Overview: Subsistence agriculture provides the main livelihood for 80-90% of the population but accounts for less than 15% of GDP. Oil production is vital to the economy, contributing about 60% to GDP. Bitter internal fighting continues to severely affect the economy, and food must be imported. In 1993, production fell by an estimated 22.6%, mainly because of the capture by insurgents of the oil town of Soyo and diamond-producing areas in northeastern Angola. Angola has rich natural resources - notably gold, diamonds, and arable land, in addition to large oil depoaits - but will need to end the war and reform government policies if it is to achieve its potential.

National product: GDP - purchasing power equivalent - $5.7 billion (1993 est.)

National product real growth rate: -22.6% (1993 est.)

National product per capita: $600 (1993 est.)

Inflation rate (consumer prices): 1,840% (1993 est.)

Unemployment rate: 15% with considerable underemployment (1993 est.)

Budget:
revenues: $928 million
expenditures: $2.5 billion, including capital expenditures of $963 million (1992 est.)

Exports: $3 billion (f.o.b., 1993 est.)
commodities: oil, diamonds, refined petroleum products, gas, coffee, sisal, fish and fish products, timber, cotton
partners: US, France, Germany, Netherlands, Brazil

Imports: $1.6 billion (f.o.b., 1992 est.)
commodities: capital equipment (machinery and electrical equipment), food, vehicles and spare parts, textiles and clothing, medicines; substantial military deliveries
partners: Portugal, Brazil, US, France, Spain

External debt: $8 billion (1993 est.)

Industrial production: growth rate NA%; accounts for about 60% of GDP, including petroleum output

Electricity:
capacity: 510,000 kW
production: 800 million kWh
consumption per capita: 84 kWh (1991)

Industries: petroleum; mining - diamonds, iron ore, phosphates, feldspar, bauxite, uranium, and gold; fish processing; food processing; brewing; tobacco; sugar; textiles; cement; basic metal products

Agriculture: cash crops - bananas, sugar cane, coffee, sisal, corn, cotton, cane, manioc, tobacco; food crops - cassava, corn, vegetables, plantains ; livestock production accounts for 20%, fishing 4%, forestry 2% of total agricultural output; disruptions caused by civil war, and marketing deficiencies require food imports

Economic aid:
recipient: US commitments, including Ex-Im (FY70-89), $265 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $1.105 billion; Communist countries (1970-89), $1.3 billion; net official disbursements (1985-89), $750 million

Currency: 1 new kwanza (NKz) = 100 lwei
Exchange rates: kwanza (Kz) per US$1 - 90,000 (official rate 1June 1994), 180,000 (black market rate 1 June 1994); 7,000 (official rate 16 December 1993), 50,000 (black market rate 16 December 1993); 3,884 (July 1993); 550 (April 1992); 90 (November 1991); 60 (October 1990)

Fiscal year: calendar year

NOTE: The information regarding Angola on this page is re-published from the 1995 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Angola Economy 1995 information contained here. All suggestions for corrections of any errors about Angola Economy 1995 should be addressed to the CIA.