Angola Economy 1997

Economy - overview Angola is an economy in disarray. Despite its abundant natural resources,output per capita is among the world's lowest. Subsistence agriculture providesthe main livelihood for 80%-90% of the population but accounts for about 12%of GDP. Oil production and the supporting activities are vital to the economy,contributing about 50% to GDP. Notwithstanding the signing of a peace accordin November 1994, sporadic violence continues, millions of land mines remain,and many farmers are reluctant to return to their fields. As a result, muchof the country's food must still be imported. To take advantage of its richresources - notably gold, diamonds, extensive forests, Atlantic fisheries,arable land, and large oil deposits - Angola will need to observe the cease-fire,implement the peace agreement, and reform government policies. Despite thehigh inflation and political difficulties, total output grew an estimated9% in 1996, largely due to increased oil production.

GDP purchasing power parity - $8.3 billion (1996 est.)

GDP - real growth rate 9% (1996 est.)

GDP - per capita purchasing power parity - $800 (1996 est.)

GDP - composition by sector
agriculture: 12%
industry: 56%
services: 32% (1994 est.)

Inflation rate - consumer price index 1,700% (1996 est.)

Labor force
total: 2.783 million economically active
by occupation: agriculture 85%, industry 15% (1985 est.)

Unemployment rate extensive unemployment and underemployment affecting more than halfthe population (1994 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 - capacity 620,000 kW (1994)

Electricity - production 1.82 billion kWh (1994)

Electricity - consumption per capita 171 kWh (1995 est.)

Agriculture - products bananas, sugarcane, coffee, sisal, corn, cotton, manioc (tapioca), tobacco,vegetables, plantains; livestock; forest products; fish

Exports
total value: $4 billion (f.o.b., 1996 est.)
commodities: crude oil 90%, diamonds, refined petroleum products, gas, coffee, sisal,fish and fish products, timber, cotton
partners: US 70%, EU

Imports
total value : $1.7 billion (f.o.b., 1995 est.)
commodities: capital equipment (machinery and electrical equipment), vehicles andspare parts; medicines, food, textiles and clothing; substantial military supplies
partners : Portugal, Brazil, US, France, Spain

Debt - external $12.5 billion (1996 est.)

Economic aid
recipient: ODA, $451 million (1994)

Currency 1 new kwanza (NKz) = 100 lwei

Exchange rates new kwanza (NKz) per US$1 - 201,994 (November 1996), 900,000 (25 April1995), 600,000 (10 January 1995), 90,000 (1 June 1994), 7,000 (16 December1993), 3.884 (July 1993), 550 (April 1992)
note: black market rates - new Kwanza (NKz) per US$1 - 1,900,000 (6 April1995), 180,000 (1 June 1994), 50,000 (16 December 1993)

Fiscal year calendar year

NOTE: The information regarding Angola on this page is re-published from the 1997 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Angola Economy 1997 information contained here. All suggestions for corrections of any errors about Angola Economy 1997 should be addressed to the CIA.