Angola Economy
Economy - overviewAngola has been an economy in disarray because of a quarter century of nearly continuous warfare. An apparently durable peace was established after the death of rebel leader Jonas SAVIMBI on February 22, 2002, but consequences from the conflict continue including the impact of wide-spread land mines. 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 more than half of exports. Much of the country's food must still be imported. To fully take advantage of its rich natural resources - gold, diamonds, extensive forests, Atlantic fisheries, and large oil deposits - Angola will need to continue reforming government policies and to reduce corruption. While Angola made progress in bringing inflation down further, from 325% in 2000 to about 106% in 2002, the government has failed to make sufficient progress on reforms recommended by the IMF such as increasing foreign exchange reserves and promoting greater transparency in government spending. Increased oil production supported 7% GDP growth in 2003.
GDP
purchasing power parity - $20.42 billion (2003 est.)
GDP - real growth rate
1.5% (2003 est.)
GDP - per capita
purchasing power parity - $1,900 (2003 est.)
GDP - composition by sector
agriculture: 8%
industry: 67%
services: 25% (2001 est.)
Investment
31.7% of GDP (2003)
Population below poverty line
70% (2003 est.)
Household income or consumption by percentage share
lowest 10%: NA
highest 10%: NA
Inflation rate
76.6% (2003 est.)
Labor force
5.57 million (2003 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.)
Budget
revenues: $4.874 billion
expenditures: $6.012 billion, including capital expenditures of $963 million (2003 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
Industrial production growth rate
1% (2000)
Electricity - production
1.45 billion kWh (2001)
Electricity - consumption
1.348 billion kWh (2001)
Electricity - exports
0 kWh (2001)
Electricity - imports
0 kWh (2001)
Oil - production
742,400 bbl/day (2001 est.)
Oil - consumption
31,000 bbl/day (2001 est.)
Oil - exports
NA (2001)
Oil - imports
NA (2001)
Oil - proved reserves
5.691 billion bbl (1 January 2002)
Natural gas - production
530 million cu m (2001 est.)
Natural gas - consumption
530 million cu m (2001 est.)
Natural gas - exports
0 cu m (2001 est.)
Natural gas - imports
0 cu m (2001 est.)
Natural gas - proved reserves
79.57 billion cu m (1 January 2002)
Current account balance
$-475 million (2003)
Exports
$9.669 billion f.o.b. (2003 est.)
Exports - commodities
crude oil, diamonds, refined petroleum products, gas, coffee, sisal, fish and fish products, timber, cotton
Exports - partners
US 47.7%, China 23.4%, Taiwan 8%, France 7.4% (2003)
Imports
$4.08 billion f.o.b. (2003 est.)
Imports - commodities
machinery and electrical equipment, vehicles and spare parts; medicines, food, textiles, military goods
Imports - partners
Portugal 18.2%, South Africa 12.4%, US 12.2%, Netherlands 11.6%, France 6.5%, Brazil 6.1%, UK 4.2% (2003)
Reserves of foreign exchange & gold
$638.4 million (2003)
Debt - external
$9.164 billion (2003 est.)
Currency
kwanza (AOA)
Currency code
AOA
Exchange rates
kwanza per US dollar - 74.6063 (2003), 43.5302 (2002), 22.0579 (2001), 10.041 (2000), 2.791 (1999), 0.393 (1998); note - in December 1999 the kwanza was revalued with six zeroes dropped off the old value
