Angola

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Introduction - Angola:
Location - Angola:
People - Angola:
Government - Angola:
Economy - Angola:

Economy overview

Angolas high growth rate is driven by its oil sector, with record oil prices and rising petroleum production. Oil production and its supporting activities contribute about half of GDP and 90% of exports. Increased oil production supported 12% growth in 2004, 19% growth in 2005, and nearly 14% growth in 2006. A postwar reconstruction boom and resettlement of displaced persons has led to high rates of growth in construction and agriculture as well. Much of the countrys infrastructure is still damaged or undeveloped from the 27-year-long civil war. Remnants of the conflict such as widespread land mines still mar the countryside even though an apparently durable peace was established after the death of rebel leader Jonas SAVIMBI in February 2002. Subsistence agriculture provides the main livelihood for most of the people, but half of the countrys food must still be imported. In 2005, the government started using a $2 billion line of credit from China to rebuild Angolas public infrastructure, and several large-scale projects were completed in 2006. The central bank in 2003 implemented an exchange rate stabilization program using foreign exchange reserves to buy kwanzas out of circulation. This policy became more sustainable in 2005 because of strong oil export earnings; it has significantly reduced inflation. Although consumer inflation declined from 325% in 2000 to about 13% in 2006, the stabilization policy has put pressure on international net liquidity. To fully take advantage of its rich national resources - gold, diamonds, extensive forests, Atlantic fisheries, and large oil deposits - Angola will need to implement government reforms and to reduce corruption. The government has made little progress on reforms recommended by the IMF, such as promoting greater transparency in government spending, and continues to be without a formal monitoring agreement with the institution. Corruption, especially in the extractive sectors, is a major challenge facing Angola.

Gdp purchasing power parity

$53.06 billion (2006 est.)

Gdp official exchange rate

$28.61 billion (2006 est.)

Gdp real growth rate

15% (2006 est.)

Gdp per capita ppp

$4,400 (2006 est.)

Gdp composition by sector

agriculture: 9.6%
industry: 65.8%
services: 24.6% (2005 est.)

Labor force

6.393 million (2006 est.)

Labor force by occupation

agriculture: 85%
industry and services: 15% (2003 est.)

Unemployment rate

extensive unemployment and underemployment affecting more than half the population (2001 est.)

Population below poverty line

70% (2003 est.)

Household income or consumption by percentage share

lowest 10%: NA%
highest 10%: NA%

Inflation rate consumer prices

13.2% (2006 est.)

Investment gross fixed

14.6% of GDP (2006 est.)

Budget

revenues: $10.98 billion
expenditures: $9.7 billion; including capital expenditures of $963 million (2006 est.)

Public debt

32.7% of GDP (2006 est.)

Agriculture products

bananas, sugarcane, coffee, sisal, corn, cotton, manioc (tapioca), tobacco, vegetables, plantains; livestock; forest products; fish

Industries

petroleum; diamonds, iron ore, phosphates, feldspar, bauxite, uranium, and gold; cement; basic metal products; fish processing; food processing, brewing, tobacco products, sugar; textiles; ship repair

Industrial production growth rate

13.5% (2004 est.)

Electricity production

2.194 billion kWh (2004)

Electricity consumption

2.04 billion kWh (2004)

Electricity exports

0 kWh (2004)

Electricity imports

0 kWh (2004)

Oil production

1.6 million bbl/day (2005 est.)

Oil consumption

48,000 bbl/day (2004 est.)

Oil exports

NA bbl/day

Oil imports

NA bbl/day

Oil proved reserves

5.412 billion bbl (1 January 2005 est.)

Natural gas production

750 million cu m (2004 est.)

Natural gas consumption

750 million cu m (2004 est.)

Natural gas exports

0 cu m (2004 est.)

Natural gas imports

0 cu m (2004 est.)

Natural gas proved reserves

45.87 billion cu m (1 January 2005 est.)

Current account balance

$7.7 billion (2006 est.)

Exports

$35.53 billion f.o.b. (2006 est.)

Exports commodities

crude oil, diamonds, refined petroleum products, gas, coffee, sisal, fish and fish products, timber, cotton

Exports partners

US 39.4%, China 35.4%, France 5%, Chile 4.3% (2006)

Imports

$10.21 billion f.o.b. (2006 est.)

Imports commodities

machinery and electrical equipment, vehicles and spare parts; medicines, food, textiles, military goods

Imports partners

South Korea 17.3%, US 14.3%, Portugal 14.1%, China 8.3%, South Africa 6.3%, Brazil 5.9%, France 5.8% (2006)

Reserves of foreign exchange and gold

$6.75 billion (2006 est.)

Debt external

$11.24 billion (2006 est.)

Economic aid recipient

$383.5 million (1999)

Currency code

kwanza (AOA)

Exchange rates

kwanza per US dollar - 80.4 (2006), 88.6 (2005), 83.541 (2004), 74.606 (2003), 43.53 (2002)

Communications - Angola:
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This page was last updated on 16 September, 2007
Source: CIA >>>


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