1998 SOUTHERN AFRICA ECONOMIC ... - National Treasury

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M O Z A M B IQ U E S TATISTICS (USDm unless otherwise stated) 1 9 9 2 1 9 9 3 1 9 9 4 1 9 9 5 1 9 9 6 1 9 9 7 1 ) Population (millions) 1 4 . 8 1 5 . 6 1 6 . 6 1 7 . 4 1 8 . 0 . . GDP at constant 1990 prices 1 , 5 0 1 . 6 1 , 7 9 1 . 4 1 , 8 8 6 . 4 1 , 9 6 9 . 3 2 , 0 9 5 . 4 . . G rowth in GDP at constant prices - 0 . 8 1 9 . 3 4 . 4 1 . 4 6 . 4 7 . 9 GDP per capita (USD) 8 6 . 9 9 4 . 2 8 8 . 0 1 0 3 . 0 1 2 2 . 4 1 5 1 . 8 Consumption as % of GDP 9 8 . 2 8 7 . 1 8 0 . 2 6 8 . 8 6 7 . 8 9 0 . 8 G ross domestic savings as % of GDP 1 . 4 7 . 2 1 . 7 2 5 . 0 9 . 2 3 1 . 6 G ross investment as % of GDP 5 3 . 4 5 9 . 7 6 0 . 4 6 2 . 2 5 8 . 4 4 5 . 2 Inflation rate, % 5 4 . 5 4 3 . 7 7 0 . 0 5 4 . 2 2 4 . 3 M e rchandise exports as % of GDP 1 0 . 8 9 . 0 1 0 . 2 1 1 . 5 1 3 . 0 1 2 . 1 M e rchandise imports as % of GDP 6 2 . 1 5 8 . 6 6 2 . 7 4 3 . 0 4 0 . 5 3 6 . 1 C apital account of balance of payments - 1 5 5 . 1 - 1 0 7 . 0 - 2 2 . 1 5 7 . 6 2 3 3 . 9 1 5 7 . 4 Fo reign direct investment as % of GDP 2 5 . 3 3 2 . 0 3 5 . 0 4 5 . 0 7 2 . 5 . . O verall balance on balance of pay m e n t s - 4 0 6 . 6 - 4 3 6 . 2 - 3 4 7 . 6 - 2 5 6 . 1 - 6 6 . 4 - 1 0 0 . 7 Average exchange rate: Metical to USD 2 , 4 3 2 . 4 3 , 7 2 4 . 4 5 , 9 1 8 . 1 8 , 8 8 9 . 8 1 1 , 1 3 9 . 7 1 1 , 4 0 6 . 3 Total external debt as % of GDP 3 5 2 . 6 3 1 8 . 2 3 3 9 . 3 3 6 2 . 6 3 2 7 . 3 2 9 1 . 8 Total external debt service as % of exports 1 ) 1 2 9 . 5 8 7 . 3 8 0 . 3 7 9 . 0 6 3 . 4 5 9 . 4 Budget deficit as % of GDP, fiscal ye a r - 5 . 0 - 3 . 6 - 7 . 5 - 4 . 0 - 5 . 1 - 5 . 7 Central bank discount rate (end of ye a r ) ,% 4 3 . 0 4 3 . 0 6 9 . 7 5 7 . 7 3 2 . 0 12.9 G rowth rate of M2 money supply, % 7 . 3 - 6 . 6 2 6 . 3 - 6 . 6 1 3 . 2 1 6 . 6 Domestic cre d i t :net claims on central gove r n m e n t 2 . 0 7 . 0 - 1 3 . 0 - 3 0 . 0 - 4 5 . 0 - 1 1 6 . 0 Domestic credit to private sector 328 . 0 209 . 0 261 . 0 231 . 0 311 . 0 444 . 0 S o u rc e :Banco de Moçambique (<strong>1998</strong>) 1 .P re l i m i n a ry data. Useful A dd re s s e s C e n t ro de Promoção de Investimentos (CPI), I nvestment Promotion Centre, P O Box 4635, M aputo Te l : +258-1-42 25 30, F a x :+258-1-42 26 04 e - m a i l :c p i @ t e l e d a t a . m z Privatisation A ge n c i e s UTRE (Technical Unit for Enterprise Restructuring), P O Box 4350, M ap u t o,Te l :+258-1-42 65 15, F a x :+258-1-42 15 41 E-mail: r a n i @ u t re. u e m . m z we b s i t e :w w w. b u s i n e s s m o n i t o r. c o. u k ,w w w. i p a n e t . n e t GREICT (Office for Restructuring of Industry, C o m m e rcial and Tourism Enterprises),Av 25 de Septembro, 1 1 7 9 ,3 rd fl, M ap u t o,Te l : +258-1- 42 45 2 3 ,F a x : +258-1-42 85 80 Mozambique Stock Exchange, Commissao Instaladora da Bolsa de Va l o res de Mocambique (curre n t ly establishing a stock exchange),A t t :Mr Jo s s u b N u r m a m a d e, P re s i d e n t ,Av 25 Setembro, 1 2 3 0 ,fifth fl, M ap u t o,Te l : +258-1- 42 72 77, F a x :+258-1-42 72 58 Consulting Firms Deloitte & To u c h e, CP 4318, M aputo 2581,Te l :+ 2 5 8 - 1 - 4 2 0 9 5 5 / 4 3 0 5 9 4 ,F a x :+ 2 5 8 - 1 - 4 2 3 4 1 4 / 4 2 9 1 6 3 K P M G ,CP 2451, M ap u t o,Te l :+ 2 5 8 - 1 - 4 2 4 0 4 3 ,F a x :+ 2 5 8 - 1 - 4 2 1 9 8 4 Price Wa t e r h o u s e,Te rceira Ave n i d a ,7 6 ,B a i rro De Tr i u n fo, M ap u t o,Te l :+ 2 5 8 - 1 - 4 5 5 1 0 8 ,F a x :+ 2 5 8 - 1 - 4 5 5 1 0 8 ,e - m a i l :p n ev i t t @ z e b r a . u e m . m z Sociedade Austral de Desenvolvimento , CP 2242,M ap u t o,Te l :+ 2 5 8 - 1 - 4 3 0 1 4 3 / 4 3 0 1 4 5 / 4 2 2 7 8 0 ,F a x :+ 2 5 8 - 1 - 4 2 3 4 1 3 ,e - m a i l :A u s t r a l @ A u s t r a l . u e m . m z 61
After talks between the South African government and the UN, Namibia held its first democratic elections on the 1st of May 1990 in which over 90 percent of the electorate vo t e d . A large contingent of UN personnel supervised the elections to ensure that they we re peaceful and fair. S WAPO re c e i ved an absolute majority of vo t e s ,and its leader,Sam Nujoma,became Pre s i d e n t . Elections are held eve ry five years in Namibia, and the Pre s i d e n t can stay in office for a maximum of two terms. The curre n t political climate is stable. The mining industry has been the backbone of Namibia’s ecomony. G E N E R A L I N F O R M AT I O N G e og r ap hy and Po p u l a t i o n Namibia is situated in south western A f r i c a ,b o rd e red by A n go l a , Z a m b i a ,B o t sw a n a ,Z i m b a b we and South A f r i c a ,and the A t l a n t i c Ocean in the we s t . The size of the country is 824,269km 2 . Namibia is sparsely populated with an estimated total population of 1.6m (1996),or a density of 1.7 people per square km and about a third of the population is urbanized. The official language is English and the other national languages are Here ro, N a m a / D a m a r a ,K w a n g a l i ,O s h i w a m b o, L o z i ,T sw a n a ,A f r i k a a n s and German. The cap i t a l ,W i n d h o e k , s e rves as the administrative, l e g i s l a t i ve and judicial centre for the gove r n m e n t . Other larger tow n s include Walvis Bay, which is an import port and the sea-side re s o rt Swako p mu n d . The standard of living is re l a t i ve ly high, Namibia is ranked 118 out of 175 countries in the 1997 UNDP’s HDI 1 ) - placing it in the medium human development catego ry, together with countries l i ke South Africa (90), Vietnam (121) and Morocco (119). Namibia has a comparative ly high literacy rate of 70 perc e n t . Political Ove rv i ew Namibia was fo r m e r ly known as South West Africa and was under the control of South A f r i c a . In 1966 a liberation war b e t ween the South African government and the South We s t African Peace Organisation (SWAPO) began in Namibia. T h e armed struggle continued until the South African gove r n m e n t w i t h d rew its troops from A n gola and, together with SWA P O, committed itself to a cessation of hostilities in 1988. 1)The ranking is based on life expectancy at birt h , adult literacy, c o m b i n e d p r i m a ry, s e c o n d a ry and tert i a ry education enrolment ratio and adjusted re a l GDP per cap i t a . Sectoral Description The mining industry consists of more than 40 operational mines and plays an important role in the economy. Some of the most significant minerals produced are diamonds, u r a n i u m , c o p p e r, z i n c, l e a d ,go l d , s i l ve r, t i n , s a l t ,g r a n i t e, marble and fluorspar. A l l rank high in both re s e rves and production and include two world-class deposits: the alluvial gem diamond fields and the Rossing opencast uranium mine. Constituting just below 10 p e rcent of GDP in 1996, diamonds still remain the country ’s fo remost leading fo reign exchange earner. A p a rt from local c o m p a n i e s , fo reign companies originating from Canada, A u s t r a l i a , the UK and South A f r i c a , h ave also show n considerable interest in the exploitation of the country ’s re s o u rc e s . A g r i c u l t u re is another significant sector, and it is estimated that some 70 percent of the population is dire c t ly or indire c t ly dependent on this sector. Traditional crops include millet, s o r g h u m , m a i z e, w h e a t , g ro u n d nuts and cassav a . L i ve s t o c k p ro d u c t i o n ,m a i n ly cattle and sheep, dominates the commerc i a l agricultural sector, and contributes around 87 percent to the g ross agricultural income. In recent ye a r s ,d i versification within the agricultural sector has led to the production and exports of fruits (mango, p aw - p aw, o r a n g e s ,avo c a d o s ),f l owers and fish. I n fishing terms, Namibia ranks among the top ten in the world on value to catch ratio. N a m i b i a ’s manufacturing sector is fairly modest in size and its contribution to GDP amounts to some 13 perc e n t . Tourism is a growing sector and the unique landscape of the country attracts visitors to the Skeleton coast,Fish River Canyo n ,E t o s h a <strong>National</strong> Park and other are a s . I n f r a s t r u c t u re At pre s e n t , Namibia is a net importer of energy. T h e government has for some time explored diffe rent options to s e c u re its own energy pro d u c t i o n . The main route being examined is the controversial Epupa hy d roelectric scheme on the Kunene river in the nort h west of the country. A fe a s i b i l i t y study has been undert a ke n ,but this has re c e i ved criticism fro m m a ny sourc e s , re g a rding the lack of detail concerning e nv i ronmental impact and the inadequate analysis of alternative o p t i o n s . Other options being looked at include the exploration of natural gas at the Kudu gasfields. The country has enjoyed an upswing in the coastal i n f r a s t r u c t u re with the transfer of Walvis Bay from the South African authorities. The deep-sea port enjoys excellent bert h 63
Page 1 and 2: 1998 SOUTHERN AFRICA ECONOMIC SUMMI
Page 3 and 4: CONTENTS I N D E X Abbreviations 2
Page 5 and 6: THE SADC FINANCE AND INVESTMENT SEC
Page 7 and 8: c u rre n t ly exists in SADC gover
Page 9 and 10: REGIONAL MAC RO-ECONOMIC HIGHLIGHTS
Page 11 and 12: Southern Africa and Competitive n e
Page 13 and 14: had agreed to accept the general fr
Page 15 and 16: A NG OL A of GDP in 1996. E x p o r
Page 17 and 18: A NG OL A Projects for Possible Inv
Page 19 and 20: A recent event in the political sce
Page 21 and 22: B O T S WA N A B OT S WANA STOCK MA
Page 23 and 24: B O T S WA N A P rotection of Inve
Page 25 and 26: scheduled for 23 May 1998. Eight po
Page 27 and 28: L E S O T H O The money market is d
Page 29 and 30: L E S O T H O L E S OT H O :P ROJEC
Page 31 and 32: p a r l i a m e n t a ry elections,
Page 33 and 34: M a l awi Stock Exchange The stock
Page 35 and 36: M A L AW I I nvestment Code The Inv
Page 37 and 38: M A L AW I S TAT I S T I C S(USDm u
Page 39 and 40: M au r i t i u s c o u n t ry is se
Page 41 and 42: M au r i t i u s Mauritian Investme
Page 43 and 44: M au r i t i u s Ta x a t i o n Tax
Page 45 and 46: c u rre n t ly holds 129 seats in P
Page 47 and 48: M O Z A M B IQ U E combined with a
Page 49 and 50: The current status of the project i
Page 51: M O Z A M B IQ U E dermersal fish f
Page 55 and 56: N A M I B I A Namibia does not impo
Page 57 and 58: N A M I B I A I nvestment Code A c
Page 59 and 60: Johannesburg Stock Exchange. G E N
Page 61 and 62: S O U T H A F RI C A that some East
Page 63 and 64: S O U TH A F R I C A cities of Joha
Page 65 and 66: S O U TH A F R I C A INDUSTRIAL FIN
Page 67 and 68: S O U T H A F R I C A * M a c h i n
Page 69 and 70: p rocessing industries,t e x t i l
Page 71 and 72: S WA Z I L A N D Swaziland Stock Ma
Page 73 and 74: S WA Z I L A N D The Ministry of En
Page 75 and 76: Snow capped peaks of Kilimanjaro. G
Page 77 and 78: TA N Z A N I A exchange rate, the s
Page 79 and 80: TA N Z A N I A S TATISTICS (USDm, u
Page 81 and 82: Z A M B I A the supply of water for
Page 83 and 84: Z A M B I A Fo reign Tr a d e Zambi
Page 85 and 86: Z A M B I A Other institutions incl
Page 87 and 88: Victoria Falls. G E N E R A L I N F
Page 89 and 90: Z I M BA BW E Z i m b a b we Stock
Page 91 and 92: Z I M BA BW E - No restrictions on
Page 93 and 94: LIST OF SOURCES S o u rces containi

1998 SOUTHERN AFRICA ECONOMIC ... - National Treasury

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