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Angola Economy 1999
Economyoverview: Angola is an economy in disarray because of more than 20 years of nearly continuous warfare. Despite its abundant natural resources, output per capita is among the world's lowest. Subsistence agriculture provides the main livelihood for 85% of the population. Oil production and the supporting activities are vital to the economy, contributing about 45% to GDP. Notwithstanding the signing of a peace accord in November 1994, sporadic violence continues, millions of land mines remain, and many farmers are reluctant to return to their fields. As a result, much of the country's food must still be imported. To take advantage of its rich resourcesgold, diamonds, extensive forests, Atlantic fisheries, arable land, and large oil depositsAngola will need to implement the peace agreement and reform government policies. The increase in the pace of civil warfare in late 1998 dims economic prospects for 1999 especially if the oil sector were to be damaged. GDP: purchasing power parity$11 billion (1998 est.) GDPreal growth rate: 0.5% (1998 est.) GDPper capita: purchasing power parity$1,000 (1998 est.)
GDPcomposition by sector:
Population below poverty line: NA%
Household income or consumption by percentage share:
Inflation rate (consumer prices): 90% (1998 est.) Labor force: 5 million (1997 est.) Labor forceby occupation: agriculture 85%, industry and services 15% (1997 est.) Unemployment rate: extensive unemployment and underemployment affecting more than half the population (1997 est.)
Budget:
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% Electricityproduction: 1.86 billion kWh (1996)
Electricityproduction by source:
Electricityconsumption: 1.86 billion kWh (1996) Electricityexports: 0 kWh (1996) Electricityimports: 0 kWh (1996) Agricultureproducts: bananas, sugarcane, coffee, sisal, corn, cotton, manioc (tapioca), tobacco, vegetables, plantains; livestock; forest products; fish Exports: $3.4 billion (f.o.b., 1998 est.) Exportscommodities: crude oil 90%, diamonds, refined petroleum products, gas, coffee, sisal, fish and fish products, timber, cotton (1998) Exportspartners: US 65%, EU, China (1997) Imports: $2.2 billion (f.o.b., 1998 est.) Importscommodities: machinery and electrical equipment, vehicles and spare parts; medicines, food, textiles and clothing; substantial military goods Importspartners: Portugal 21%, US 15%, France 14%, South Africa (1997) Debtexternal: $13 billion (1998 est.) Economic aidrecipient: $493.1 million (1995) Currency: 1 kwanza (NKz) = 100 lwei Exchange rates: kwanza (NKz) per US$1350,000 (February 1999), 392,824 (1998), 229,040 (1997), 128,029 (1996), 2,750 (1995), 59,515 (1994); notereadjusted Kwanzas per US$1,000 through 1994, per US$1 thereafter Fiscal year: calendar year
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