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Angola:
Economy

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Economy - overview
Definition
Angola's 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 85% of GDP. Increased oil production supported growth averaging more than 15% per year from 2004 to 2007. 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 country's 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 country's food must still be imported. In 2005, the government started using a $2 billion line of credit, since increased to $7 billion, from China to rebuild Angola's public infrastructure, and several large-scale projects were completed in 2006. Angola also has large credit lines from Brazil, Portugal, Germany, Spain, and the EU. 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 under 13% in 2007, the stabilization policy has put pressure on international net liquidity. Angola became a member of OPEC in late 2006 and in late 2007 was assigned a production quota of 1.9 million barrels a day, somewhat less than the 2-2.5 million bbl Angola's government had wanted. 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, increase transparency, and reduce corruption. The government has rejected a formal IMF monitored program, although it continues Article IV consultations and ad hoc cooperation. Corruption, especially in the extractive sectors, and the negative effects of large inflows of foreign exchange, are major challenges facing Angola.
GDP (purchasing power parity)
Definition - World rank and map
$91.29 billion (2007 est.)
GDP (official exchange rate)
Definition
$61.36 billion (2007 est.)
GDP - real growth rate
Definition - World rank and map
21.1% (2007 est.)
GDP - per capita
Definition - World rank and map
$5,600 (2007 est.)
GDP - composition by sector
Definition
agriculture: 9.5%
industry: 65.8%
services: 24.6% (2007 est.)
Labor force
Definition
6.64 million (2007 est.)
Labor force - by occupation
Definition
agriculture: 85%
industry and services: 15% (2003 est.)
Unemployment rate
Definition - World rank and map
extensive unemployment and underemployment affecting more than half the population (2001 est.)
Population below poverty line
Definition
70% (2003 est.)
Household income or consumption by percentage share
Definition
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices)
Definition - World rank and map
12.2% (2007 est.)
Investment (gross fixed)
Definition - World rank and map
9.1% of GDP (2007 est.)
Budget
Definition
revenues: $17.29 billion
expenditures: $15.78 billion (2007 est.)
Public debt
Definition - World rank and map
12% of GDP (2007 est.)
Agriculture - products
Definition
bananas, sugarcane, coffee, sisal, corn, cotton, manioc (tapioca), tobacco, vegetables, plantains; livestock; forest products; fish
Industries
Definition
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
Definition - World rank and map
24.4% (2007 est.)
Electricity - production
Definition - World rank and map
2.585 billion kWh (2005)
Electricity - consumption
Definition - World rank and map
2.201 billion kWh (2005)
Electricity - consumption per capita
Definition - World rank and map
175.7 kWh (2005)
Electricity - exports
Definition
0 kWh (2005)
Electricity - imports
Definition
0 kWh (2005)
Oil - production
Definition - World rank and map
1.26 million bbl/day (2005 est.)
Oil - consumption
Definition - World rank and map
50,000 bbl/day (2005 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
4 bbl/day (2005 est.)
Oil - exports
Definition - World rank and map
1.021 million bbl/day (2004)
Oil - imports
Definition - World rank and map
18,290 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
25 billion bbl (2007 est.)
Natural gas - production
Definition - World rank and map
767.3 million cu m (2005 est.)
Natural gas - consumption
Definition - World rank and map
767.3 million cu m (2005 est.)
Natural gas - consumption per capita
Definition - World rank and map
61 cu m (2005 est.)
Natural gas - exports
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
0 cu m (2005)
Natural gas - proved reserves
Definition - World rank and map
44 billion cu m (1 January 2006 est.)
Current account balance
Definition - World rank and map
$6.747 billion (2007 est.)
Exports
Definition - World rank and map
$44.32 billion f.o.b. (2007 est.)
Exports - commodities
Definition
crude oil, diamonds, refined petroleum products, gas, coffee, sisal, fish and fish products, timber, cotton
Exports - partners
Definition
US 34.8%, China 32%, France 6.4%, Taiwan 6.1% (2006)
Imports
Definition - World rank and map
$12.29 billion f.o.b. (2007 est.)
Imports - commodities
Definition
machinery and electrical equipment, vehicles and spare parts; medicines, food, textiles, military goods
Imports - partners
Definition
Portugal 17.9%, US 9.9%, South Korea 9.9%, China 9.4%, Brazil 8.1%, South Africa 6.5%, France 5.8%, UK 4.4% (2006)
Reserves of foreign exchange and gold
Definition - World rank and map
$11.33 billion (31 December 2007 est.)
Debt - external
Definition - World rank and map
$8.234 billion (31 December 2007 est.)
Stock of direct foreign investment - at home
Definition
$17.23 billion (2007 est.)
Stock of direct foreign investment - abroad
Definition
$227 million (2006 est.)
Economic aid - recipient
Definition
$441.8 million (2005)
Currency (code)
Definition
kwanza (AOA)
Exchange rates
Definition
kwanza per US dollar - 76.6 (2007), 80.4 (2006), 88.6 (2005), 83.541 (2004), 74.606 (2003)
Fiscal year
Definition
calendar year


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