Angola: Economy#
Angola's economy is overwhelmingly driven by its oil sector. Oil production and its supporting activities contribute about 50% of GDP, more than 70% of government revenue, and more than 90% of the country's exports. Diamonds contribute an additional 5% to exports. 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. Some of the country's infrastructure is still damaged or undeveloped from the 27-year-long civil war. However, the government since 2005 has used billions of dollars in credit lines from China, Brazil, Portugal, Germany, Spain, and the EU to help rebuild Angola's public infrastructure. Land mines left from the war still mar the countryside, and as a result, the national military, international partners, and private Angolan firms all continue to remove them. The global recession that started in 2008 stalled economic growth. In particular, 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 formally 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 less than 9% in 2014. Falling oil prices and slower than expected growth in non-oil GDP have reduced growth prospects for 2015. Angola has responded by reducing government subsidies and by proposing import quotas and a more restrictive licensing regime. Corruption, especially in the extractive sectors, is a major long-term challenge.Economic Facts#
| GDP (purchasing power parity) | $187.3 billion (2016 est.) $187.3 billion (2015 est.) $181.8 billion (2014 est.) note: data are in 2016 dollars |
|---|---|
| GDP (official exchange rate) | $91.94 billion (2015 est.) |
| GDP - real growth rate | 0% (2016 est.) 3% (2015 est.) 4.8% (2014 est.) |
| GDP - per capita (PPP) | $6,800 (2016 est.) $7,000 (2015 est.) $7,000 (2014 est.) note: data are in 2016 dollars |
| Gross national saving | 4.3% of GDP (2016 est.) 0.6% of GDP (2015 est.) 12.4% of GDP (2014 est.) |
| GDP - composition, by end use | household consumption: 72.5% government consumption: 18.1% investment in fixed capital: 10.3% investment in inventories: 0% exports of goods and services: 35.3% imports of goods and services: -36.2% (2016 est.) |
| GDP - composition, by sector of origin | agriculture: 10.2% industry: 61.4% services: 28.4% (2011 est.) |
| Agriculture - products | bananas, sugarcane, coffee, sisal, corn, cotton, cassava (manioc, tapioca), tobacco, vegetables, plantains; livestock; forest products; fish |
| Industries | petroleum; diamonds, iron ore, phosphates, feldspar, bauxite, uranium, and gold; cement; basic metal products; fish processing; food processing, brewing, tobacco products, sugar; textiles; ship repair |
| Industrial production growth rate | 0.9% (2016 est.) |
| Labor force | 10.85 million (2016 est.) |
| Labor force - by occupation | agriculture: 85% industry and services: 15% (2003 est.) |
| Unemployment rate | NA% |
| Population below poverty line | 40.5% (2006 est.) |
| Household income or consumption by percentage share | lowest 10%: 0.6% highest 10%: 44.7% (2000) |
| Budget | revenues: $27.27 billion expenditures: $33.5 billion (2016 est.) |
| Taxes and other revenues | 29.7% of GDP (2016 est.) |
| Budget surplus (+) or deficit (-) | -6.8% of GDP (2016 est.) |
| Public debt | 57.4% of GDP (2016 est.) 57.3% of GDP (2015 est.) |
| Fiscal year | calendar year |
| Inflation rate (consumer prices) | 26.9% (2016 est.) 10.3% (2015 est.) |
| Central bank discount rate | 9% (31 December 2014) 25% (31 December 2010) |
| Commercial bank prime lending rate | 30% (31 December 2016 est.) 16.88% (31 December 2015 est.) |
| Stock of narrow money | $24.57 billion (31 December 2016 est.) $25.27 billion (31 December 2015 est.) |
| Stock of broad money | $38.85 billion (31 December 2016 est.) $42.15 billion (31 December 2015 est.) |
| Stock of domestic credit | $12.52 billion (31 December 2016 est.) $17.18 billion (31 December 2015 est.) |
| Current account balance | -$4.929 billion (2016 est.) -$8.748 billion (2015 est.) |
| Exports | $30.04 billion (2016 est.) $35.55 billion (2015 est.) |
| Exports - commodities | crude oil, diamonds, refined petroleum products, coffee, sisal, fish and fish products, timber, cotton |
| Exports - partners | China 43.8%, India 9.6%, US 7.7%, Spain 6.2%, South Africa 4.8%, France 4.4% (2015) |
| Imports | $19.67 billion (2016 est.) $21.15 billion (2015 est.) |
| Imports - commodities | machinery and electrical equipment, vehicles and spare parts; medicines, food, textiles, military goods |
| Imports - partners | China 22.1%, Portugal 13.8%, South Korea 11%, US 6.9%, South Africa 5%, UK 4.1%, France 4% (2015) |
| Reserves of foreign exchange and gold | $20.43 billion (31 December 2016 est.) $24.08 billion (31 December 2015 est.) |
| Debt - external | $37.7 billion (31 December 2016 est.) $33.83 billion (31 December 2015 est.) |
| Stock of direct foreign investment - at home | $13.01 billion (31 December 2015 est.) $10.57 billion (31 December 2014 est.) |
| Stock of direct foreign investment - abroad | $22.8 billion (31 December 2016 est.) $22.2 billion (31 December 2015 est.) |
| Exchange rates | kwanza (AOA) per US dollar - 172 (2016 est.) 120.061 (2015 est.) 120.061 (2014 est.) 98.303 (2013 est.) 95.47 (2012 est.) |