Economy Overview
Angola 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.
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)
Labor Force
5.57 million (2003 est.)
Electricity production
1.45 billion kWh (2001)
Electricity Consumption
1.348 billion kWh (2001)
Electricity Exports
0 kWh (2001)
Electricity Imports
0 kWh (2001)
Unemployment Rate
Extensive unemployment and underemployment affecting more than half the population (2001 est.)
Population Below Poverty Line
70% (2003 est.)
Household Income or Consumption by Percentage Share
Lowest 10%: NA
Highest 10%: NA
Budget
Revenues: $4.874 billion
Expenditures: $6.012 billion, including capital expenditures of $963 million (2003 est.)
Commercial Bank Prime Lending Rate
Market Value of Publicly Traded Shares
Reserves of Foreign Exchange and Gold
Debt External
$9.164 billion (2003 est.)
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
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
