Short facts about the economy in Angola

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

Source: World Factbook