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Economy of Mozambique
Maputo City, capital and financial center of Mozambique
Currency
Mozambican metical (MZN)
Fiscal year
Calendar Year
Trade organisations
AU, AfCFTA (signed), African Development Bank, SADC, World Bank, IMF, WTO, Group of 77
fuel, chemicals, machinery, vehicles, metal products, textiles, food
Main import partners
South Africa 23.5%
South Korea 19.9%
China 12%
India 10.1%
European Union 4.61%
DR Congo 4.58%
Singapore 4.06%
Malaysia 2.72%
Australia 2.37%
United Arab Emirates 2.18%
(2022)[8]
Gross external debt
$7.79 billion (2014 est.)
Public finances
Government debt
34.6% of GDP (2012 est.)
Budget balance
-4.0% of GDP (2012 est.)
Revenues
$4.315 billion (2012 est.)
Expenses
$4.904 billion (2012 est.)
Credit rating
Standard & Poor's:[9] B+ (Domestic) B+ (Foreign) B+ (T&C Assessment) Outlook: Stable[10] Fitch:[10] B Outlook: Stable
Foreign reserves
$2.77 billion (31 December 2012 est.)
Main data source:CIA World Fact Book All values, unless otherwise stated, are in US dollars.
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.
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.
^"World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.
^"World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
^ abcde"World Economic Outlook Database, October 2019". IMF.org. International Monetary Fund. Retrieved 23 January 2020.
^"Global Economic Prospects, January 2020 : Slow Growth, Policy Challenges" (PDF). openknowledge.worldbank.org. World Bank. p. 147. Retrieved 22 January 2020.
^"Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 22 November 2022.
^"Inequality-adjusted Human Development Index (IHDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 22 November 2022.
^"Foreign export trade partners of Mozambique (2022)". The Observatory of Economic Complexity. Retrieved 4 May 2024.
^"Foreign import trade partners of Mozambique (2022)". The Observatory of Economic Complexity. Retrieved 4 May 2024.
^"Sovereigns rating list". Standard & Poor's. Retrieved 26 May 2011.
^ abRogers, Simon; Sedghi, Ami (15 April 2011). "How Fitch, Moody's and S&P rate each country's credit rating". The Guardian. Retrieved 31 May 2011.
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$11.7 billion (2022)
