unbekannter Gast

Angola: Economy#

Angola's high growth rate in recent years was driven by high international prices for its oil. Angola became a member of OPEC in late 2006 and its current assigned a production quota of 1.65 million barrels a day (bbl/day). Oil production and its supporting activities contribute about 85% of GDP. Diamond exports contribute an additional 5%. Subsistence agriculture provides the main livelihood for most of the people, but half of the country's food is still imported. Increased oil production supported growth averaging more than 17% per year from 2004 to 2008. A postwar reconstruction boom and resettlement of displaced persons has led to high rates of growth in construction and agriculture as well. Much of the country's infrastructure is still damaged or undeveloped from the 27-year-long civil war. Land mines left from the war still mar the countryside, even though peace was established after the death of rebel leader Jonas SAVIMBI in February 2002. Since 2005, the government has used billions of dollars in credit lines from China, Brazil, Portugal, Germany, Spain, and the EU to rebuild Angola's public infrastructure. The global recession that started in 2008 temporarily stalled economic growth. Lower prices for oil and diamonds during the global recession slowed GDP growth to 2.4% in 2009, and many construction projects stopped because Luanda accrued $9 billion in arrears to foreign construction companies when government revenue fell in 2008 and 2009. Angola abandoned its currency peg in 2009, and in November 2009 signed onto an IMF Stand-By Arrangement loan of $1.4 billion to rebuild international reserves. Consumer inflation declined from 325% in 2000 to about 10% in 2012. Higher oil prices have helped Angola turn a budget deficit of 8.6% of GDP in 2009 into an surplus of 12% of GDP in 2012. Corruption, especially in the extractive sectors, also is a major challenge.

Economic Facts#

GDP (purchasing power parity)$131.8 billion (2013 est.)
$124.8 billion (2012 est.)
$118.7 billion (2011 est.)
note: data are in 2013 US dollars
GDP - real growth rate5.6% (2013 est.)
5.2% (2012 est.)
3.9% (2011 est.)
GDP - per capita (PPP)$6,300 (2013 est.)
$6,200 (2012 est.)
$6,000 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by sector of originagriculture: 10.2%
industry: 61.4%
services: 28.4% (2011 est.)
Population below poverty line40.5% (2006 est.)
Household income or consumption by percentage sharelowest 10%: 0.6%
highest 10%: 44.7% (2000)
Labor force - by occupationagriculture: 85%
industry and services: 15% (2003 est.)
Exports - commoditiescrude oil, diamonds, refined petroleum products, coffee, sisal, fish and fish products, timber, cotton
Exports - partnersChina 46.3%, US 13.9%, India 10.1%, South Africa 4.2% (2012)
Agriculture - productsbananas, sugarcane, coffee, sisal, corn, cotton, cassava (manioc, tapioca), tobacco, vegetables, plantains; livestock; forest products; fish
Budgetrevenues: $52.75 billion
expenditures: $48.48 billion (2013 est.)
Imports - commoditiesmachinery and electrical equipment, vehicles and spare parts; medicines, food, textiles, military goods
Imports - partnersChina 20.9%, Portugal 19.5%, US 7.7%, South Africa 7.1%, Brazil 5.9% (2012)
Exchange rateskwanza (AOA) per US dollar -
95.97 (2013 est.)
95.468 (2012 est.)
91.906 (2010 est.)
79.33 (2009)
75.023 (2008)
Exports$70.84 billion (2013 est.)
$71.09 billion (2012 est.)
Debt - external$22.71 billion (31 December 2013 est.)
$21.85 billion (31 December 2012 est.)
Fiscal yearcalendar year
Imports$26.09 billion (2013 est.)
$23.72 billion (2012 est.)
Industrial production growth rate5.5% (2013 est.)
Industriespetroleum; diamonds, iron ore, phosphates, feldspar, bauxite, uranium, and gold; cement; basic metal products; fish processing; food processing, brewing, tobacco products, sugar; textiles; ship repair
Inflation rate (consumer prices)8.9% (2013 est.)
10.3% (2012 est.)
Labor force9.018 million (2013 est.)
Unemployment rateNA%
Public debt14.7% of GDP (2013 est.)
17.2% of GDP (2012 est.)
Current account balance$10.69 billion (2013 est.)
$13.85 billion (2012 est.)
Reserves of foreign exchange and gold$37.94 billion (31 December 2013 est.)
$33.41 billion (31 December 2012 est.)
GDP (official exchange rate)$124 billion (2013 est.)
Stock of direct foreign investment - at home$17.15 billion (31 December 2012 est.)
$12.15 billion (31 December 2011 est.)
Stock of direct foreign investment - abroad$12.87 billion (31 December 2013 est.)
$9.877 billion (31 December 2012 est.)
Central bank discount rate$NA (31 December 2010 est.)
30% (31 December 2009 est.)
Commercial bank prime lending rate15% (31 December 2013 est.)
16.81% (31 December 2012 est.)
Stock of domestic creditNA% (31 December 2013 est.)
$20.45 billion (31 December 2012 est.)
Stock of narrow money$16.95 billion (31 December 2013 est.)
$13.31 billion (31 December 2012 est.)
Stock of broad money$50.71 billion (31 December 2013 est.)
$40.34 billion (31 December 2012 est.)
Taxes and other revenues42.5% of GDP (2013 est.)
Budget surplus (+) or deficit (-)3.4% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 49.2%
government consumption: 20%
investment in fixed capital: 11.4%
investment in inventories: -0.1%
exports of goods and services: 59.2%
imports of goods and services: -39.7%
(2013 est.)
Gross national saving19.1% of GDP (2013 est.)
23.8% of GDP (2012 est.)
24% of GDP (2011 est.)