Economy Of Angola
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Economy overview
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Angola has been an economy in disarray because of a quarter century of nearly continuous warfare. An apparently durable peace was established after the death of rebel leader Jonas SAVIMBI on February 22, 2002, but consequences from the conflict continue including the impact of wide-spread land mines. 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 more than half of exports. Much of the country's food must still be imported. To fully take advantage of its rich natural resources - gold, diamonds, extensive forests, Atlantic fisheries, and large oil deposits - Angola will need to continue reforming government policies and to reduce corruption. While Angola made progress in bringing inflation down further, from 325% in 2000 to about 106% in 2002, the government has failed to make sufficient progress on reforms recommended by the IMF such as increasing foreign exchange reserves and promoting greater transparency in government spending. Increased oil production supported 7% GDP growth in 2003.
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GDP
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purchasing power parity - $20.42 billion (2004 est.)
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GDP - real growth rate
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1.5% (2004 est.)
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GDP - per capita
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purchasing power parity - $1,900 (2004 est.)
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GDP - composition by sector
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agriculture: 8%
industry: 67%
services: 25% (2001 est.)
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Investment gross fixed
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31.7% of GDP (2004 est.)
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Population below poverty line
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70% (2003 est.)
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Household income or consumption by percentage share
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lowest 10%: NA
highest 10%: NA
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Distribution of family income - Gini index
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Inflation rate consumer prices
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76.6% (2004 est.)
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Labor force
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5.57 million (2004 est.)
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Labor force by occupation
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agriculture 85%, industry and services 15% (2003 est.)
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Unemployment rate
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extensive unemployment and underemployment affecting more than half the population (2001 est.)
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Budget
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revenues: $4.874 billion
expenditures: $6.012 billion, including capital expenditures of $963 million (2004 est.)
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Public debt
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Agriculture products
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bananas, sugarcane, coffee, sisal, corn, cotton, manioc (tapioca), tobacco, vegetables, plantains; livestock; forest products; fish
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Industries
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petroleum; diamonds, iron ore, phosphates, feldspar, bauxite, uranium, and gold; cement; basic metal products; fish processing; food processing; brewing; tobacco products; sugar; textiles
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Industrial production growth rate
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1% (2000)
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Electricity production
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1.45 billion kWh (2001)
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Electricity production by source
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fossil fuel: 36.4%
hydro: 63.6%
other: 0% (2001)
nuclear: 0%
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Electricity consumption
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1.348 billion kWh (2001)
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Electricity exports
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0 kWh (2001)
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Electricity imports
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0 kWh (2001)
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Oil production
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742,400 bbl/day (2004 est.)
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Oil consumption
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31,000 bbl/day (2001 est.)
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Oil exports
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NA (2001)
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Oil imports
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NA (2001)
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Oil proved reserves
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5.691 billion bbl (2004)
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Natural gas production
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530 million cu m (2001 est.)
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Natural gas consumption
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530 million cu m (2001 est.)
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Natural gas exports
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0 cu m (2001 est.)
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Natural gas imports
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0 cu m (2001 est.)
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Natural gas proved reserves
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79.57 billion cu m (2004)
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Current account balance
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$-475 million (2004 est.)
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Exports
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$9.669 billion f.o.b. (2004 est.)
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Exports commodities
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crude oil, diamonds, refined petroleum products, gas, coffee, sisal, fish and fish products, timber, cotton
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Exports partners
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US 47.7%, China 23.4%, Taiwan 8%, France 7.4% (2003)
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Imports
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$4.08 billion f.o.b. (2003 est.)
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Imports commodities
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machinery and electrical equipment, vehicles and spare parts; medicines, food, textiles, military goods
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Imports partners
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Portugal 18.2%, South Africa 12.4%, US 12.2%, Netherlands 11.6%, France 6.5%, Brazil 6.1%, UK 4.2% (2003)
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Reserves of foreign exchange gold
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$638.4 million (2004 est.)
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Debt external
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$9.164 billion (2004 est.)
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Economic aid recipient
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$383.5 million (1999)
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Currency
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kwanza (AOA)
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Currency code
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AOA
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Exchange rates
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kwanza per US dollar - 74.6063 (2003), 43.5302 (2002), 22.0579 (2001), 10.041 (2000), 2.791 (1999), 0.393 (1998); note - in December 1999 the kwanza was revalued with six zeroes dropped off the old value
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Fiscal year
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calendar year
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Applied Language Solutions offer English to Portuguese Translation .
This information was reproduced in part from the CIA World Fact book.
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