Angola Economy 2018, CIA World Factbook
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Angola Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Angola Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

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; Angola is an OPEC member and subject to its direction regarding oil production levels. 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 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 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 Angola’s economic growth and many construction projects stopped because Luanda accrued billions in arrears to foreign construction companies when government revenue fell. Lower prices for oil and diamonds also resulted in GDP falling 0.7% in 2016. Angola formally abandoned its currency peg in 2009 but reinstituted it in April 2016 and maintains an overvalued exchange rate. In late 2016, Angola lost the last of its dollar-clearing international correspondent banking relationships, further exacerbating hard currency problems. Since 2013 the central bank has consistently spent down reserves to defend the kwanza, gradually allowing a 40% depreciation since late 2014. Consumer inflation declined from 325% in 2000 to less than 9% in 2014, before rising again to above 30% from 2015-2017.Continued low oil prices, the depreciation of the kwanza, and slower than expected growth in non-oil GDP have reduced growth prospects, although several major international oil companies remain in Angola. Corruption, especially in the extractive sectors, is a major long-term challenge that poses an additional threat to the economy.

GDP (purchasing power parity):
$192 billion (2017 est.) $189.2 billion (2016 est.) $190.5 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 66

GDP (official exchange rate):
$124 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
1.5% (2017 est.) -0.7% (2016 est.) 3% (2015 est.)
country comparison to the world: 177
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$6,800 (2017 est.) $6,900 (2016 est.) $7,200 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 161

Gross national saving:
3.1% of GDP (2017 est.) 3.3% of GDP (2016 est.) -0.4% of GDP (2015 est.)
country comparison to the world: 172
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 75.6%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 15.4%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 9.8%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.1%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 28.4%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -29.3% (2017 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:
1.9% (2017 est.)
country comparison to the world: 141
[see also: Industrial production growth rate country ranks ]

Labor force:
12.51 million (2017 est.)
country comparison to the world: 46
[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)

Budget:
revenues: $35.59 billion
[see also: Budget - revenues country ranks ]
expenditures: $44.64 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
28.7% of GDP (2017 est.)
country comparison to the world: 90
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-7.3% of GDP (2017 est.)
country comparison to the world: 193
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
87.8% of GDP (2017 est.) 77.2% of GDP (2016 est.)
country comparison to the world: 29
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
30.9% (2017 est.) 32.4% (2016 est.)
country comparison to the world: 223
[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:
20% (31 December 2017 est.) 15.71% (31 December 2016 est.)
country comparison to the world: 16
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$30.04 billion (31 December 2017 est.) $23.17 billion (31 December 2016 est.)
country comparison to the world: 63
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$48.82 billion (31 December 2017 est.) $39.28 billion (31 December 2016 est.)
country comparison to the world: 69
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$14.51 billion (31 December 2017 est.) $14.25 billion (31 December 2016 est.)
country comparison to the world: 98
[see also: Stock of domestic credit country ranks ]

Current account balance:
-$5.922 billion (2017 est.) -$4.904 billion (2016 est.)
country comparison to the world: 176
[see also: Current account balance country ranks ]

Exports:
$33.82 billion (2017 est.) $31.03 billion (2016 est.)
country comparison to the world: 59
[see also: Exports country ranks ]

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

Exports - partners:
China 53.7%, India 7.6%, US 5.6%, South Africa 5.3%, France 4.4% (2016)

Imports:
$23 billion (2017 est.) $19.25 billion (2016 est.)
country comparison to the world: 68
[see also: Imports country ranks ]

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

Imports - partners:
Portugal 15.9%, US 12.5%, China 12.2%, South Africa 6.8%, Belgium 6.3%, Brazil 5.5%, UK 4.3% (2016)

Reserves of foreign exchange and gold:
$18.1 billion (31 December 2017 est.) $23.74 billion (31 December 2016 est.)
country comparison to the world: 64
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$27.34 billion (31 December 2017 est.) $27.14 billion (31 December 2016 est.)
country comparison to the world: 85
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$15.8 billion (31 December 2017 est.) $9.16 billion (31 December 2016 est.)
country comparison to the world: 89
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$23.66 billion (31 December 2017 est.) $23.02 billion (31 December 2016 est.)
country comparison to the world: 51
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
kwanza (AOA) per US dollar - 172.6 (2017 est.) 163.656 (2016 est.) 163.656 (2015 est.) 120.061 (2014 est.) 98.303 (2013 est.)


NOTE: 1) The information regarding Angola on this page is re-published from the 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Angola Economy 2018 information contained here. All suggestions for corrections of any errors about Angola Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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