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Angola flag - Luanda is the Angolan CapitalFacts on Angolan Economy

 

 

 

 

 

 

 

 

 

 
 
Angola's high growth rate is driven by its oil sector, with record oil prices and rising petroleum production. Oil production and its supporting activities contribute about 85% of GDP. Increased oil production supported growth averaging more than 15% per year from 2004 to 2007.

Agriculture provides the main livelihood for most of the people, but half of the country's food must still be imported. In 2005, the government started using a $2 billion line of credit from China to rebuild Angola's public infrastructure, and several large-scale projects were completed in 2006. The central bank in 2003 implemented an exchange rate stabilization program using foreign exchange reserves to buy kwanzas out of circulation.

This policy became more sustainable in 2005 because of strong oil export earnings; it has significantly reduced inflation. Although consumer inflation declined from 325% in 2000 to under 13% in 2007, the stabilization policy has put pressure on international net liquidity. Angola became a member of OPEC in late 2006 and in late 2007 was assigned a production quota of 1.9 million barrels a day, somewhat less than the 2-2.5 million bbl Angola's government had wanted.

GDP of Angola(purchasing power parity):
$80.95 billion (2007 est.)
GDP of Angola (official exchange rate):
$35.03 billion (2007 est.)
GDP - real growth rate:
16.3% (2007 est.)
GDP - per capita (PPP):
$6,500 (2007 est.)
GDP of Angola- composition by sector:
agriculture: 9.6%
industry: 65.8%
services: 24.6% (2005 est.)
Labor force:
6.573 million (2007 est.)
Labor force - by occupation:
agriculture: 85%
industry and services: 15% (2003 est.)
Unemployment rate in Angola:
extensive unemployment and underemployment affecting more than half the population (2001 est.)
Population below poverty line:
70% (2003 est.)
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices):
12.5% (2007 est.)
Investment (gross fixed):
9.2% of GDP (2007 est.)
Budget of Angola:
revenues: $18.58 billion
expenditures: $15.7 billion (2007 est.)
Public debt:
14.7% of GDP (2007 est.)
Agriculture products of Angola:
bananas, sugarcane, coffee, sisal, corn, cotton, manioc (tapioca), tobacco, vegetables, plantains; livestock; forest products; fish
Industries in Angola:
petroleum; diamonds, iron ore, phosphates, feldspar, bauxite, uranium, and gold; cement; basic metal products; fish processing; food processing, brewing, tobacco products, sugar; textiles; ship repair
Industrial production growth rate:
24.4% (2007 est.)
Electricity - production:
2.585 billion kWh (2005)
Electricity production in Angola by source:
fossil fuel: 36.4%
hydro: 63.6%
nuclear: 0%
other: 0% (2001)
Electricity - consumption:
2.201 billion kWh (2005)
Electricity - exports:
0 kWh (2005)
Electricity - imports:
0 kWh (2005)
Oil - production:
1.26 million bbl/day (2005 est.)
Oil - consumption:
50,000 bbl/day (2005 est.)
Oil - exports:
1.021 million bbl/day (2004)
Oil - imports:
18,290 bbl/day (2004)
Oil - proved reserves:
5.412 billion bbl (1 January 2006 est.)
Natural gas  production of Angola:
767.3 million cu m (2005 est.)
Natural gas - consumption:
767.3 million cu m (2005 est.)
Natural gas - exports:
0 cu m (2005 est.)
Natural gas - imports:
0 cu m (2005)
Natural gas - proved reserves:
44 billion cu m (1 January 2006 est.)
Current account balance:
$13.64 billion (2007 est.)
Exports:
$43.23 billion f.o.b. (2007 est.)
Exports - commodities:
crude oil, diamonds, refined petroleum products, gas, coffee, sisal, fish and fish products, timber, cotton
Exports - partners:
US 38%, China 34.2%, Taiwan 5.8%, France 4.9%, Chile 4.1% (2006)
Imports:
$11.41 billion f.o.b. (2007 est.)
Imports - partners:
US 15.3%, Portugal 15%, South Korea 10.1%, China 8.8%, Brazil 8.2%, South Africa 6.7%, France 6.2% (2006)
Economic aid - recipient:
$441.8 million (2005)
Reserves of foreign exchange and gold:
$12.29 billion (31 December 2007 est.)
Debt - external:
$8.835 billion (31 December 2007 est.)
Stock of direct foreign investment - at home:
$17.6 billion (2006 est.)
Stock of direct foreign investment - abroad:
$227 million (2006 est.)
Currency (code):
kwanza (AOA)
Currency code:
AOA
Exchange rates of Angola:
kwanza per US dollar - 76.6 (2007), 80.4 (2006), 88.6 (2005), 83.541 (2004), 74.606 (2003)
Fiscal year:
calendar year

 

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