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 Mozalaluminium 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.
History
Historical development of real GDP per capita in Mozambique, since 1960
Although the Portuguese participated in the trading networks of East Africa as early as the 16th century, they did not establish hegemonic (total) colonial dominance over the entire territory that now comprises Mozambique until the 19th century. Portugal founded settlements, trading posts, forts and ports. Cities, towns and villages were founded all over the territory by the Portuguese, like Lourenço Marques, Beira, Vila Pery, Vila Junqueiro, Vila Cabral and Porto Amélia. Others were expanded and developed greatly under Portuguese rule, like Quelimane, Nampula and Sofala. By this time, Mozambique had become a Portuguese colony, but administration was left to the trading companies (like Mozambique Company and Niassa Company) who had received long-term leases from Lisbon. By the mid-1920s, the Portuguese created a highly exploitative and coercive settler economy, in which African natives were forced to work on the fertile lands taken over by Portuguese settlers. Indigenous African peasants mainly produced cash crops designated for sale in the markets of Portugal. Major cash crops included cotton, cashews, tea and rice. This arrangement ended in 1932 after the takeover in Portugal by the new António de Oliveira Salazar government. Thereafter, Mozambique, along with other Portuguese colonies, was put under the direct control of Lisbon. In 1951, it became an overseas province. The economy expanded rapidly during the 1950s and 1960s, attracting thousands of Portuguese settlers to the country. It was around this time that the first nationalist guerrilla groups began to form in Tanzania and other African countries. The strong industrial and agricultural development that did occur throughout the 1950s, 1960s and early 1970s was based on Portuguese development plans, and also included British and South African investment.
In 1959–60, Mozambique's major exports included cotton, cashew nuts, tea, sugar, copra and sisal. The expanding economy of the Portuguese overseas province was fuelled by foreign direct investment, and public investment which included ambitious state-managed development plans. British capital owned two of the large sugar concessions (the third was Portuguese), including the famous Sena states. The Matola Oil Refinery, Procon, was controlled by England and the United States. In 1948 the petroleum concession was given to the Mozambique Gulf Oil Company. At Maotize coal was mined; the industry was chiefly financed by Belgian capital. 60% of the capital of the Compagnie de Charbons de Mozambique was held by the Societe Miniere et Geologique Belge, 30% by the Mozambique Company, and the remaining 10% by the Government of the territory. Three banks were in operation, the Banco Nacional Ultramarino, Portuguese, Barclays Bank, D.C.O., British, and the Banco Totta e Standard de Moçambique (a joint-venture between Standard Bank of South Africa and Banco Totta & Açores of the Portuguese mainland). Nine out of the twenty-three insurance companies were Portuguese. 80% of life-insurance was in the hands of foreign companies which testifies the openness of the economy. The Portuguese overseas province of Mozambique was the first territory of Portugal, including the European mainland, to distribute Coca-Cola. Lately the Lourenço Marques Oil Refinery was established by the Sociedade Nacional de Refinação de Petróleo (SONAREP) - a Franco-Portuguese syndicate. In the sisal plantations Swiss capital was invested, and in copra concerns, a combination of Portuguese, Swiss and French capital was invested. The large availability of capital from both Portuguese and international origin, allied to the wide range of natural resources and the growing urban population, lead to an impressive growth and development of the economy. From the late stages of this notable period of high growth and huge development effort started in the 1950s, was the construction of Cahora Bassa dam by the Portuguese, which started to fill in December 1974 after construction was commenced in 1969.
In the face of intransigent Portuguese ruling authorities, the main nationalist movement, FRELIMO, began a guerrilla war which gradually wrested control of parts of the northernmost regions of the territory from the Portuguese. The Mozambican War of Independence came to an end in 1974 following a leftist military coup in Portugal. The new left-wing government in Lisbon had no wish to maintain an empire and negotiations on the country's independence began immediately. In 1975, after the leftist military coup of 24 April 1974 in Portugal that overthrew the Estado Novo regime which had governed the nation and its overseas territories, the colonial wars that raged in the various Portuguese African territories since the early 1960s ended. At independence, Mozambique's industrial base was well-developed by Sub-Saharan Africa standards, thanks to a boom in investment in the 1960s and early 1970s. Indeed, in 1973, value-added in manufacturing was the sixth highest in Sub-Saharan Africa. However, further industrialisation was stopped by the hasty exodus of 90 percent of the ethnic Portuguese citizens during and after the independence process which was concluded on June 25, 1975. The rapid exodus of Mozambique's Portuguese population left its economy in disarray. The situation was exacerbated by the Mozambican Civil War (1977–1992) during the following years that destroyed the remaining wealth and left the former Portuguese Overseas Province in a state of disrepair.
Independent Mozambique
GDP per capita (current), compared to neighbouring countries (world average = 100)
Mozambique became an independent state in 1975. The exodus of trained Portuguese and the eruption of the Mozambican Civil War in 1977 opposing RENAMO to FRELIMO, drove the country to absolute chaos. Mozambique became an independent nation and the Frente de Libertacao de Mocambique (FRELIMO), the socialist guerrilla organization that had fought the colonial war against Portugal, assumed power....... Over the next several years, FRELIMO pursued numerous socialist policies, including nationalization of land and large industries, centralized planning, and heavy funding for the national educational and health systems, which however, remained weak for decades in independent Mozambique, and still are among the most ineffective and underfunded in the world. The exodus (mass departure) of the Portuguese following independence in 1975 facilitated the takeover of many shops by Mozambicans. Unfortunately, the exodus, which totaled over 275,000 ethnic Portuguese, also led to a huge loss of professionals, productive machinery, entrepreneurs, and skilled workers. By the early 1980s, Mozambique became what Joseph Hanlon—author of Peace Without Profit: How the IMF Blocks Rebuilding in Mozambique —called a "Cold War battlefield." The term refers to the situation in which socialist FRELIMO, with Soviet backing, was forced to fight a lengthy civil war (Mozambican Civil War) against a counterinsurgency movement of Mozambicans named RENAMO, funded and directed by the neighboring white minority states of apartheidSouth Africa and Rhodesia. The cold war was defined by animosity between capitalist and socialist world powers, and though there was never an outright military conflict between the former and the latter, each respectively funded counterinsurgency movements against governments they disfavored. The capitalist governments of South Africa and Zimbabwe feared that a successfully ruled African socialist system might send a message of revolution and self-rule to citizens in contemporaneous majority rule African countries, such as their own.
The political pressure of the ideologically charged civil war, in conjunction with the excruciating need for aid and funds to finance imports, compelled FRELIMO to negotiate its first structural adjustment package (SAP) with the World Bank and the International Monetary Fund (IMF) in 1986 (commonly referred to as the Bretton Woods Institutions or International Financial Institutions—IFIs). The series of SAPs that followed thereafter, required privatization of major industries, less government spending, deregulation of the economy, and trade liberalization. The SAPs, therefore, have essentially focused on the implementation of an unfettered free market economy.
Today, the economy of Mozambique continues to be dominated by agriculture. Major exports include prawns, cotton, cashew nuts, sugar, citrus, copra and coconuts, and timber. Export partners, in turn, include Spain, South Africa, Portugal, the United States, Japan, Malawi, India, and Zimbabwe. Imports, such as farm equipment and transport equipment, are capital goods that are worth more than agricultural products, hence Mozambique's large trade deficit. The country also imports food, clothing, and petroleum products. Import partners include South Africa, Zimbabwe, Saudi Arabia, Portugal, the United States, Japan, and India. In the past several years, the value of imports outweighed the value of exports by 5 to 1 or more—a factor that obliges Mozambique to depend heavily on foreign aid and loans by foreign commercial banks and the Bretton Woods Institutions (BWIs). In 1995 alone, Mozambique received $1.115 billion in aid. In 1999, the total external debt stood at $4.8 billion. Fortunately, in the same year significant economic recovery did occur, as the real GDP growth rate reached 10 percent.
Sectors
All economic sectors ranging from manufacturing and agriculture to tourism and finance, declined sharply after independence from Portugal in 1975, but picked up in the 2000s after the end of the Mozambican Civil War, although they are still performing well below potential.
Gas and oil reserves
The L-shaped recovery with low oil prices in the coming years. Source: RisCura: Bright Africa
Recent oil and gas discoveries across East Africa, most notably in Mozambique and Tanzania, have seen the region emerge as a new player in the global oil and gas Industry.
The discoveries have driven billions of dollars in annual investment to the region.[11] According to BMI estimates, the finds in the last few years are more than that of any other region in the world, and the discoveries are expected to continue for the next few years.[12][13]
In Mozambique, agriculture is the mainstay of the economy and the country has a great potential for growth in the sector. Agriculture employs more than 80 percent of the labour force and provides livelihoods to the vast majority of over 23 million inhabitants. Agriculture contributed 31.5 percent of the GDP in 2009, while commerce and services accounted for 44.9 percent. By contrast, 20 percent of the total export value in 2009 originated from the agriculture sector, mostly through the export of fish (mainly shrimps and prawns), timber, copra, cashew nuts and citrus, cotton, coconuts, tea and tobacco.[14]
Rural women taking transport to a local market in Mozambique. A large portion of the populations relies on small-scale agriculture and related marketplace for food security and livelihoods.
Agricultural potential is high, particularly in the fertile northern regions, which accounts for the bulk of the country's agricultural surplus. The main cash crops are sugar, copra, cashew nuts, tea, and tobacco. Total sugar production was expected to rise by 160% in the 2000s, which would make the country a major net exporter for the first time since independence. All the plantations and refineries have been privatized. Marine products, particularly prawns, are Mozambique's largest single export. There is an abundance of marine resources that are not fully exploited. After the Mozambican Civil War, the return of internally displaced persons and the gradual restoration of rural markets have enabled Mozambique to increase agricultural production dramatically.
Mozambique produced, in 2018:
8.5 million tons of cassava (9th largest producer in the world);
It is estimated that 64 percent of the Mozambique population is food insecure. The prevalence is higher in the southern region (75 percent).[16][17][18] Mozambique net importer of food. Total annual cereal import requirements average 0.89 million tons (0.14 million of maize, 0.39 of rice and 0.36 of wheat). Mozambique must also import substantial quantities of meat and livestock products.[19]
Despite good land and water availability, much of the food system relies on smallholder farmers which is vulnerable to natural disasters, exacerbating food insecurity challenges.
There are large mineral deposits, but exploration has been constrained by the civil war (1977–1992) and poor infrastructure. The World Bank has estimated that there was the potential for exports worth US$200m by 2005 – in the late 1990s they totaled US$3.6m, some 1% of total exports, and a contribution of less than 2% of GDP. Minerals currently being mined include marble, bentonite, coal, gold, bauxite, granite, titanium and gemstones. Illegal exports from artisanal production are estimated at US$50 million.[original research?]
Mozambique exported its first batch of coal in 2011 and expects to become the world's largest coal exporter. It is also spending about US$50 billion in infrastructure projects to access its coal reserves. Mozambique is reported to have the fourth largest reserves of natural gas in the world, after Russia, Iran, and Qatar.[20]
Manufacturing
Although very well developed during the 1960s and early 1970s, industrialisation declined rapidly with the withdrawal of most Portuguese after independence. Since 1995 production has increased sharply and was expected to grow by 33% in 2001 due to the expansion (costing US$860m) of the Mozal aluminium smelter which was approved in mid-2001. The country's largest ever foreign investment, Mozal has little impact on employment, but is making a substantial contribution to balance of payments through taxes generated. Exports generated in the first quarter of 2001 were worth US$85.3, the primary factor for the 172% expansion in Mozambique's exports for the period. Completion of the smelter resulted in aluminium accounting for up to 70% of exports. Construction materials, agricultural processing, beverages, and consumer goods were the main sub-sectors.
Tourism
This sector declined sharply after independence from Portugal, but has been developed, although it is still performing well below potential. The national strategy is to promote high-value, low-volume tourism. The first section of the "Peace Park" initiative which links with Kruger Park in South Africa, and Gonarezhou in Zimbabwe, was a project aimed at the development of tourism.
Immediately after a long civil war ended in 1992 the country started to reform telecommunication sector. The mobile sub-sector has experienced excellent growth rates following the introduction of competition in 2003 between Vodacom Mozambique and mCel, the incumbent mobile subsidiary of the national telco, Telecomunicações de Moçambique (TDM). The government is intent on introducing competition to the fixed-line sector as well, but it is hesitating to privatise TDM. All other services are open to competition, subject to licensing by the industry regulator, INCM. Internet usage in the country has been hampered by the inadequate fixed-line infrastructure and the high cost of international bandwidth, but this market sector has started to accelerate following the introduction of various kinds of broadband services including ADSL, cable modems, WiMAX wireless broadband and mobile data services, and then the landing of the first international submarine fibre optic cable in the country (SEACOM) in 2009. Further improvements can be expected from the ongoing rollout of 3G mobile services and a national fibre backbone network as well as the landing of the second international fibre (EASSy) in 2010. The lower cost of bandwidth has already started to trickle down to lower consumer prices in some service segments, while others have remained unchanged.
Finance
The banking system, dominated by the Portuguese collapsed after independence in 1975. From an earlier position (in the 1980s) of central government control of the economy, Mozambique has initiated rapid reforms in recent years, accelerating the implementation of market-based economic policies, and committing to a policy of fiscal and monetary discipline. In 1995 the government introduced its medium-term economic growth, strategy which it continues to pursue. Since the late 1990s, both national and international banking, established an environment for rapid economic growth and development of the financial system. On 11 December 2012, the Mozambican Government acquire the Portuguese shares of BNI Banco Nacional de Investimento, owning 100% of the bank and turning it into the country's development bank[21] and nominated a former Governor of the Bank of Mozambique, Adriano Maleiane as CEO.[22]
Macroeconomic review
Alleviating poverty: at the end of the civil war in 1992, Mozambique ranked among the poorest countries in the world. It still ranks among the least developed countries, with very low socioeconomic indicators. In the last decade, however, it has experienced a notable economic recovery. Per capita GDP in 2000 was estimated at $222; in the mid-1980s, it was $120. With a high foreign debt (originally $5.7 billion at 1998 net present value) and a good track record on economic reform, Mozambique was the first African country to receive debt relief under the initial Heavily Indebted Poor Country (HIPC) Initiative. In April 2000, Mozambique qualified for the Enhanced HIPC program as well and attained its completion point in September 2001. This led to the Paris Club members agreeing in November 2001 to substantially reduce the remaining bilateral debt. This will lead to the complete forgiveness of a considerable volume of bilateral debt, including that owed to the United States.[23]
The following table shows the main economic indicators in 1980–2017.[24]
Year
GDP
(in bil. US$ PPP)
GDP per capita
(in US$ PPP)
GDP
(in bil. US$ nominal)
GDP growth (real)
Inflation (in Percent)
Government debt (Pct. of GDP)
1980
2.09
172
4.6
4.2%
2.0%
...
1985
2.10
157
4.5
1.0%
30.8%
...
1990
3.19
235
3.5
1.0%
43.7%
...
1995
4.29
268
2.9
2.2%
47.7%
...
2000
8.04
440
5.7
1.7%
12.7%
118%
2005
13.83
658
8.5
8.7%
6.4%
70%
2006
15.66
720
9.2
9.9%
13.2%
47%
2007
17.27
772
10.5
7.4%
8.2%
36%
2008
18.82
818
12.6
6.9%
10.3%
36%
2009
20.17
853
11.9
6.4%
3.3%
42%
2010
21.78
896
11.1
6.7%
12.7%
43%
2011
23.81
952
14.4
7.1%
10.4%
38%
2012
26.00
1,010
16.4
7.2%
2.1%
40%
2013
28.30
1,069
17.0
7.1%
4.2%
53%
2014
30.96
1,136
17.7
7.4%
2.3%
62%
2015
33.35
1,192
16.0
6.6%
2.4%
88%
2016
35.05
1,219
11.9
3.8%
19.2%
119%
2017
36.73
1,244
13.2
3.0%
15.3%
102%
Rebounding growth
The resettlement of war refugees and successful economic reform have led to a high natural increase rate: the average growth rate from 1993 to 1999 was 6.7%; from 1997 to 1999, it averaged more than 10% per year. The devastating floods of early 2000 slowed GDP growth to a 2.1%; estimates point to a full recovery in 2001. The government projects have caused the economy to continue to expand between 7%-10% a year for the next 5 years, although rapid expansion in the future hinges on several major foreign investment projects, continued economic reform, and the revival of the agriculture, transportation, and tourism sectors. More than 75% of the population engages in small scale agriculture, which still suffers from inadequate infrastructure, commercial networks and investment. Yet 88% of Mozambique's arable land is still uncultivated; focusing economic growth in this sector is a major challenge for the government.[23]
Low inflation
The government's tight control of spending and the money supply, combined with financial sector reform, successfully reduced inflation from 70% in 1994 to less than 5% from 1998 to 1999. Rates spiked in 2000, however, to a rate of 12.7% due to economic disruptions stemming from the devastating floods.[23] Starting 2001 the inflation was in the range of 5%-12%.
Economic reform has been extensive. Over 1,200 state-owned enterprises (mostly small) have been privatized. Preparations for privatization and/or sector liberalization are underway for the remaining parastatals, including telecommunications, electricity, water service, airports, ports, and the railroads. The government frequently selects a strategic foreign investor when privatizing a parastatal. Additionally, customs duties have been reduced, and customs management has been streamlined and reformed. The government introduced a highly successful value-added tax in 1999 as part of its efforts to increase domestic revenues. Plans for 2001-02 include Commercial Code reform; comprehensive judicial reform; financial sector strengthening; continued civil service reform; improved government budget, audit, and inspection capability; and introduction of the private management of water systems in major cities.[23] The process of liberalization in Mozambique was an initiative from the World Bank. In the Mid 1990s, World Bank made it necessary for the nation to liberalize their cashew sector. The lifting of protectionist measures for the cashew industry in Mozambique was an attempt to increase the incomes of cashew farmers and reduce poverty in the country. This policy of liberalization has been one of the most contentious policies.
Improving trade imbalance
In recent years, the value of imports has surpassed that of exports by almost 2:1, an improvement over the 4:1 ratio of the immediate post-war years. In 2000 imports were $1,217 million, and exports were $723 million. Support programs provided by development partners have largely compensated for balance of payments shortfalls. The medium-term outlook for exports is encouraging, since a number of foreign investment projects should lead to substantial export growth and a better trade balance. Mozal, a large aluminum smelter that commenced production in mid-2000, has greatly expanded the nation's trade volume. Traditional Mozambican exports include cashews, shrimp, fish, copra, sugar, cotton, tea, and citrus fruits. Most of these industries are being rehabilitated. Mozambique is becoming less dependent on imports for basic food and manufactured goods due to steady increases in local production.[23]
Statistics
GDP: purchasing power parity - $39.16 billion (2018 est.)
GDP - real growth rate: 3% (2017 est.)
GDP - per capita: purchasing power parity - $1,327.9 (2018 est.)
GDP - composition by sector: agriculture: 22.3% (2017 est.) industry: 23% (2017 est.) services: 54.7% (2017 est.)
Household income or consumption by percentage share: lowest 10%: 1.9% (2008) highest 10%: 36.7% (2008)
Distribution of family income - Gini index: 47.3 (2002)
The economy of Angola remains heavily influenced by the effects of four decades of conflict in the last part of the 20th century, the war for independence from Portugal (1961–75) and the subsequent civil war (1975–2002). Poverty since 2002 is reduced over 50% and a third of the population relies on subsistence agriculture. Since 2002, when the 27-year civil war ended, government policy prioritized the repair and improvement of infrastructure and strengthening of political and social institutions. During the first decade of the 21st century, Angola's economy was one of the fastest-growing in the world, with reported annual average GDP growth of 11.1 percent from 2001 to 2010. High international oil prices and rising oil production contributed to strong economic growth, although with high inequality, at that time. 2022 Trade surplus was &30B/2012 $48B
The economy of Benin remains underdeveloped and dependent on subsistence agriculture and cotton. Cotton accounts for 40% of Benin's GDP and roughly 80% of official export receipts. There is also production of textiles, palm products, and cocoa beans. Maize (corn), beans, rice, peanuts, cashews, pineapples, cassava, yams, and other various tubers are grown for local subsistence. Benin began producing a modest quantity of offshore oil in October 1982. Production ceased in recent years but exploration of new sites is ongoing.
The economy of Burkina Faso is based primarily on subsistence farming and livestock raising. Burkina Faso has an average income purchasing-power-parity per capita of $1,900 and nominal per capita of $790 in 2014. More than 80% of the population relies on subsistence agriculture, with only a small fraction directly involved in industry and services. Highly variable rainfall, poor soils, lack of adequate communications and other infrastructure, a low literacy rate, and a stagnant economy are all longstanding problems of this landlocked country. The export economy also remained subject to fluctuations in world prices.
The economy of Chad suffers from the landlocked country's geographic remoteness, drought, lack of infrastructure, and political turmoil. About 85% of the population depends on agriculture, including the herding of livestock. Of Africa's Francophone countries, Chad benefited least from the 50% devaluation of their currencies in January 1994. Financial aid from the World Bank, the African Development Bank, and other sources is directed largely at the improvement of agriculture, especially livestock production. Because of lack of financing, the development of oil fields near Doba, originally due to finish in 2000, was delayed until 2003. It was finally developed and is now operated by ExxonMobil. In terms of gross domestic product, Chad ranks 147th globally with $11.051 billion as of 2018.
The economy of the Dominican Republic is the seventh largest in Latin America, and is the largest in the Caribbean and Central American region. The Dominican Republic is an upper-middle income developing country with important sectors including mining, tourism, manufacturing, energy, real estate, infrastructure, telecommunications and agriculture. The Dominican Republic is on track to achieve its goal of becoming a high-income country by 2030, and is expected to grow 79% in this decade. The country is the site of the single largest gold mine in Latin America, the Pueblo Viejo mine.Although the service sector is currently the leading employer of Dominicans, agriculture remains an important sector in terms of the domestic market and is in second place in terms of export earnings. Tourism accounts for more than $7.4 billion in annual earnings in 2019. Free-trade zone earnings and tourism are the fastest-growing export sectors. A leading growth engine in the Free-trade zone sector is the production of medical equipment for export having a value-added per employee of $20,000 USD, total revenue of $1.5 billion USD, and a growth rate of 7.7% in 2019. The medical instrument export sector represents one of the highest-value added sectors of the country's economy, a true growth engine for the country's emerging market. Remittances are an important sector of the economy, contributing $8.2 billion in 2020. Most of these funds are used to cover household expenses, such as housing, food, clothing, health care and education. Secondarily, remittances have financed businesses and productive activities. Thirdly, this combined effect has induced investment by the private sector and helps fund the public sector through its value-added tax. The combined import market including the free-trade-zones amounts to a market of $20 billion a year in 2019. The combined export sector had revenues totaling $11 billion in 2019. The consumer market is equivalent to $61 billion in 2019. An important indicator is the average commercial loan interest rate, which directs short-term investment and stimulates long-term investment in the economy. It is currently 8.30%, as of June 2021.
The economy of Ethiopia is a mixed and transition economy with a large public sector. The government of Ethiopia is in the process of privatizing many of the state-owned businesses and moving toward a market economy. The banking, telecommunication and transportation sectors of the economy are dominated by government-owned companies.
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The economy of Libya depends primarily on revenues from the petroleum sector, which represents over 95% of export earnings and 60% of GDP. These oil revenues and a small population have given Libya one of the highest nominal per capita GDP in Africa.
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The economy of Madagascar is US$9.769 billion by gross domestic product as of 2020, being a market economy and is supported by an agricultural industry and emerging tourism, textile and mining industries. Malagasy agriculture produces tropical staple crops such as rice and cassava, as well as cash crops such as vanilla and coffee.
The economy of Ivory Coast is stable and currently growing, in the aftermath of political instability in recent decades. The Ivory Coast's economy is largely market-based and depends heavily on the agricultural sector. Almost 70% of the Ivorian people are engaged in some form of agricultural activity. GDP per capitaArchived 4 May 2012 at the Wayback Machine grew 82% in the 1960s, reaching a peak growth of 360% in the 1970s, but this proved unsustainable and it shrank by 28% in the 1980s and a further 22% in the 1990s. This decline, coupled with high population growth, resulted in a steady fall in living standards. The Gross national product per capita, now rising again, was about US$727 in 1996. It was substantially higher two decades before.
Algeria's economy continued to recover in the first half of 2022, led by a return of oil production to pre-pandemic levels and a continued recovery of the service sector along with a more vigorous agricultural activity. The recovery should continue into 2023, supported by the nonhydrocarbon sector and public expenditure growth, according to the latest edition of the World Bank's Algeria Economic Update.
↑ United Nations Development Program (UNDP). International Human Development Indicators
↑ The World Bank. Mozambique at a glance, 2/25/2011.
↑ Food and Agriculture Organization (FAO). Nutrition Country Profile for Mozambique
↑ Food and Agricultural Organization (FAO) and World Food Program (WFP). Special Report Crop and Food Security Assessment Mission to Mozambique, 12 August 2010
1 2 3 4 5 "Mozambique (07/02)". U.S. Bilateral Relations Fact Sheets/Background Notes. U.S. Department of State. Retrieved 1 July 2018. This article incorporates text from this source, which is in the public domain.
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$3.469 billion (2012 est.)
