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. Notwithstanding the signing of a peace accord in November 1994, 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, and large oil deposits - Angola will need to implement the peace agreement and reform government policies. Despite the increase in the pace of civil warfare in late 1998, the economy grew by an estimated 4% in 1999. The government introduced new currency denominations in 1999, including a 1 and 5 kwanza note. Expanded oil production brightens prospects for 2000, but internal strife discourages investment outside of the petroleum sector.
GDP purchasing power parity - $11.6 billion (1999 est.)
GDP - real growth rate 4% (1999 est.)
GDP - per capita purchasing power parity - $1,030 (1999 est.)
GDP - composition by sector agriculture:13%
industry:53%
services:34% (1998 est.)
Population below poverty line NA%
Household income or consumption by percentage share lowest 10%:NA%
highest 10%:NA%
Inflation rate (consumer prices) 270% (1999 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 (1999 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 1.886 billion kWh (1998)
Electricity - production by source fossil fuel:24.97%
hydro:75.03%
nuclear:0%
other:0% (1998)
Electricity - consumption 1.754 billion kWh (1998)
Electricity - exports 0 kWh (1998)
Electricity - imports 0 kWh (1998)
Agriculture - products bananas, sugarcane, coffee, sisal, corn, cotton, manioc (tapioca), tobacco, vegetables, plantains; livestock; forest products; fish
Exports $5 billion (f.o.b., 1999 est.)
Exports - commodities crude oil 90%, diamonds, refined petroleum products, gas, coffee, sisal, fish and fish products, timber, cotton
Exports - partners US 63%, Benelux 9%, China, Chile, France (1998)
Imports $3 billion (f.o.b., 1999 est.)
Imports - commodities machinery and electrical equipment, vehicles and spare parts; medicines, food, textiles, military goods
Imports - partners Portugal 20%, US 17%, South Africa 10%, Spain, Brazil, France (1998)
Debt - external $10.5 billion (1999 est.)
Economic aid - recipient $493.1 million (1995)
Currency 1 kwanza (NKz) = 100 lwei
Exchange rates kwanza (NKz) per US$1 - 577,304 (January 2000), 2,790,706 (1999), 392,824 (1998), 229,040 (1997), 128,029 (1996), 2,750 (1995); note - beginning in June 1998, the official rate is determined weekly in accordance with a crawling peg scheme
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