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. 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 fully take advantage of its rich resources - gold, diamonds, extensive forests, Atlantic fisheries, and large oil deposits - Angola will need to end its conflict and continue reforming government policies. Despite the increase in the pace of civil warfare in late 1998, the economy grew by an estimated 5% in 2000. The government introduced new currency denominations in 1999, including 1 and 5 kwanza notes. Internal strife discourages investment outside of the petroleum sector, which is producing roughly 800,000 barrels of oil per day. Angola has entered into a Staff Monitored Program (SMP) with the IMF. Continued growth depends on sharp cuts in inflation, further economic reform, and a lessening of fighting.
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
1.475 billion kWh (1999)
Electricity production by source
Fossil fuel: 32.2%
Hydro: 67.8%
Nuclear: 0%
Other: 0% (1999)
Electricity Consumption
1.372 billion kWh (1999)
Electricity Exports
0 kWh (1999)
Electricity Imports
0 kWh (1999)
Unemployment Rate
Extensive unemployment and underemployment affecting more than half the population (2000 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
$10.8 billion (2000 est.)
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
kwanza per US dollar - 17,910,800 (January 2001), 10,041,000 (2000), 2,790,706 (1999), 392,824 (1998), 229,040 (1997), 128,029 (1996); note - in December 1999 the kwanza was revalued with six zeroes dropped off the old value
