|
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 |