Economy - overview Angola is an economy in disarray because of a quarter century of nearly continuous warfare. 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 natural resources - gold, diamonds, extensive forests, Atlantic fisheries, and large oil deposits - Angola will need to end its conflict and continue reforming government policies. Internal strife discourages investment outside of the petroleum sector, which is producing roughly 800,000 barrels of oil per day. While Angola made progress in bringing inflation down further, from over 300% in 2000 to about 110% in 2001, 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. Angola's GDP could be among the world's fastest growing in 2002 if oil production from the Girassol field, which began production in December 2001, reaches 200,000 barrels per day as expected.

GDP purchasing power parity - $13.3 billion (2001 est.)

GDP - real growth rate 5.4% (2001 est.)

GDP - per capita purchasing power parity - $1,330 (2001 est.)

GDP - composition by sector
agriculture: 6%
industry: 70%
services: 24% (2000 est.)

Population below poverty line NA%

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

Inflation rate (consumer prices) 110% (2001 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 NA%

Electricity - production 1.19 billion kWh (2000)

Electricity - production by source
fossil fuel: 40.34%
hydro: 59.66%
other: 0% (2000)
nuclear: 0%

Electricity - consumption 1.107 billion kWh (2000)

Electricity - exports 0 kWh (2000)

Electricity - imports 0 kWh (2000)

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

Exports $7 billion (f.o.b., 2001 est.)

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

Exports - partners US 44.5%, EU 17.3%, China 22.7%, South Korea 8.1% (2000)

Imports $2.7 billion (f.o.b., 2001 est.)

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

Imports - partners EU 47.4%, South Korea 16%, South Africa 15.9%, US 11.3%, Brazil 5.5% (2000)

Debt - external $10.4 billion (2001 est.)

Economic aid - recipient $383.5 million (1999)

Currency kwanza (AOA)

Currency code AOA

Exchange rates kwanza per US dollar - 32.8716 (January 2002), 22.058 (2001), 10.041 (2000), 2.791 (1999), 0.393 (1998), 0.229 (1997); 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 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Angola Economy 2002 information contained here. All suggestions for corrections of any errors about Angola Economy 2002 should be addressed to the CIA.