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Mozambique Economy 1996

Overview:

One of Africa's poorest countries, Mozambique has failed to exploit the economic potential of its sizable agricultural, hydropower, and transportation resources. Indeed, national output, consumption, and investment declined throughout the first half of the 1980s because of internal disorders, lack of government administrative control, and a growing foreign debt. A sharp increase in foreign aid, attracted by an economic reform policy, resulted in successive years of economic growth in the late 1980s, but aid has declined steadily since 1989. Agricultural output is at only 75% of its 1981 level, and grain has to be imported. Industry operates at only 20%-40% of capacity. The economy depends heavily on foreign assistance to keep afloat. Peace accords signed in October 1992 improved chances of foreign investment, aided IMF-supported economic reforms, and supported continued economic recovery. Elections held in 1994 diverted government attention from the economy, resulting in slippage and delays in the economic reform program. Nonetheless, growth in 1994 was solid and can continue into the late 1990s given continued foreign help in meeting debt obligations.

National product:

GDP - purchasing power parity - $10.6 billion (1994 est.)

National product real growth rate:

5.8% (1994 est.)

National product per capita:

$610 (1994 est.)

Inflation rate (consumer prices):

50% (1994 est.)

Unemployment rate:

50% (1989 est.)

Budget:

revenues:

$252 million

expenditures:

$607 million, including capital expenditures of $NA (1992 est.)

Exports:

$150 million (f.o.b., 1994 est.)

commodities:

shrimp 40%, cashews, cotton, sugar, copra, citrus

partners:

Spain, South Africa, US, Portugal, Japan

Imports:

$1.14 billion (c.i.f., 1994 est.)

commodities:

food, clothing, farm equipment, petroleum

partners:

South Africa, UK, France, Japan, Portugal

External debt:

$5 billion (1992 est.)

Industrial production:

growth rate 5% (1989 est.)

Electricity:

capacity:

2,360,000 kW

production:

1.7 billion kWh

consumption per capita:

58 kWh (1993)

Industries:

food, beverages, chemicals (fertilizer, soap, paints), petroleum products, textiles, nonmetallic mineral products (cement, glass, asbestos), tobacco

Agriculture:

accounts for 50% of GDP and about 90% of exports; cash crops - cotton, cashew nuts, sugarcane, tea, shrimp; other crops - cassava, corn, rice, tropical fruits; not self-sufficient in food

Economic aid:

recipient:

US commitments, including Ex-Im (FY70-89), $350 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $4.4 billion; OPEC bilateral aid (1979-89), $37 million; Communist countries (1970-89), $890 million

Currency:

1 metical (Mt) = 100 centavos

Exchange rates:

meticais (Mt) per US$1 - 5,220.63 (1st quarter 1994), 3,874.24 (1993), 2,550.40 (1992), 1,763.99 (1991), 1,053.09 (1990)

Fiscal year:

calendar year

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