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Economy of Mozambique

Mozambique is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Mozambique may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Mozambique exports around $3.92 billion and imports roughly $7.07 billion. 25% of population in the country are unemployed. The total number of unemployed people in Mozambique is 7,632,168. In Mozambique, 46.1% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Mozambique is very high when compared with other nations. This situation is indicative of a variety of alarming economic and political factors. It is not advisable to make any investments in countries with this level of poverty. Government expenditure on education is 5% of GDP. The Gini Index of the country is 45.6. Mozambique is experiencing poor equality. The gap between the richest and poorest citizens in this country is quite noticeable. Mozambique has a Human Development Index (HDI) of 0.393. Mozambique has a lower medium HDI score. This indicates that the majority of citizens will struggle to attain a desirable life due to flawed economic and social systems. The Global Peace Index (GPI) for Mozambique is 1.976. Due to strong law enforcement presence and high social responsibility, Mozambique is very safe by international standards. The strength of legal rights index for Mozambique is 1. Overall, it is considered to be rather weak - bankrupcy and collateral laws are unable to protect the rights of borrowers and lenders in case of credit-related complications; credit information, if any at all, is scarce and hardly accessible.

Currency

The currency of Mozambique is Mozambican metical. There are several plural forms of the name 'Mozambican metical'. These are meticals, meticais. The symbol used for this currency is MT, and it is abbreviated as MZN. The Mozambican metical is divided into Centavo; there are 100 in one metical.

Credit rating

The depth of credit information index for Mozambique is 4, which means that information is usually sufficient and quite accessible, although occasionally some necessary details may be lacking. According to the S&P credit-rating agency, Mozambique has a credit rating score of B+, and the prospects of this rating are stable. According to the Fitch credit-rating agency, Mozambique has a credit rating score of B, and the prospects of this rating are stable.

Central bank

In Mozambique, the institution that manages the state's currency, money supply, and interest rates is called Bank of Mozambique. Locally, the central bank of Mozambique is called Banco de Moçambique. The average deposit interest rate offered by local banks in Mozambique is 8.6%.

Public debt

The government debt of Mozambique has not been calculated yet.

Tax information

The corporate tax in Mozambique is set at 32%. Personal income tax ranges from 0% to 32%, depending on your specific situation and income level. VAT in Mozambique is 17%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Mozambique is $31213 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Mozambique was last recorded at $1 million. PPP in Mozambique is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Mozambique is 15,628 billion. Based on this statistic, Mozambique is considered to have a medium economy. Countries with medium economies support an average number of industries and opportunities for investment. It should not be too difficult to find worthwhile investment opportunities in medium economies. The Gross Domestic Product (GDP) per capita in Mozambique was last recorded at $1 million. The average citizen in Mozambique has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Mozambique averaged 8.3% in 2014. According to this percentage, Mozambique is currently experiencing significant growth. Countries that are experiencing significant growth offer the best chance for a substantial return on investment, as GDP growth rate is the most important indicator of economic health. As GDP grows, business, jobs, and personal income grow as well. To read more about financial information click on finances of Mozambique.

Industry

Major industries in the country are aluminum, petroleum products, chemicals (fertilizer, soap, paints), textiles, cement, glass, asbestos, tobacco, food, beverages. The total labor force of Mozambique is 12,898,590 people, wherein 25% of population in the country are unemployed. The total number of unemployed people in Mozambique is 7,632,168. The Industrial Production growth rate of Mozambique is 9%.To read more about industrial information within Mozambique click on industry of Mozambique.

Agriculture

There are 42576 km2 of arable land in Mozambique, and it comprises 5% of the country's total territory. There are 44850 km2 of cultivated land in Mozambique. The country's major agricultural crops and products are cotton, cashew nuts, sugarcane, tea, cassava, corn, coconuts, sisal, citrus and tropical fruits, potatoes, sunflowers, beef, poultry.To read more about agriculture click on agriculture of Mozambique.