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Angola Economy

    Economy—overview: 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 resources—gold, diamonds, extensive forests, Atlantic fisheries, arable land, and large oil deposits—Angola 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.)

    GDP—real growth rate: 0.5% (1998 est.)

    GDP—per capita: purchasing power parity—$1,000 (1998 est.)

    GDP—composition by sector:
    agriculture: 13%
    industry: 53%
    services: 34% (1998 est.)

    Population below poverty line: NA%

    Household income or consumption by percentage share:
    lowest 10%: NA%
    highest 10%: NA%

    Inflation rate (consumer prices): 90% (1998 est.)

    Labor force: 5 million (1997 est.)

    Labor force—by occupation: agriculture 85%, industry and services 15% (1997 est.)

    Unemployment rate: extensive unemployment and underemployment affecting more than half the population (1997 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—production: 1.86 billion kWh (1996)

    Electricity—production by source:
    fossil fuel: 24.73%
    hydro: 75.27%
    nuclear: 0%
    other: 0% (1996)

    Electricity—consumption: 1.86 billion kWh (1996)

    Electricity—exports: 0 kWh (1996)

    Electricity—imports: 0 kWh (1996)

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

    Exports: $3.4 billion (f.o.b., 1998 est.)

    Exports—commodities: crude oil 90%, diamonds, refined petroleum products, gas, coffee, sisal, fish and fish products, timber, cotton (1998)

    Exports—partners: US 65%, EU, China (1997)

    Imports: $2.2 billion (f.o.b., 1998 est.)

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

    Imports—partners: Portugal 21%, US 15%, France 14%, South Africa (1997)

    Debt—external: $13 billion (1998 est.)

    Economic aid—recipient: $493.1 million (1995)

    Currency: 1 kwanza (NKz) = 100 lwei

    Exchange rates: kwanza (NKz) per US$1—350,000 (February 1999), 392,824 (1998), 229,040 (1997), 128,029 (1996), 2,750 (1995), 59,515 (1994); note—readjusted Kwanzas per US$1,000 through 1994, per US$1 thereafter

    Fiscal year: calendar year

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Revised 1-Mar-99
Copyright © 1999 Photius Coutsoukis (all rights reserved)