The 2010 CIA World Factbook. United States. Central Intelligence Agency
DC 20521–2550
telephone: [244] (222) 64–1000
FAX: [244] (222) 64–1232
Flag description:
two equal horizontal bands of red (top) and black with a centered yellow emblem consisting of a five-pointed star within half a cogwheel crossed by a machete (in the style of a hammer and sickle); red represents liberty, black the African continent, the symbols characterize workers and peasants
National anthem:
name: "Angola Avante" (Forward Angola)
lyrics/music: Manuel Rui Alves MONTEIRO/Rui Alberto Vieira Dias MINGAO
note: adopted 1975
Economy ::Angola
Economy - overview:
Angola's high growth rate in recent years was driven by high international prices for its oil. Angola became a member of OPEC in late 2006 and in late 2007 was assigned a production quota of 1.9 million barrels a day (bbl/day), somewhat less than the 2–2.5 million bbl/day Angola's government had wanted. Oil production and its supporting activities contribute about 85% of GDP. Diamond exports contribute an additional 5%. 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 15% 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. Much of the country's infrastructure is still damaged or undeveloped from the 27-year-long civil war. Land mines left from the war still mar the countryside, even though peace was established after the death of rebel leader Jonas SAVIMBI in February 2002. Since 2005, the government has used billions of dollars in credit lines from China, Brazil, Portugal, Germany, Spain, and the EU to rebuild Angola's public infrastructure. The global recession temporarily stalled economic growth. Lower prices for oil and diamonds during the global recession led to a contraction in GDP 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 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. Although consumer inflation declined from 325% in 2000 to under 14% in 2010, Luanda has been unable to reduce inflation below 10%. The Angolan kwanza depreciated again in mid 2010, which, along with higher oil prices, should boost economic growth in all sectors. Corruption, especially in the extractive sectors, also is a major challenge.
GDP (purchasing power parity):
$114.1 billion (2010 est.) country comparison to the world: 66 $107.8 billion (2009 est.)
$108.7 billion (2008 est.)
note: data are in 2010 US dollars
GDP (official exchange rate):
$85.81 billion (2010 est.)
GDP - real growth rate:
5.9% (2010 est.) country comparison to the world: 41 −0.9% (2009 est.)
13.4% (2008 est.)
GDP - per capita (PPP):
$8,700 (2010 est.) country comparison to the world: 117 $8,400 (2009 est.)
$8,700 (2008 est.)
note: data are in 2010 US dollars
GDP - composition by sector:
agriculture: 9.6%
industry: 65.8%
services: 24.6% (2008 est.)
Labor force:
7.977 million (2010 est.) country comparison to the world: 57
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)
Investment (gross fixed):
15.9% of GDP (2010 est.) country comparison to the world: 124
Public debt:
20.3% of GDP (2010 est.) country comparison to the world: 109 21.7% of GDP (2009 est.)
Inflation rate (consumer prices):
13.3% (2010 est.) country comparison to the world: 215 13.7% (2009 est.)
Central bank discount rate:
30% (31 December 2009) country comparison to the world: 12 19.57% (31 December 2008)
Commercial bank prime lending rate:
15.68% (31 December 2009 est.) country comparison to the world: 66 12.53% (31 December 2008 est.)
Stock of narrow money:
$8.74 billion (31 December 2010 est) country comparison to the world: 74 $9.792 billion (31 December 2009 est)
Stock of broad money:
$24.92 billion (31 December 2010 est.) country comparison to the world: 77 $29.04 billion (31 December 2009 est.)
Stock of domestic credit:
$17.52 billion (31 December 2010 est.) country comparison to the world: 83 $22.06 billion (31 December 2009 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:
5% (2010 est.) country comparison to the world: 63
Electricity - production:
3.722 billion kWh (2007 est.) country comparison to the world: 119
Electricity - consumption:
3.173 billion kWh (2007 est.) country comparison to the world: 125
Electricity - exports:
0 kWh (2008 est.)
Electricity - imports:
0 kWh (2008 est.)
Oil - production:
1.948 million bbl/day (2009 est.) country comparison to the world: 17
Oil - consumption:
70,000 bbl/day (2009 est.) country comparison to the world: 90
Oil - exports:
1.407 million bbl/day (2007 est.) country comparison to the world: 16
Oil - imports:
28,090 bbl/day (2007 est.) country comparison to the world: 101
Oil - proved reserves:
13.5 billion bbl (1 January 2010 est.) country comparison to the world: 15
Natural gas - production:
680 million cu m (2008 est.) country comparison to the world: 65
Natural gas - consumption:
680