Economy Overview
Angola is an economy in disarray because of a quarter century of nearly continuous warfare. 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 natural resources - gold, diamonds, extensive forests, Atlantic fisheries, and large oil deposits - Angola will need to end its conflict and continue reforming government policies. Internal strife discourages investment outside of the petroleum sector, which is producing roughly 800,000 barrels of oil per day. While Angola made progress in bringing inflation down further, from over 300% in 2000 to about 110% in 2001, 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. Angola's GDP could be among the world's fastest growing in 2002 if oil production from the Girassol field, which began production in December 2001, reaches 200,000 barrels per day as expected.
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
1.19 billion kWh (2000)
Electricity production by source
Fossil fuel: 40%
Hydro: 60%
Other: 0% (2000)
Nuclear: 0%
Electricity Consumption
1.107 billion kWh (2000)
Electricity Exports
0 kWh (2000)
Electricity Imports
0 kWh (2000)
Unemployment Rate
Extensive unemployment and underemployment affecting more than half the population (2001 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
Commercial Bank Prime Lending Rate
Market Value of Publicly Traded Shares
Reserves of Foreign Exchange and Gold
Debt External
$10.4 billion (2001 est.)
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
kwanza per US dollar - 32.8716 (January 2002), 22.058 (2001), 10.041 (2000), 2.791 (1999), 0.393 (1998), 0.229 (1997); note - in December 1999 the kwanza was revalued with six zeroes dropped off the old value
