| People | Angola |
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Economy - overview:
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Angola's high growth rate is driven by its oil sector, with record oil prices and rising petroleum production. Oil production and its supporting activities contribute about 85% of GDP. Increased oil production supported growth averaging more than 15% per year from 2004 to 2007. A postwar reconstruction boom and resettlement of displaced persons has led to high rates of growth in construction and agriculture as well. Much of the country's infrastructure is still damaged or undeveloped from the 27-year-long civil war. Remnants of the conflict such as widespread land mines still mar the countryside even though an apparently durable peace was established after the death of rebel leader Jonas SAVIMBI in February 2002. Subsistence agriculture provides the main livelihood for most of the people, but half of the country's food must still be imported. In 2005, the government started using a $2 billion line of credit, since increased to $7 billion, from China to rebuild Angola's public infrastructure, and several large-scale projects were completed in 2006. Angola also has large credit lines from Brazil, Portugal, Germany, Spain, and the EU. The central bank in 2003 implemented an exchange rate stabilization program using foreign exchange reserves to buy kwanzas out of circulation. This policy became more sustainable in 2005 because of strong oil export earnings; it has significantly reduced inflation. Although consumer inflation declined from 325% in 2000 to under 13% in 2007, the stabilization policy has put pressure on international net liquidity. Angola became a member of OPEC in late 2006 and in late 2007 was assigned a production quota of 1.9 million barrels a day, somewhat less than the 2-2.5 million bbl Angola's government had wanted. To fully take advantage of its rich national resources - gold, diamonds, extensive forests, Atlantic fisheries, and large oil deposits - Angola will need to implement government reforms, increase transparency, and reduce corruption. The government has rejected a formal IMF monitored program, although it continues Article IV consultations and ad hoc cooperation. Corruption, especially in the extractive sectors, and the negative effects of large inflows of foreign exchange, are major challenges facing Angola. |
GDP (purchasing power parity):
|
$80.95 billion (2007 est.) |
GDP (official exchange rate):
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$61.04 billion (2007 est.) |
GDP - real growth rate:
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16.3% (2007 est.) |
GDP - per capita (PPP):
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$6,500 (2007 est.) |
GDP - composition by sector:
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agriculture: 9.6%
industry: 65.8%
services: 24.6% (2005 est.) |
Investment (gross fixed):
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9.2% of GDP (2007 est.) |
Population below poverty line:
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70% (2003 est.) |
Household income or consumption by percentage share:
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lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
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12.5% (2007 est.) |
Labor force:
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6.573 million (2007 est.) |
Labor force participation rate:
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52.45 % of population |
Labor force - by occupation:
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agriculture: 85%
industry and services: 15% (2003 est.) |
Unemployment rate:
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extensive unemployment and underemployment affecting more than half the population (2001 est.) |
Budget:
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revenues: $18.58 billion
expenditures: $15.7 billion (2007 est.) |
Budget revenues per capita:
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1,483 USD per capita |
Public debt:
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14.7% of GDP (2007 est.) |
Industries:
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petroleum; diamonds, iron ore, phosphates, feldspar, bauxite, uranium, and gold; cement; basic metal products; fish processing; food processing, brewing, tobacco products, sugar; textiles; ship repair |
Industrial production growth rate:
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24.4% (2007 est.) |
Electricity - production:
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2.585 billion kWh (2005) |
Electricity - production per capita:
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207 kWh per capita |
Electricity - consumption:
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2.201 billion kWh (2005) |
Electricity - consumption - per capita:
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176 kWh per capita |
Electricity - exports:
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0 kWh (2005) |
Electricity - imports:
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0 kWh (2005) |
Oil - production:
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1.26 million bbl/day (2005 est.) |
Oil - production per capita:
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100,548 bbl/day per capita |
Oil - consumption:
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50,000 bbl/day (2005 est.) |
Oil - consumption - per capita:
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1.46 bbl/year per capita |
Oil - exports:
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1.021 million bbl/day (2004) |
Oil - imports:
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18,290 bbl/day (2004) |
Oil - proved reserves:
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5.412 billion bbl (1 January 2006 est.) |
Natural gas - production:
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767.3 million cu m (2005 est.) |
Natural gas - production per capita:
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62 cu m per capita |
Natural gas - consumption:
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767.3 million cu m (2005 est.) |
Natural gas - consumption - per capita:
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62 cu m per capita |
Natural gas - exports:
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0 cu m (2005 est.) |
Natural gas - imports:
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0 cu m (2005) |
Natural gas - proved reserves:
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44 billion cu m (1 January 2006 est.) |
Agriculture - products:
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bananas, sugarcane, coffee, sisal, corn, cotton, manioc (tapioca), tobacco, vegetables, plantains; livestock; forest products; fish |
Current account balance:
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$13.64 billion (2007 est.) |
Current account balance - per capita:
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1,089 USD per capita |
Exports:
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$43.23 billion f.o.b. (2007 est.) |
Exports per capita:
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3,450 USD per capita |
Exports - commodities:
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crude oil, diamonds, refined petroleum products, gas, coffee, sisal, fish and fish products, timber, cotton |
Exports - partners:
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US 38%, China 34.2%, Taiwan 5.8%, France 4.9%, Chile 4.1% (2006) |
Imports:
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$11.41 billion f.o.b. (2007 est.) |
Imports per capita:
|
911 USD per capita |
Imports - commodities:
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machinery and electrical equipment, vehicles and spare parts; medicines, food, textiles, military goods |
Imports - partners:
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US 15.3%, Portugal 15%, South Korea 10.1%, China 8.8%, Brazil 8.2%, South Africa 6.7%, France 6.2% (2006) |
Reserves of foreign exchange and gold:
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$12.29 billion (31 December 2007 est.) |
Reserves of foreign exchange and gold - per capita:
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981 USD per capita |
Debt - external:
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$8.835 billion (31 December 2007 est.) |
Debt - external - per capita:
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706 USD per capita |
Stock of direct foreign investment - at home:
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$17.6 billion (2006 est.) |
Stock of direct foreign investment - abroad:
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$227 million (2006 est.) |
Market value of publicly traded shares:
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void |
Economic aid - donor:
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void |
Economic aid - recipient:
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$441.8 million (2005) |
Economic aid - recipient per capita:
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36 USD per capita |
Currency (code):
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kwanza (AOA) |
Exchange rates:
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kwanza per US dollar - 76.6 (2007), 80.4 (2006), 88.6 (2005), 83.541 (2004), 74.606 (2003) |
Fiscal year:
|
calendar year |
|
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