Economy - overview:
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 half of GDP and 90% of exports. Increased oil production supported 12% growth in 2004 and 19% growth in 2005. 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 half of the population, but half of the country's food must still be imported. In 2005, the government started using a $2 billion line of credit from China to rebuild Angola's public infrastructure, and several large-scale projects are scheduled for completion by 2006. The central bank in 2003 implemented an exchange rate stabilization program using foreign exchange reserves to buy kwanzas out of circulation, a policy that was more sustainable in 2005 because of strong oil export earnings, and has significantly reduced inflation. Consumer inflation declined from 325% in 2000 to about 18% in 2005, but the stabilization policy places pressure on international net liquidity. To fully take advantage of its rich national resources - gold, diamonds, extensive forests, Atlantic fisheries, and large oil deposits - Angola will need to continue reforming government policies and to reduce corruption. The government has made sufficient progress on reforms recommended by the IMF such as promoting greater transparency in government spending but continues to be without a formal monitoring agreement with the institution.
GDP (purchasing power parity):
$45.93 billion (2005 est.)
GDP (official exchange rate):
$22.8 billion (2005 est.)
GDP - real growth rate:
19.1% (2005 est.)
GDP - per capita (PPP):
$3,200 (2005 est.)
GDP - composition by sector:
agriculture: 9.6%
industry: 65.8%
services: 24.6% (2005 est.)
Labor force:
5.58 million (2005 est.)
Labor force - by occupation:
agriculture: 85%
industry and services: 15% (2003 est.)
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%
Inflation rate (consumer prices):
17.7% (2005 est.)
Investment (gross fixed):
30.6% of GDP (2005 est.)
Budget:
revenues: $8.5 billion
expenditures: $10 billion; including capital expenditures of $963 million (2005 est.)
Public debt:
40.9% of GDP (2005 est.)
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; ship repair
Industrial production growth rate:
13.5% (2004)
Electricity - production:
2.24 billion kWh (2004)
Electricity - consumption:
1.9 billion kWh (2004)
Electricity - exports:
0 kWh (2003)
Electricity - imports:
0 kWh (2003)
Oil - production:
1.6 million bbl/day (2005 est.)
Oil - consumption:
46,000 bbl/day (2003 est.)
Oil - exports:
NA bbl/day
Oil - imports:
NA bbl/day
Oil - proved reserves:
25 billion bbl (2005 est.)
Natural gas - production:
720 million cu m (2003 est.)
Natural gas - consumption:
720 million cu m (2003 est.)
Natural gas - exports:
0 cu m (2001 est.)
Natural gas - imports:
0 cu m (2001 est.)
Natural gas - proved reserves:
45.87 billion cu m (2005)
Current account balance:
$4.484 billion (2005 est.)
Exports:
$26.8 billion f.o.b. (2005 est.)
Exports - commodities:
crude oil, diamonds, refined petroleum products, gas, coffee, sisal, fish and fish products, timber, cotton
Exports - partners:
US 37.7%, China 35.6%, Taiwan 6.7%, France 6.4% (2004)
Imports:
$8.165 billion f.o.b. (2005 est.)
Imports - commodities:
machinery and electrical equipment, vehicles and spare parts; medicines, food, textiles, military goods
Imports - partners:
South Korea 28.4%, Portugal 13.1%, US 9.3%, South Africa 7.5%, Brazil 5.6%, Japan 4.9%, France 4.4% (2004)
Reserves of foreign exchange and gold:
$2.425 billion (2005 est.)
Debt - external:
$9.879 billion (2005 est.)
Economic aid - recipient:
$383.5 million (1999)
Currency (code):
kwanza (AOA)
Exchange rates:
kwanza per US dollar - 88.6 (2005), 83.541 (2004), 74.606 (2003), 43.53 (2002), 22.058 (2001)
Fiscal year:
calendar year
