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Encyclopedia > Economy of Angola
Economy of Angola
Currency Kwanza (AOA)
Fiscal year Calendar year
Trade organisations AU, WTO
Statistics [1]
GDP ranking 106th (2004) [2]
GDP $23.17 billion (2004)
GDP growth 11.7% (2004)
GDP per capita $2,100 (2004)
GDP by sector agriculture (8%), industry (67%), services (25%) (2001)
Inflation 43.8% (2004)
Pop below poverty line 70% (2003)
Labour force 5.41 million (2004)
Labour force by occupation agriculture (85%), industry and services (15%) (2003)
Unemployment extensive unemployment and underemployment affecting more than half the population (2001)
Main 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
Trading Partners [3]
Exports $12.76bn (2004)
Export - Commodities crude oil, diamonds, refined petroleum products, gas, coffee, sisal, fish and fish products, timber, cotton
Main partners U.S. 39.8%, China 30.3%, Taiwan 8.1%, France 7.1% {2004)
Imports $4.896bn (2004)
Imports - Commodities machinery and electrical equipment, vehicles and spare parts, medicines, food, textiles, military goods
Main Partners Portugal 18.4%, U.S. 13.1%, South Africa 10.7%, Japan 6.9%, France 6.3%, Brazil 5.6%, UK 4.9%, China 4.5% (2004)
Public finances [4]
Public debt N/A
Revenues $9.013bn (2004)
Expenses $9.562bn (2004)
Economic aid $383.5 million (1999)

Angola's is the fastest-growing economy in Africa, largely due to a major oil boom, but it also ranks in the bottom 10 of socioeconomic conditions in the world. Aside from the oil sector and diamonds, it is in economic disarray because of 26 years of nearly continuous warfare. Despite abundant natural resources, output per capita remains among the world's lowest. Subsistence agriculture and dependence on humanitarian food assistance sustain the large majority of the population. Little industry exists. This article is about the currency kwanza. ... Anthem: Let us all unite and celebrate together Official languages The African languages, as well as Arabic, Swahili, English, French and Portuguese Some member states have other official languages. ... WTO Logo The World Trade Organization (WTO) is an international, multilateral organization which sets the rules for the global trading system and resolves disputes between its member states, all of whom are signatories to its about 30 agreements. ... 2004 is a leap year starting on Thursday of the Gregorian calendar. ... 2004 is a leap year starting on Thursday of the Gregorian calendar. ... 2004 is a leap year starting on Thursday of the Gregorian calendar. ... 2004 is a leap year starting on Thursday of the Gregorian calendar. ... Services are: plural of service Tertiary sector of industry IRC services Web services the name of a first-class cricket team in India This is a disambiguation page — a navigational aid which lists other pages that might otherwise share the same title. ... 2001 is a common year starting on Monday of the Gregorian calendar, and also: The International Year of the Volunteer The United Nations Year of Dialogue Among Civilizations Events January January 1 - A black monolith measuring approximately nine feet tall appears in Seattles Magnuson Park, placed by an anonymous... 2004 is a leap year starting on Thursday of the Gregorian calendar. ... The poverty line is the level of income below which one cannot afford to purchase all the resources one requires to live. ... 2003 is a common year starting on Wednesday of the Gregorian calendar, and also: The International Year of Freshwater The European Disability Year Events January events January 1 Luíz Inácio Lula Da Silva becomes the 37th President of Brazil. ... 2004 is a leap year starting on Thursday of the Gregorian calendar. ... Services are: plural of service Tertiary sector of industry IRC services Web services the name of a first-class cricket team in India This is a disambiguation page — a navigational aid which lists other pages that might otherwise share the same title. ... 2003 is a common year starting on Wednesday of the Gregorian calendar, and also: The International Year of Freshwater The European Disability Year Events January events January 1 Luíz Inácio Lula Da Silva becomes the 37th President of Brazil. ... Dorothea Langes Migrant Mother depicts destitute pea pickers in California during the Great Depression. ... 2001 is a common year starting on Monday of the Gregorian calendar, and also: The International Year of the Volunteer The United Nations Year of Dialogue Among Civilizations Events January January 1 - A black monolith measuring approximately nine feet tall appears in Seattles Magnuson Park, placed by an anonymous... Pumpjack pumping an oil well near Sarnia, Ontario Petroleum (from Greek petra – rock and elaion – oil or Latin oleum – oil ), crude oil, sometimes colloquially called black gold, is a thick, dark brown or greenish liquid. ...     A scattering of round-brilliant cut diamonds shows off the many reflecting facets. ... This heap of iron ore pellets will be used in steel production. ... In chemistry, a phosphate is a polyatomic ion or radical consisting of one phosphorus atom and four oxygen. ... Feldspar is the name of an important group of rock-forming minerals which make up perhaps as much as 60% of the Earths crust. ... Bauxite with penny Bauxite (pebbly) Bauxite is a naturally occurring, heterogeneous material composed primarily of one or more aluminium hydroxide minerals, plus various mixtures of silica, iron oxide, titania, aluminium silicates, and other impurities in minor or trace amounts. ... General Name, Symbol, Number uranium, U, 92 Chemical series actinides Group, Period, Block n/a, 7, f Appearance silvery gray metallic; corrodes to a spalling black oxide coat in air Atomic mass 238. ... It has been suggested that Gold bar be merged into this article or section. ... sabki maaa ki chooot !! In the general sense, a cement is any material with adhesive properties. ... Hot metal work from a blacksmith In chemistry, a metal (Greek: Metallon) is an element that readily forms ions (cations) and has metallic bonds, and metals are sometimes described as a lattice of positive ions (cations) in a cloud of electrons. ... Groups Conodonta Hyperoartia Petromyzontidae (lampreys) Pteraspidomorphi (early jawless fish) Thelodonti Anaspida Cephalaspidomorphi (early jawless fish) Galeaspida Pituriaspida Osteostraci Gnathostomata (jawed vertebrates) Placodermi Chondrichthyes (cartilaginous fish) Acanthodii Osteichthyes (bony fish) Actinopterygii (ray-finned fish) Sarcopterygii (lobe-finned fish) Actinistia (coelacanths) Dipnoi (lungfish) A fish is a poikilothermic (cold-blooded) water-dwelling... Species N. glauca N. longiflora N. rustica N. sylvestris N. tabacum Ref: ITIS 30562 as of August 26, 2005 Tobacco (, L.) refers to a genus of broad-leafed plants of the nightshade family indigenous to North and South America, or to the dried and cured leaves of such plants. ... Magnified view of refined sugar crystals. ... This article is about the type of fabric. ... Italian ship-rigged vessel Amerigo Vespucci in New York Harbor, 1976 A ship is a large, sea-going watercraft, sometimes with multiple decks. ... 2004 is a leap year starting on Thursday of the Gregorian calendar. ... Oil is a generic term for organic liquids that are not miscible with water. ...     A scattering of round-brilliant cut diamonds shows off the many reflecting facets. ... Pumpjack pumping an oil well near Sarnia, Ontario Petroleum (from Greek petra – rock and elaion – oil or Latin oleum – oil ), crude oil, sometimes colloquially called black gold, is a thick, dark brown or greenish liquid. ... A gas is one of the four main phases of matter (after solid and liquid, and followed by plasma), that subsequently appear as a solid material is subjected to increasingly higher temperatures. ... Coffee in beverage form. ... SISAL (Streams and Iteration in a Single Assignment Language) is a general-purpose single assignment functional programming language with strict semantics, automatic parallelisation, and efficient array handling. ... Groups Conodonta Hyperoartia Petromyzontidae (lampreys) Pteraspidomorphi (early jawless fish) Thelodonti Anaspida Cephalaspidomorphi (early jawless fish) Galeaspida Pituriaspida Osteostraci Gnathostomata (jawed vertebrates) Placodermi Chondrichthyes (cartilaginous fish) Acanthodii Osteichthyes (bony fish) Actinopterygii (ray-finned fish) Sarcopterygii (lobe-finned fish) Actinistia (coelacanths) Dipnoi (lungfish) A fish is a poikilothermic (cold-blooded) water-dwelling... Groups Conodonta Hyperoartia Petromyzontidae (lampreys) Pteraspidomorphi (early jawless fish) Thelodonti Anaspida Cephalaspidomorphi (early jawless fish) Galeaspida Pituriaspida Osteostraci Gnathostomata (jawed vertebrates) Placodermi Chondrichthyes (cartilaginous fish) Acanthodii Osteichthyes (bony fish) Actinopterygii (ray-finned fish) Sarcopterygii (lobe-finned fish) Actinistia (coelacanths) Dipnoi (lungfish) A fish is a poikilothermic (cold-blooded) water-dwelling... It has been suggested that this article or section be merged with Lumber. ... Cotton From Wikipedia, the free encyclopedia. ... For other uses, see United States (disambiguation) and US (disambiguation). ... 2004 is a leap year starting on Thursday of the Gregorian calendar. ... 2004 is a leap year starting on Thursday of the Gregorian calendar. ... A machine is any mechanical or electrical device that transmits or modifies energy to perform or assist in the performance of tasks. ... The article on electrical energy is located elsewhere. ... Vehicles are non-living means of transport. ... A medication is a licenced drug taken to cure or reduce symptoms of an illness or medical condition. ... This article is about the type of fabric. ... For other uses, see United States (disambiguation) and US (disambiguation). ... 2004 is a leap year starting on Thursday of the Gregorian calendar. ... 2004 is a leap year starting on Thursday of the Gregorian calendar. ... 2004 is a leap year starting on Thursday of the Gregorian calendar. ... For the album by Prince, see 1999 (album) 1999 is a common year starting on Friday of the Gregorian calendar, and was designated the International Year of Older Persons by the United Nations. ...     A scattering of round-brilliant cut diamonds shows off the many reflecting facets. ...


By contrast, the rapidly expanding petroleum industry now producing up to 800,000 barrels (127,000 m³) per day, behind only Nigeria in Africa, accounts for more than 60% of GNP and 90% of government revenues. Oil production remains largely offshore and has few linkages with other sectors of the economy. Block Zero, located of the enclave of Cabinda, provides the majority of Angola's crude oil production. There, ChevronTexaco, through its subsidiary Cabinda Gulf Oil Company, is the operator with a 39.2% share, with SONANGOL (the Angolan state oil company), Total, and ENI-Agip splitting up the rest. ChevronTexaco also operates Angola's first producing deepwater section, Block 14, which started pumping in January 2000. The U.S. takes more than half of Angola's production, by far the largest importer. Exports to Asian countries have grown rapidly in recent years, however, especially China. Significant discoveries have been made on deepwater Blocks 15, 17, 18, and 24, with ExxonMobil, BP, Statoil, Norsk Hydro, and Agip having major interests. Total operates Angola's one refinery (in Luanda) as a joint venture with SONANGOL; plans for a second refinery in Lobito are moving forward. Pumpjack pumping an oil well near Sarnia, Ontario Petroleum (from Greek petra – rock and elaion – oil or Latin oleum – oil ), crude oil, sometimes colloquially called black gold, is a thick, dark brown or greenish liquid. ... ChevronTexaco Corporation ( NYSE: CVX) is one of the worlds largest global energy companies. ... Sonangol Group, known as Sonangol, is the Angolan state-run petroleum enterprise, and is engaged in the overall management of Angolas petroleum and natural gas reserves. ... Total SA (Euronext: FP, NYSE: TOT) is a French oil company headquartered in Paris, France, and one of the top four oil companies in the world (along with Royal Dutch Shell, BP, and ExxonMobil). ... Exxon Mobil Corporation or ExxonMobil (NYSE: XOM) is the largest publicly-traded oil producer and distributor in the world, formed on November 30, 1999, by the merger of Exxon and Mobil. ... BP plc, LSE: BP, NYSE: BP, TYO: 5051 , originally British Petroleum, is a British energy company with headquarters in London, one of the top four vertically integrated private sector oil, natural gas, and gasoline companies in the world (along with Royal Dutch Shell, ExxonMobil, and Total). ... A Statoil petrol station sign in Estonia Statoil is a Norwegian petroleum company established in 1972. ... Norsk Hydro ASA is a Norwegian oil and energy and integrated aluminium company, headquartered in Oslo. ... Agip (Azienda Generale Italiana Petroli) is an Italian automotive oil and fuel manufacturer. ...


In the last decade of the colonial period, Angola was a major African food exporter but now is forced to import almost all its food. Because of severe wartime conditions, including extensive planting of landmines throughout the countryside, agricultural activities have been brought to a near standstill. Some efforts to recover have gone forward, however, notably in fisheries. Coffee production, though a fraction of its pre-1975 level, is sufficient for domestic needs and some exports. In sharp contrast to a bleak picture of devastation and bare subsistence is expanding oil production, now almost half of GDP and 90% of exports, at 800,000 barrels (127,000 m³) a day. Diamonds make up most of the remaining exports--and have provided much of the revenue for Jonas Savimbi's UNITA rebellion through illicit trade. Other rich resources await development: gold, forest products, fisheries, iron ore, coffee, and countless fruits. Jonas Malheiro Savimbi (August 3, 1934–February 22, 2002) was a rebel leader in Angola who founded the UNITA movement in 1966, and ultimately proved a central figure in 20th century Cold War politics. ... UNITA sticker The União Nacional para a Independência Total de Angola (UNITA) is an Angolan political faction. ...


An economic reform effort was launched in 1998. In April 2000, Angola started an International Monetary Fund (IMF) Staff-Monitored Program (SMP). The program formally lapsed in June 2001, but the IMF remains engaged. In this context, the Government of Angola has succeeded in unifying exchange rates and has raised fuel, electricity, and water rates. The Commercial Code, telecommunications law, and Foreign Investment Code are being modernized. A privatization effort, prepared with World Bank assistance, has begun with the BCI bank. Nevertheless, a legacy of fiscal mismanagement and corruption persists.


Angola is the third-largest trading partner of the United States in Sub-Saharan Africa, largely because of its petroleum exports. The U.S. imports about 4% of its oil from Angola, a share which should continue to increase. By the same token, U.S. companies account for more than half the investment in Angola, with Chevron-Texaco leading the way. The U.S. exports industrial goods and services--primarily oilfield equipment, mining equipment, chemicals, aircraft, and food--to Angola, while principally importing petroleum.


Economy - overview: Angola is an economy in disarray because of a quarter century of nearly continuous warfare and corruption. Despite its abundant natural resources, output per capita is among the world's lowest. 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 90% of exports. Notwithstanding the signing of a peace accord in November 1994, violence continues, millions of land mines remain, and many farmers are reluctant to return to their fields. As a result, much of the country's food must still be imported. To take advantage of its rich resources - gold, diamonds, extensive forests, Atlantic fisheries, and large oil deposits - Angola will need to implement the peace agreement and reform government policies. Despite the increase in the pace of civil warfare in late 1998, the economy grew by an estimated 4% in 1999. The government introduced new currency denominations in 1999, including a 1 and 5 kwanza note. Expanded oil production brightens prospects for 2000, but internal strife discourages investment outside of the petroleum sector. It has been suggested that Gold bar be merged into this article or section. ...     A scattering of round-brilliant cut diamonds shows off the many reflecting facets. ...


  Results from FactBites:
 
Angola - Wikipedia, the free encyclopedia (2146 words)
Angola is a country in southwestern Africa bordering Namibia, the Democratic Republic of the Congo, and Zambia, and with a west coast along the Atlantic Ocean.
Angola is bordered by Namibia to the south, Zambia to the east, the Democratic Republic of the Congo to the north-east, and the South Atlantic Ocean to the west.
Angola is divided into an arid coastal strip stretching from Namibia to Luanda; a wet, interior highland; a dry savanna in the interior south and southeast; and rain forest in the north and in Cabinda.
Encyclopedia: Economy of Angola (2620 words)
Angola's is the fastest-growing economy in Africa, largely due to a major oil boom, but it also ranks in the bottom 10 of socioeconomic conditions in the world.
The name Angola is a Portuguese derivation of the Bantu word N’gola, being the title of the native rulers of the region in the 16th century, at the time of colonization by the Portuguese.
Among Angola's major problems are a serious humanitarian crisis (a result of the prolonged war), the abundance of mine fields, and the actions of guerrilla movements fighting for the independence of the northern enclave of Cabinda.
  More results at FactBites »


 

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