durable peace wasestablished after the death of rebel leader Jonas SAVIMBI in
February 2002, but consequences from the conflict continue including
the impact of widespread 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 further lowering inflation, 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 and 12% growth in 2004.
GDP (purchasing power parity):
$23.17 billion (2004 est.)
GDP - real growth rate:
11.7% (2004 est.)
GDP - per capita:
purchasing power parity - $2,100 (2004 est.)
GDP - composition by sector: agriculture: 8% industry: 67% services: 25% (2001 est.)
Labor force:
5.41 million (2004 est.)
Labor force - by occupation:
agriculture 85%, industry and services 15% (2003 est.)
Unemployment rate:
extensive unemployment and underemployment affecting more than half
the population (2001 est.)
Population below poverty line:
70% (2003 est.)
Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices):
43.8% (2004 est.)
Investment (gross fixed):
34.5% of GDP (2004 est.)
Budget:
revenues: $9.013 billion
expenditures: $9.562 billion, including capital expenditures of $963
million (2004 est.)
Agriculture - products:
bananas, sugarcane, coffee, sisal, corn, cotton, 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:
1% (2000)
Electricity - production:
1.707 billion kWh (2002)
Electricity - production by source: fossil fuel: 36.4% hydro: 63.6% nuclear: 0% other: 0% (2001)
Electricity - consumption:
1.587 billion kWh (2002)
Electricity - exports:
0 kWh (2002)
Electricity - imports:
0 kWh (2002)
Oil - production:
980,000 bbl/day (2004 est.)
Oil - consumption:
31,000 bbl/day (2001 est.)
Oil - exports:
NA
Oil - imports:
NA
Oil - proved reserves:
22.88 billion bbl (2004 est.)
Natural gas - production:
530 million cu m (2001 est.)
Natural gas - consumption:
530 million cu m (2001 est.)
Natural gas - exports:
0 cu m (2001 est.)
Natural gas - imports:
0 cu m (2001 est.)
Natural gas - proved reserves:
79.57 billion cu m (2004)
Current account balance:
$-37.88 million (2004 est.)
Exports:
$12.76 billion f.o.b. (2004 est.)
Exports - commodities:
crude oil, diamonds, refined petroleum products, gas, coffee,
sisal, fish and fish products, timber, cotton
Exports - partners:
US 38%, China 35.9%, Taiwan 6.8%, France 6.5% (2004)
Imports:
$4.896 billion f.o.b. (2004 est.)
Imports - commodities:
machinery and electrical equipment, vehicles and spare parts;
