Angola Economy 2001

Economy - overview: Angola is an economy in disarray because of a quarter century 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 and 90% of exports. 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 fully take advantage of its rich resources - gold, diamonds, extensive forests, Atlantic fisheries, and large oil deposits - Angola will need to end its conflict and continue reforming government policies. Despite the increase in the pace of civil warfare in late 1998, the economy grew by an estimated 5% in 2000. The government introduced new currency denominations in 1999, including 1 and 5 kwanza notes. Internal strife discourages investment outside of the petroleum sector, which is producing roughly 800,000 barrels of oil per day. Angola has entered into a Staff Monitored Program (SMP) with the IMF. Continued growth depends on sharp cuts in inflation, further economic reform, and a lessening of fighting.

GDP: purchasing power parity - $10.1 billion (2000 est.)

GDP - real growth rate: 4.9% (2000 est.)

GDP - per capita: purchasing power parity - $1,000 (2000 est.)

GDP - composition by sector:
agriculture: 7%
industry: 60%
services: 33% (1999 est.)

Population below poverty line: NA%

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

Inflation rate (consumer prices): 325% (2000 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 (2000 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: 1.475 billion kWh (1999)

Electricity - production by source:
fossil fuel: 32.2%
hydro: 67.8%
nuclear: 0%
other: 0% (1999)

Electricity - consumption: 1.372 billion kWh (1999)

Electricity - exports: 0 kWh (1999)

Electricity - imports: 0 kWh (1999)

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

Exports: $7.8 billion (f.o.b., 2000 est.)

Exports - commodities: crude oil 90%, diamonds, refined petroleum products, gas, coffee, sisal, fish and fish products, timber, cotton

Exports - partners: US 54%, South Korea 14%, Benelux 11%, China 7%, Taiwan 6% (1999)

Imports: $2.5 billion (f.o.b., 2000 est.)

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

Imports - partners: South Korea 16%, Portugal 15%, US 13%, South Africa 10%, France 8% (1999)

Debt - external: $10.8 billion (2000 est.)

Economic aid - recipient: $493.1 million (1995)

Currency: kwanza (AOA)

Currency code: AOA

Exchange rates: kwanza per US dollar - 17,910,800 (January 2001), 10,041,000 (2000), 2,790,706 (1999), 392,824 (1998), 229,040 (1997), 128,029 (1996); note - in December 1999 the kwanza was revalued with six zeroes dropped off the old value

Fiscal year: calendar year

NOTE: The information regarding Angola on this page is re-published from the 2001 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Angola Economy 2001 information contained here. All suggestions for corrections of any errors about Angola Economy 2001 should be addressed to the CIA.