An Overview of the Economy
Angola's economy suffered severely during the civil war but the
implementation of economic reforms means the economy is gradually
recovering. Sub-Saharan Africa is currently experiencing some of
the highest economic growth on the globe, and Angola is a
frontrunner on the continent. With economic growth of around 18%
last year, figures are expected to reach 25% in 2008 which would
mean the country is well on its way to becoming an African Economic
Powerhouse. IMF predicts the economy will grow by more than 30%
next year, mostly in the extractive sector, but with spin – offs in
everything from construction to banking. There is also a
construction boom underway in the capital Luanda, where ports,
bridges, roads and rail are being rehabilitated. State spending is
also to increase on schools and health services.
| statistics |
|
| GDP (PPP) (IMF) (US$Billions) |
91.3 |
| GDP (PPP) (CIA) (US$Billions) |
91.3 |
| GDP Growth (IMF) (%) |
21.1 |
| GDP Growth (CIA) (%) |
21.1 |
| GDP Per Capita (PPP) (IMF) (US$) |
5,590 |
| GDP Per Capita (PPP) (CIA) (US$) |
5,600 |
| GDP by Sector (%) |
Agriculture: 9.5%
Services: 24.6%
Industry: 65.8% |
| Inflation (%) |
12.2% |
| Population Below the Poverty Line (%) |
70% |
| Labour Force (Millions) |
6.64 |
| Labour Force by Occupation (%) |
Agriculture: 85%
Industries & Services: 15% |
| Unemployment (%) |
Extensive unemployment
affecting more than half the
population. |
| Main Industries |
Petroleum, diamonds, iron ore, phosphates,
feldspar, bauxite, uranium, gold, cement,
basic metal products, fish processing, food
processing, brewing, tobacco products, sugar,
textiles, ship repair. |
Source: CIA World Factbook, IMF
GDP
| economic indicators |
2003 |
2004 |
2005 |
2006 |
2007 |
| GDP (US$Billions) |
13.9 |
19.8 |
30.6 |
45.2 |
61.4 |
| GDP Growth (%) |
3.3% |
11.2% |
20.6% |
18.6% |
21.1% |
| GDP Per Capita (US$) |
45.3 |
51.7 |
60.1 |
73.4 |
91.3 |
| GDP Per Capita (PPP) (US$) |
3,116 |
3,455 |
3,893 |
4,626 |
5,590 |
| Inflation (%) |
98.3% |
43.6% |
22.7% |
13.3% |
12.2% |
| Unemployment (%) |
- |
- |
- |
- |
- |
| Mobile Phone Users |
25,800 |
130,000 |
130,000 |
1,094,100 |
2,264,000 |
| Internet Users |
60,000 |
41,000 |
85,000 |
172,000 |
172,000 |
Major Exports & Imports
The country's main exports consist of oil, diamonds and gas, all
of which are crucial to Angola's economic recovery. As the
country is rich in natural resources, its main imports are
machinery, equipment and vehicles. With FDI increasing, exports are
expected to rise and with tourism also on the up, the country will
have to import more goods to accommodate a western standard.
Major Exports 2007
Crude oil, diamonds, refined petroleum products, gas, coffee,
sisal, fish, fish products, timber and cotton.
Major Imports 2007
Machinery and electrical equipment, vehicles and spare parts,
medicines, food, textiles, military goods.
| Major exports 2007 |
% of total |
| US |
38.1% |
| China |
34.2% |
| Taiwan |
5.8% |
| France |
4.9% |
| Chile |
4.1% |
| major imports 2007 |
% of total |
| US |
15.3% |
| Portugal |
15% |
| South Korea |
10.1% |
| China |
8.8% |
| Brazil |
8.2% |
| South Africa |
6.7% |
| France |
6.2% |
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