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Angola Economy 2017
https://theodora.com/wfbcurrent/angola/angola_economy.html
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES











Angola Economy 2017
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2017

Economy - overview:
Angola's economy is overwhelmingly driven by its oil sector. Oil production and its supporting activities contribute about 50% of GDP, more than 70% of government revenue, and more than 90% of the country's exports. Diamonds contribute an additional 5% to exports. 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. Some of the country's infrastructure is still damaged or undeveloped from the 27-year-long civil war. However, the government since 2005 has used billions of dollars in credit lines from China, Brazil, Portugal, Germany, Spain, and the EU to help rebuild Angola's public infrastructure. Land mines left from the war still mar the countryside, and as a result, the national military, international partners, and private Angolan firms all continue to remove them. The global recession that started in 2008 stalled economic growth. In particular, lower prices for oil and diamonds during the global recession slowed GDP growth to 2.4% in 2009, 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 formally 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 less than 9% in 2014. Falling oil prices and slower than expected growth in non-oil GDP have reduced growth prospects for 2015. Angola has responded by reducing government subsidies and by proposing import quotas and a more restrictive licensing regime. Corruption, especially in the extractive sectors, is a major long-term challenge.

GDP (purchasing power parity):
$187.3 billion (2016 est.) $187.3 billion (2015 est.) $181.8 billion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 65
[see also: GDP country ranks ]

GDP (official exchange rate):
$91.94 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
0% (2016 est.) 3% (2015 est.) 4.8% (2014 est.)
country comparison to the world: 194
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$6,800 (2016 est.) $7,000 (2015 est.) $7,000 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 157
[see also: GDP - per capita country ranks ]

Gross national saving:
4.3% of GDP (2016 est.) 0.6% of GDP (2015 est.) 12.4% of GDP (2014 est.)
country comparison to the world: 170
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 72.5%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 18.1%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 10.3%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 35.3%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -36.2% (2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 10.2%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 61.4%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 28.4% (2011 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
bananas, sugarcane, coffee, sisal, corn, cotton, cassava (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:
0.9% (2016 est.)
country comparison to the world: 151
[see also: Industrial production growth rate country ranks ]

Labor force:
10.85 million (2016 est.)
country comparison to the world: 52
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 85%
[see also: Labor force - by occupation - agriculture country ranks ]
industry and services: 15% (2003 est.)

Unemployment rate:
NA%
[see also: Unemployment rate country ranks ]

Population below poverty line:
40.5% (2006 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 0.6%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 44.7% (2000)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Budget:
revenues: $27.27 billion
[see also: Budget revenues country ranks ]
expenditures: $33.5 billion (2016 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
29.7% of GDP (2016 est.)
country comparison to the world: 78
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-6.8% of GDP (2016 est.)
country comparison to the world: 185
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
57.4% of GDP (2016 est.) 57.3% of GDP (2015 est.)
country comparison to the world: 69
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
26.9% (2016 est.) 10.3% (2015 est.)
country comparison to the world: 221
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
9% (31 December 2014) 25% (31 December 2010)
country comparison to the world: 35
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
30% (31 December 2016 est.) 16.88% (31 December 2015 est.)
country comparison to the world: 8
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$24.57 billion (31 December 2016 est.) $25.27 billion (31 December 2015 est.)
country comparison to the world: 64
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$38.85 billion (31 December 2016 est.) $42.15 billion (31 December 2015 est.)
country comparison to the world: 76
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$12.52 billion (31 December 2016 est.) $17.18 billion (31 December 2015 est.)
country comparison to the world: 99
[see also: Stock of domestic credit country ranks ]

Current account balance:
-$4.929 billion (2016 est.) -$8.748 billion (2015 est.)
country comparison to the world: 170
[see also: Current account balance country ranks ]

Exports:
$30.04 billion (2016 est.) $35.55 billion (2015 est.)
country comparison to the world: 60
[see also: Exports country ranks ]

Exports - commodities:
crude oil, diamonds, refined petroleum products, coffee, sisal, fish and fish products, timber, cotton

Exports - partners:
China 43.8%, India 9.6%, US 7.7%, Spain 6.2%, South Africa 4.8%, France 4.4% (2015)

Imports:
$19.67 billion (2016 est.) $21.15 billion (2015 est.)
country comparison to the world: 72
[see also: Imports country ranks ]

Imports - commodities:
machinery and electrical equipment, vehicles and spare parts; medicines, food, textiles, military goods

Imports - partners:
China 22.1%, Portugal 13.8%, South Korea 11%, US 6.9%, South Africa 5%, UK 4.1%, France 4% (2015)

Reserves of foreign exchange and gold:
$20.43 billion (31 December 2016 est.) $24.08 billion (31 December 2015 est.)
country comparison to the world: 58
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$37.7 billion (31 December 2016 est.) $33.83 billion (31 December 2015 est.)
country comparison to the world: 72
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$13.01 billion (31 December 2015 est.) $10.57 billion (31 December 2014 est.)
country comparison to the world: 91
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$22.8 billion (31 December 2016 est.) $22.2 billion (31 December 2015 est.)
country comparison to the world: 53
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
kwanza (AOA) per US dollar - 172 (2016 est.) 120.061 (2015 est.) 120.061 (2014 est.) 98.303 (2013 est.) 95.47 (2012 est.)


NOTE: The information regarding Angola on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Angola Economy 2017 information contained here. All suggestions for corrections of any errors about Angola Economy 2017 should be addressed to the CIA.




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