
Angola Economy
Angola Economy: A summary of information about Angola Economy, from government research data as well as independent research and other sources.
Angola: Economy
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. Notwithstanding the signing of a peace accord in November 1994, 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 take advantage of its rich resources - gold, diamonds, extensive forests, Atlantic fisheries, and large oil deposits - Angola will need to implement the peace agreement and reform government policies. Despite the increase in the pace of civil warfare in late 1998, the economy grew by an estimated 4% in 1999. The government introduced new currency denominations in 1999, including a 1 and 5 kwanza note. Expanded oil production brightens prospects for 2000, but internal strife discourages investment outside of the petroleum sector.
GDP
purchasing power parity - $11.6 billion (1999 est.)
GDP - real growth rate
4% (1999 est.)
GDP - per capita
purchasing power parity - $1,030 (1999 est.)
GDP - composition by sector
agriculture: 13% industry: 53% services: 34% (1998 est.)
Population below poverty line
NA%
Household income or consumption by percentage share
lowest 10%: NA% highest 10%: NA%
Inflation rate (consumer prices)
270% (1999 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 (1999 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
1.886 billion kWh (1998)
Electricity - production by source
fossil fuel: 24.97% hydro: 75.03% nuclear: 0% other: 0% (1998)
Electricity - consumption
1.754 billion kWh (1998)
Electricity - exports
0 kWh (1998)
Electricity - imports
0 kWh (1998)
Agriculture - products
bananas, sugarcane, coffee, sisal, corn, cotton, manioc (tapioca), tobacco, vegetables, plantains; livestock; forest products; fish
Exports
$5 billion (f.o.b., 1999 est.)
Exports - commodities
crude oil 90%, diamonds, refined petroleum products, gas, coffee, sisal, fish and fish products, timber, cotton
Exports - partners
US 63%, Benelux 9%, China, Chile, France (1998)
Imports
$3 billion (f.o.b., 1999 est.)
Imports - commodities
machinery and electrical equipment, vehicles and spare parts; medicines, food, textiles, military goods
Imports - partners
Portugal 20%, US 17%, South Africa 10%, Spain, Brazil, France (1998)
Debt - external
$10.5 billion (1999 est.)
Economic aid - recipient
$493.1 million (1995)
Currency
1 kwanza (NKz) = 100 lwei
Exchange rates
kwanza (NKz) per US$1 - 577,304 (January 2000), 2,790,706 (1999), 392,824 (1998), 229,040 (1997), 128,029 (1996), 2,750 (1995); note - beginning in June 1998, the official rate is determined weekly in accordance with a crawling peg scheme
Fiscal year
calendar year