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 1977-92 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 (HCB), 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 has been reduced through forgiveness and rescheduling under the IMF's Heavily Indebted Poor Countries (HIPC) and Enhanced HIPC initiatives, and is now at a manageable level. In July 2007, the US government's Millennium Challenge Corporation (MCC) signed a $506.9 million Compact with Mozambique that ended in 2013. The Compact focused on improving sanitation, roads, agriculture, and the business regulation environment in an effort to spur economic growth in the four northern provinces of the country.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):
$33.73 billion (2015 est.) $31.52 billion (2014 est.) $29.35 billion (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 123
[see also: GDP country ranks ]

GDP (official exchange rate):
$16.99 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
7% (2015 est.) 7.4% (2014 est.) 7.4% (2013 est.)
country comparison to the world: 16
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$1,300 (2015 est.) $1,200 (2014 est.) $1,100 (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 218
[see also: GDP - per capita country ranks ]

Gross national saving:
10.5% of GDP (2015 est.) 13.6% of GDP (2014 est.) 18.5% of GDP (2013 est.)
country comparison to the world: 147
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 67.5%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 19.3%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 14.7%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 2%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 20.7%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -24.2% (2015 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 28.1%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 21.6%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 50.2% (2015 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:
9.1% (2015 est.)
country comparison to the world: 11
[see also: Industrial production growth rate country ranks ]

Labor force:
12.92 million (2015 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: 157
[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: $4.587 billion
[see also: Budget revenues country ranks ]
expenditures: $5.775 billion (2015 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
27% of GDP (2015 est.)
country comparison to the world: 103
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-7% of GDP (2015 est.)
country comparison to the world: 190
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
58.3% of GDP (2015 est.) 59.8% of GDP (2014 est.)
country comparison to the world: 64
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
2.7% (2015 est.) 2.6% (2014 est.)
country comparison to the world: 130
[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: 26
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
14.7% (31 December 2015 est.) 14.8% (31 December 2014 est.)
country comparison to the world: 45
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$5.333 billion (31 December 2015 est.) $5.405 billion (31 December 2014 est.)
country comparison to the world: 95
[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:
$5.164 billion (31 December 2015 est.) $5.529 billion (31 December 2014 est.)
country comparison to the world: 123
[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:
-$6.96 billion (2015 est.) -$5.797 billion (2014 est.)
country comparison to the world: 176
[see also: Current account balance country ranks ]

Exports:
$3.605 billion (2015 est.) $3.92 billion (2014 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:
China 28.8%, South Africa 20%, Italy 7.7%, Belgium 5.9%, India 5.7%, Spain 5.2% (2014)

Imports:
$7.068 billion (2015 est.) $7.958 billion (2014 est.)
country comparison to the world: 112
[see also: Imports country ranks ]

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

Imports - partners:
South Africa 26.5%, China 17.4%, India 16.6% (2014)

Reserves of foreign exchange and gold:
$2.528 billion (31 December 2015 est.) $3.22 billion (31 December 2014 est.)
country comparison to the world: 113
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$8.049 billion (31 December 2014 est.) $6.89 billion (31 December 2013 est.)
country comparison to the world: 113
[see also: Debt - external country ranks ]

Exchange rates:
meticais (MZM) per US dollar - 37.79 (2015 est.) 31.37 (2014 est.) 31.37 (2013 est.) 28.38 (2012 est.) 29.08 (2011 est.)