum, coal, petroleum products, chemicals (fertilizer, soap, paints), cement, asbestos, glass, textiles, tobacco, food processing, beverages |
External | |
Exports | ![]() |
Export goods | aluminum, coal, bulk electricity, lumber, cotton, prawns, cashews, sugar, citrus |
Main export partners |
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Imports | ![]() |
Import goods | fuel, chemicals, machinery, vehicles, metal products, textiles, food |
Main import partners |
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Gross external debt | $7.79 billion (2014 est.) |
Public finances | |
34.6% of GDP (2012 est.) | |
-4.0% of GDP (2012 est.) | |
Revenues | $4.315 billion (2012 est.) |
Expenses | $4.904 billion (2012 est.) |
Standard & Poor's:[9] B+ (Domestic) B+ (Foreign) B+ (T&C Assessment) Outlook: Stable[10] Fitch:[10] B Outlook: Stable | |
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All values, unless otherwise stated, are in US dollars. |
In spite of these gains, Mozambique remains dependent upon foreign assistance for much of its annual budget. Subsistence agriculture continues to employ the vast majority of the country's workforce. A substantial trade imbalance persists. However, the opening of the Mozal aluminium 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 International Monetary Fund's Heavily Indebted Poor Countries (HIPC) and Enhanced HIPC initiatives, and is now at a manageable level. Mozambique is a least developed country according to United Nations.