Economy in Angola

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Economy—overview: Angola is an economy in disarray because of more than 20 years 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 50% to GDP. Notwithstanding the signing of a peace accord in November 1994 sporadic 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 arable land and large oil deposits—Angola will need to implement the peace agreement and reform government policies. Despite the high inflation and political difficulties total output grew an estimated 9% in 1996 largely due to increased oil production and higher oil prices.

GDP: purchasing power parity—$8.2 billion (1996 est.)

GDP—real growth rate: 9% (1996 est.)

GDP—per capita: purchasing power parity—$800 (1996 est.)

GDP—composition by sector:

agriculture: 12%

industry: 56%

services: 32% (1994 est.)

Inflation rate—consumer price index: 92% (mid-1997 est.)

Labor force:

total: 2.783 million economically active

by occupation: agriculture 85% industry and services 15% (1997 est.)

Unemployment rate: extensive unemployment and underemployment affecting more than half the population (1997 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—capacity: 617 000 kW (1995)

Electricity—production: 18.62 billion kWh (1995)

Electricity—consumption per capita: 185 kWh (1995)

Agriculture—products: bananas sugarcane coffee sisal corn cotton manioc (tapioca) tobacco vegetables plantains; livestock; forest products; fish

Exports:

total value: $4 billion (f.o.b. 1996 est.)

commodities: crude oil 90% diamonds refined petroleum products gas coffee sisal fish and fish products timber cotton

partners: US 70% EU

Imports:

total value: $1.7 billion (f.o.b. 1995 est.)

commodities: capital equipment (machinery and electrical equipment) vehicles and spare parts; medicines food textiles and clothing; substantial military supplies

partners: Portugal Brazil US France Spain

Debt—external: $12.5 billion (1996 est.)

Economic aid:

recipient: ODA $451 million (1994)

Currency: 1 kwanza (NKz) = 100 lwei

Exchange rates: kwanza (NKz) per US$1—265 000 (August 1997) 201 994 (November 1996)

note: the exchange rate is set by the National Bank of Angola (BNA); adjusted by BNA on 19 July 1997 at 265 000 kwanzas per US$1; black market rate was then 360 000 kwanzas per US$1

Fiscal year: calendar year

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