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Angola: Economy

Economy Angola
Economy - overview:
Angola has been an economy in disarray because of a quarter century of nearly continuous warfare. An apparently durable peace was established after the death of rebel leader Jonas SAVIMBI on February 22, 2002, but consequences from the conflict continue including the impact of wide-spread land mines. 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 and more than half of exports. Much of the country's food must still be imported. To fully take advantage of its rich natural resources - gold, diamonds, extensive forests, Atlantic fisheries, and large oil deposits - Angola will need to continue reforming government policies. While Angola made progress in bringing inflation down further, from 325% in 2000 to about 106% in 2002, the government has failed to make sufficient progress on reforms recommended by the IMF such as increasing foreign exchange reserves and promoting greater transparency in government spending. Increased oil production should bring about 6% GDP growth in 2003.
GDP:
purchasing power parity - $18.36 billion (2002 est.)
GDP - real growth rate:
9.4% (2002 est.)
GDP - per capita:
purchasing power parity - $1,700 (2002 est.)
GDP - composition by sector:
agriculture: 8%
industry: 67%
services: 25% (2001 est.)
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices):
106% (2002 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 (2001 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:
1%
Electricity - production:
1.45 billion kWh (2001)
Electricity - production by source:
fossil fuel: 36.4%
hydro: 63.6%
other: 0% (2001)
nuclear: 0%
Electricity - consumption:
1.348 billion kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
0 kWh (2001)
Oil - production:
742,400 bbl/day (2001 est.)
Oil - consumption:
31,000 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Oil - proved reserves:
5.691 billion bbl (37257)
Natural gas - production:
530 million cu m (2001 est.)
Natural gas - consumption:
530 million cu m (2001 est.)
Natural gas - exports:
0 cu m (2001 est.)
Natural gas - imports:
0 cu m (2001 est.)
Natural gas - proved reserves:
79.57 billion cu m (37257)
Agriculture - products:
bananas, sugarcane, coffee, sisal, corn, cotton, manioc (tapioca), tobacco, vegetables, plantains; livestock; forest products; fish
Exports:
$8.6 billion f.o.b. (2002 est.)
Exports - commodities:
crude oil, diamonds, refined petroleum products, gas, coffee, sisal, fish and fish products, timber, cotton
Exports - partners:
US 41.2%, China 13.7%, France 8%, Belgium 6.3%, Taiwan 6.3%, Japan 4.9%, Spain 4.3% (2002)
Imports:
$4.1 billion f.o.b. (2002 est.)
Imports - commodities:
machinery and electrical equipment, vehicles and spare parts; medicines, food, textiles, military goods
Imports - partners:
Portugal 20.2%, US 13.9%, South Africa 12.4%, France 6.7%, Brazil 5.8%, Belgium 5.3%, Netherlands 4% (2002)
Debt - external:
$9.9 billion (2002 est.)
Economic aid - recipient:
$383.5 million (1999)
Currency:
kwanza (AOA)
Currency code:
AOA
Exchange rates:
kwanza per US dollar - 43.53 (2002), 22.06 (2001), 10.04 (2000), 2.79 (1999), 0.39 (1998); note - in December 1999 the kwanza was revalued with six zeroes dropped off the old value
Fiscal year:
calendar year

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Background & Country Profile
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Government
Economy
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Source: The CIA World Fact Book 2003

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