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.
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
NA%
Labor Force
5 million (1997 est.)
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)
Currency
1 kwanza (NKz) = 100 lwei
Unemployment Rate
Extensive unemployment and underemployment affecting more than half the population (1999 est.)
Population Below Poverty Line
NA%
Household Income or Consumption by Percentage Share
Lowest 10%: NA%
Highest 10%: NA%
Budget
Revenues: $928 million
Expenditures: $2.5 billion, including capital expenditures of $963 million (1992 est.)
Commercial Bank Prime Lending Rate
Market Value of Publicly Traded Shares
Reserves of Foreign Exchange and Gold
Debt External
$10.5 billion (1999 est.)
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
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
