| Economy | Angola |
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Economy - overview:
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Angola's high growth rate in recent years was driven by high international prices for its oil. Angola became a member of OPEC in late 2006 and its current assigned a production quota of 1.65 million barrels a day (bbl/day). Oil production and its supporting activities contribute about 85% of GDP. Diamond exports contribute an additional 5%. Subsistence agriculture provides the main livelihood for most of the people, but half of the country's food is still imported. Increased oil production supported growth averaging more than 17% per year from 2004 to 2008. 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. Land mines left from the war still mar the countryside, even though peace was established after the death of rebel leader Jonas SAVIMBI in February 2002. Since 2005, the government has used billions of dollars in credit lines from China, Brazil, Portugal, Germany, Spain, and the EU to rebuild Angola's public infrastructure. The global recession that started in 2008 temporarily stalled economic growth. Lower prices for oil and diamonds during the global recession slowed GDP growth to 2.4% in 2009 and to 3.4% in 2010, and many construction projects stopped because Luanda accrued $9 billion in arrears to foreign construction companies when government revenue fell in 2008 and 2009. Angola abandoned its currency peg in 2009, and in November 2009 signed onto an IMF Stand-By Arrangement loan of $1.4 billion to rebuild international reserves. Consumer inflation declined from 325% in 2000 to under 14% in 2011. Higher oil prices in 2011, helped Angola climb out of a budget deficit of 8.6 % of GDP in 2009 to an estimated fiscal surplus of 7.5 % of GDP in 2010. Corruption, especially in the extractive sectors, also is a major challenge. |
GDP (purchasing power parity):
|
$115.9 billion (2011 est.)
$111.7 billion (2010 est.)
$108 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$5,900 (2011 est.)
$5,900 (2010 est.)
$5,800 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$99.3 billion (2011 est.) |
GDP - real growth rate:
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3.7% (2011 est.)
3.4% (2010 est.)
2.4% (2009 est.) |
GDP - composition by sector:
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agriculture: 9.6%
industry: 65.8%
services: 24.6% (2008 est.) |
Investment (gross fixed):
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17.5% of GDP (2011 est.) |
Population below poverty line:
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40.5% (2006 est.) |
Household income or consumption by percentage share:
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lowest 10%: 0.6%
highest 10%: 44.7% (2000) |
Distribution of family income - Gini index:
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void |
Inflation rate (consumer prices):
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14.3% (2011 est.)
14.5% (2010 est.) |
Central bank discount rate:
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25% (31 December 2010 est.)
30% (31 December 2009 est.) |
Commercial bank prime lending rate:
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17% (31 December 2011 est.)
22.68% (31 December 2010 est.) |
Stock of money:
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$8.446 billion (31 December 2008)
$4.153 billion (31 December 2007) |
Stock of money - per capita:
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634 USD per capita |
Stock of quasi money:
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$10.41 billion (31 December 2008)
$7.216 billion (31 December 2007) |
Stock of quasi money - per capita:
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781 USD per capita |
Stock of domestic credit:
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$22.1 billion (31 December 2011 est.)
$18.95 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
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1,657 USD per capita |
Stock of narrow money:
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$8.567 billion (31 December 2011 est.)
$18.17 billion (31 December 2010 est.) |
Stock of broad money:
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$27.74 billion (31 December 2011 est.)
$28.14 billion (31 December 2010 est.) |
Labor force:
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8.24 million (2011 est.) |
Labor force participation rate:
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61.78 % of population |
Labor force - by occupation:
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agriculture: 85%
industry and services: 15% (2003 est.) |
Unemployment rate:
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NA |
Unemployment, youth ages 15-24:
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void |
Budget:
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revenues: $42.86 billion
expenditures: $35.41 billion (2011 est.) |
Budget revenues per capita:
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3,214 USD per capita |
Taxes and other revenues:
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43.2% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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7.5% of GDP (2011 est.) |
Public debt:
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24.5% of GDP (2011 est.)
21.4% of GDP (2010 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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5% (2010 est.) |
Electricity - production:
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3.944 billion kWh (2008 est.) |
Electricity - production per capita:
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296 kWh per capita |
Electricity - consumption:
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3.365 billion kWh (2008 est.) |
Electricity - consumption - per capita:
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253 kWh per capita |
Electricity - exports:
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0 kWh (2009 est.) |
Electricity - imports:
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0 kWh (2009 est.) |
Oil - production:
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1.988 million bbl/day (2010 est.) |
Oil - production per capita:
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149,042 bbl/day per capita |
Oil - consumption:
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74,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
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2.02 bbl/year per capita |
Oil - exports:
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1.851 million bbl/day (2009 est.) |
Oil - imports:
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38,280 bbl/day (2009 est.) |
Oil - proved reserves:
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9.5 billion bbl (1 January 2011 est.) |
Natural gas - production:
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690 million cu m (2009 est.) |
Natural gas - production per capita:
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52 cu m per capita |
Natural gas - consumption:
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690 million cu m (2009 est.) |
Natural gas - consumption - per capita:
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52 cu m per capita |
Natural gas - exports:
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0 cu m (2009 est.) |
Natural gas - imports:
|
0 cu m (2009 est.) |
Natural gas - proved reserves:
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309.8 billion cu m (1 January 2011 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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$7.755 billion (2011 est.)
$7.126 billion (2010 est.) |
Current account balance - per capita:
|
582 USD per capita |
Exports:
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$65.63 billion (2011 est.)
$50.59 billion (2010 est.) |
Exports per capita:
|
4,921 USD per capita |
Exports - commodities:
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crude oil, diamonds, refined petroleum products, coffee, sisal, fish and fish products, timber, cotton |
Exports - partners:
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China 42.8%, US 23%, India 9.5%, France 4% (2010) |
Imports:
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$24.76 billion (2011 est.)
$18.34 billion (2010 est.) |
Imports per capita:
|
1,857 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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Portugal 17.4%, China 14%, US 9%, Brazil 6.6%, South Africa 6%, France 5.8%, India 5.3% (2010) |
Reserves of foreign exchange and gold:
|
$28.3 billion (31 December 2011 est.)
$19.66 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
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2,122 USD per capita |
Debt - external:
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$19.74 billion (31 December 2011 est.)
$18.11 billion (31 December 2010 est.) |
Debt - external - per capita:
|
1,480 USD per capita |
Stock of direct foreign investment - at home:
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$101 billion (31 December 2011 est.)
$88.4 billion (31 December 2010 est.) |
Stock of direct foreign investment - at home - per capita:
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7,573 USD per capita |
Stock of direct foreign investment - abroad:
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$6.346 billion (31 December 2011 est.)
$5.096 billion (31 December 2010 est.) |
Stock of direct foreign investment - abroad - per capita:
|
476 USD per capita |
Market value of publicly traded shares:
|
void |
Market value of publicly traded shares - per capita:
|
void |
Currency (code):
|
kwanza (AOA) |
Exchange rates:
|
kwanza (AOA) per US dollar -
93.21 (2011 est.)
91.91 (2010 est.)
79.33 (2009)
75.023 (2008)
76.6 (2007) |
Fiscal year:
|
calendar year |
|
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