Mother Earth Travel > Country Index > Angola > Map Economy History |
| 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. GDP: purchasing power parity - $10.1 billion (2000 est.) GDP - real growth rate: 4.9% (2000 est.) GDP - per capita: purchasing power parity - $1,000 (2000 est.) GDP - composition by sector: agriculture: 7% industry: 60% services: 33% (1999 est.) Population below poverty line: NA% Household income or consumption by percentage share: lowest 10%: NA% highest 10%: NA% Inflation rate (consumer prices): 325% (2000 est.) Labor force: 5 million (1997 est.) Labor force - by occupation: agriculture 85%, industry and services 15% (1997 est.) Unemployment rate: extensive unemployment and underemployment affecting more than half the population (2000 est.) Budget: revenues: $928 million expenditures: $2.5 billion, including capital expenditures of $963 million (1992 est.) 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% 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) Agriculture - products: bananas, sugarcane, coffee, sisal, corn, cotton, manioc (tapioca), tobacco, vegetables, plantains; livestock; forest products; fish Exports: $7.8 billion (f.o.b., 2000 est.) Exports - commodities: crude oil 90%, diamonds, refined petroleum products, gas, coffee, sisal, fish and fish products, timber, cotton Exports - partners: US 54%, South Korea 14%, Benelux 11%, China 7%, Taiwan 6% (1999) Imports: $2.5 billion (f.o.b., 2000 est.) Imports - commodities: machinery and electrical equipment, vehicles and spare parts; medicines, food, textiles, military goods Imports - partners: South Korea 16%, Portugal 15%, US 13%, South Africa 10%, France 8% (1999) Debt - external: $10.8 billion (2000 est.) Economic aid - recipient: $493.1 million (1995) Currency: 1 kwanza (NKz) = 100 lwei SOURCE: The World Factbook |
Mother Earth Travel > Country Index > Angola > Map Economy History