Flag description: three equal horizontal bands of green (top), black, and yellow with a red isosceles triangle based on the hoist side; the black band is edged in white; centered in the triangle is a yellow five-pointed star bearing a crossed rifle and hoe in black superimposed on an open white book
@Mozambique:Economy
Economy-overview: Before the peace accord of October 1992, Mozambique had been devastated by civil war and was one of the poorest countries on the globe. Prospects subsequently improved, and with its solid economic performance in 1996-97, Mozambique has begun to exploit its sizable agricultural, hydropower, and transportation resources. Foreign assistance programs help supply the foreign exchange required to support the budget and pay for imports of goods and services. The restoration of electrical transmission lines to South Africa and the completion of a new transmission line to Zimbabwe (permitting the giant Cahora Bassa hydropower plant to export large amounts of electricity), proposed construction of a natural gas pipeline to South Africa, and reform of transportation services will greatly improve foreign exchange receipts. The Mozambique and South African Governments are developing the Maputo corridor, linking the port of Maputo with Witbank, South Africa. In the past few years, more than 700 state enterprises have been privatized, including the country's largest commercial bank and a number of sizable manufacturing firms. Other pending reform measures are the reform of tax collection and the facilitation of private enterprise in the transportation, energy, and telecommunications sectors.
GDP: purchasing power parity-$14.6 billion (1997 est.)
GDP-real growth rate: 8% (1997 est.)
GDP-per capita: purchasing power parity-$800 (1997 est.)
GDP-composition by sector: agriculture: 35% industry: 13% services: 52% (1996 est.)
Inflation rate-consumer price index: 5.8% (1997)
Labor force: NA by occupation: 80% engaged in agriculture note: in 1993, 47% of the wage earners were employed in industry, 28% in transportation and communication; traditionally, a large number of Mozambicans work abroad
Unemployment rate: NA