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Mozambique

 Flag of Mozambique

Map of Mozambique Last Reviewed: 25 June 2009

Country information

ECONOMY

Basic Economic Facts

GDP: US$8.132 bn (2007 estimate)
GDP per head: US$804 (2007)
Annual GDP Growth: 7.5% (2007 estimate)
Inflation: 8% (2007 estimate)
Major Industries: aluminium (processing only); natural gas; hydro power, prawns and fish (45%); cotton (2%); cashew nuts (9%); timber, sugar and copra (14%); agriculture
Major trading partners: (exports) The Netherlands (aluminium), Spain, South Africa, US, Belgium, Italy; (imports) South Africa, Australia, Portugal.

Mozambique’s economy was devastated by decades of conflict. Its high growth rate over the last decade has been from a very low base, and has been greatly dependent on capital-intensive investment by the private sector, and on the strong South African economy. Neither of these influences has favoured smaller businesses, or the central and northern regions, raising concerns about the distribution of wealth. Problems with governance – corruption, legislation and revenue collection in particular – have also inhibited economic development. The government has initiated widespread reforms to alleviate this, particularly in banking, the management of public finance and the collection of customs dues.

Agriculture employs 83% of the population and until recently accounted for 80% of exports. Minerals make up an increasing share of exports, and recent investment in Mozambique’s mineral and gas deposits may increase their contribution to the economy. The Mozambican economy also benefits from the transit of goods to and from the African interior. Investment in infrastructure for the Beira, Nacala and Maputo Corridors, which respectively link Zimbabwe, Malawi and South Africa’s Gauteng province to the Indian Ocean, has increased in recent years.

Mozambique and the IMF

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Contacts

Mozambique

Address:

High Commission of the Republic of Mozambique
21 Fitzroy Square
London W1T 6EL

Telephone:

(020) 7383 3800

Fax:

(020) 7383 3801

Office hours:

Mon-Fri: 0930-1300 and 1400-1700