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Angola Economy




Angola    Economy Top of Page
Economy - overview: Angola is an economy in disarray because of a quarter century of nearly continuous warfare. Despite its abundant natural resources, output per capita is among the world's lowest. Subsistence agriculture provides the main livelihood for 85% of the population. Oil production and the supporting activities are vital to the economy, contributing about 45% to GDP and 90% of exports. Violence continues, millions of land mines remain, and many farmers are reluctant to return to their fields. As a result, much of the country's food must still be imported. To fully take advantage of its rich resources - gold, diamonds, extensive forests, Atlantic fisheries, and large oil deposits - Angola will need to end its conflict and continue reforming government policies. Despite the increase in the pace of civil warfare in late 1998, the economy grew by an estimated 5% in 2000. The government introduced new currency denominations in 1999, including 1 and 5 kwanza notes. Internal strife discourages investment outside of the petroleum sector, which is producing roughly 800,000 barrels of oil per day. Angola has entered into a Staff Monitored Program (SMP) with the IMF. Continued growth depends on sharp cuts in inflation, further economic reform, and a lessening of fighting.
GDP: purchasing power parity - $10.1 billion (2000 est.)
GDP - real growth rate: 4.9% (2000 est.)
GDP - per capita: purchasing power parity - $1,000 (2000 est.)
GDP - composition by sector: agriculture:  7%

industry:  60%

services:  33% (1999 est.)
Population below poverty line: NA%
Household income or consumption by percentage share: lowest 10%:  NA%

highest 10%:  NA%
Inflation rate (consumer prices): 325% (2000 est.)
Labor force: 5 million (1997 est.)
Labor force - by occupation: agriculture 85%, industry and services 15% (1997 est.)
Unemployment rate: extensive unemployment and underemployment affecting more than half the population (2000 est.)
Budget: revenues:  $928 million

expenditures:  $2.5 billion, including capital expenditures of $963 million (1992 est.)
Industries: petroleum; diamonds, iron ore, phosphates, feldspar, bauxite, uranium, and gold; cement; basic metal products; fish processing; food processing; brewing; tobacco products; sugar; textiles
Industrial production growth rate: NA%
Electricity - production: 1.475 billion kWh (1999)
Electricity - production by source: fossil fuel:  32.2%

hydro:  67.8%

nuclear:  0%

other:  0% (1999)
Electricity - consumption: 1.372 billion kWh (1999)
Electricity - exports: 0 kWh (1999)
Electricity - imports: 0 kWh (1999)
Agriculture - products: bananas, sugarcane, coffee, sisal, corn, cotton, manioc (tapioca), tobacco, vegetables, plantains; livestock; forest products; fish
Exports: $7.8 billion (f.o.b., 2000 est.)
Exports - commodities: crude oil 90%, diamonds, refined petroleum products, gas, coffee, sisal, fish and fish products, timber, cotton
Exports - partners: US 54%, South Korea 14%, Benelux 11%, China 7%, Taiwan 6% (1999)
Imports: $2.5 billion (f.o.b., 2000 est.)
Imports - commodities: machinery and electrical equipment, vehicles and spare parts; medicines, food, textiles, military goods
Imports - partners: South Korea 16%, Portugal 15%, US 13%, South Africa 10%, France 8% (1999)
Debt - external: $10.8 billion (2000 est.)
Economic aid - recipient: $493.1 million (1995)
Currency: kwanza (AOA)
Currency code: AOA
Exchange rates: kwanza per US dollar - 17,910,800 (January 2001), 10,041,000 (2000), 2,790,706 (1999), 392,824 (1998), 229,040 (1997), 128,029 (1996); note - in December 1999 the kwanza was revalued with six zeroes dropped off the old value
Fiscal year: calendar year

 

Countryfacts Information Courtesy: CIA Worldbook








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