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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.
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GDP: |
purchasing power parity - $10.1 billion (2000 est.)
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GDP - real growth rate: |
4.9% (2000 est.)
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GDP - per capita: |
purchasing power parity - $1,000 (2000 est.)
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GDP - composition by sector: |
agriculture:
7%
industry:
60%
services:
33% (1999 est.)
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Population below poverty line: |
NA%
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Household income or consumption by percentage share: |
lowest 10%:
NA%
highest 10%:
NA%
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Inflation rate (consumer prices): |
325% (2000 est.)
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Labor force: |
5 million (1997 est.)
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Labor force - by occupation: |
agriculture 85%, industry and services 15% (1997 est.)
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Unemployment rate: |
extensive unemployment and underemployment affecting more than half the population (2000 est.)
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Budget: |
revenues:
$928 million
expenditures:
$2.5 billion, including capital expenditures of $963 million (1992 est.)
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Industries: |
petroleum; diamonds, iron ore, phosphates, feldspar, bauxite, uranium, and gold; cement; basic metal products; fish processing; food processing; brewing; tobacco products; sugar; textiles
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Industrial production growth rate: |
NA%
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Electricity - production: |
1.475 billion kWh (1999)
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Electricity - production by source: |
fossil fuel:
32.2%
hydro:
67.8%
nuclear:
0%
other:
0% (1999)
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Electricity - consumption: |
1.372 billion kWh (1999)
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Electricity - exports: |
0 kWh (1999)
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Electricity - imports: |
0 kWh (1999)
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Agriculture - products: |
bananas, sugarcane, coffee, sisal, corn, cotton, manioc (tapioca), tobacco, vegetables, plantains; livestock; forest products; fish
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Exports: |
$7.8 billion (f.o.b., 2000 est.)
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Exports - commodities: |
crude oil 90%, diamonds, refined petroleum products, gas, coffee, sisal, fish and fish products, timber, cotton
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Exports - partners: |
US 54%, South Korea 14%, Benelux 11%, China 7%, Taiwan 6% (1999)
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Imports: |
$2.5 billion (f.o.b., 2000 est.)
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Imports - commodities: |
machinery and electrical equipment, vehicles and spare parts; medicines, food, textiles, military goods
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Imports - partners: |
South Korea 16%, Portugal 15%, US 13%, South Africa 10%, France 8% (1999)
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Debt - external: |
$10.8 billion (2000 est.)
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Economic aid - recipient: |
$493.1 million (1995)
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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
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Fiscal year: |
calendar year
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