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 50% 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. Despite the high inflation and political difficulties, total output grew an estimated 9% in 1996, largely due to increased oil production and higher oil prices.

GDP purchasing power parity - $8.2 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 92% (mid-1997 est.)

Labor force
total: 2.783 million economically active
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 - capacity 617,000 kW (1995)

Electricity - production 18.62 billion kWh (1995)

Electricity - consumption per capita 185 kWh (1995)

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 and spare 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 kwanza (NKz) = 100 lwei

Exchange rates kwanza (NKz) per US$1 - 265,000 (August 1997), 201,994 (November 1996)
note: the exchange rate is set by the National Bank of Angola (BNA); adjusted by BNA on 19 July 1997 at 265,000 kwanzas per US$1; black market rate was then 360,000 kwanzas per US$1

Fiscal year calendar year

NOTE: The information regarding Angola on this page is re-published from the 1998 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Angola Economy 1998 information contained here. All suggestions for corrections of any errors about Angola Economy 1998 should be addressed to the CIA.