Agriculture > products
bananas, sugarcane, coffee, sisal, corn, cotton, manioc, tobacco, vegetables, plantains; livestock; forest products; fish |
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Aid as % of GDP
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3.5% |
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[58th of 129]
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Definition: Economy > Aid as % of GDP |
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Debt > External
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$8,357,000,000.00 |
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[80th of 136]
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Definition: Economy > Debt > External |
Economy > Overview
Angola's high growth rate is driven by its oil sector, with record oil prices and rising petroleum production. Oil production and its supporting activities contribute about 85% of GDP. Increased oil production supported growth averaging more than 15% per year from 2004 to 2007. 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. Remnants of the conflict such as widespread land mines still mar the countryside even though an apparently durable peace was established after the death of rebel leader Jonas SAVIMBI in February 2002. Subsistence agriculture provides the main livelihood for most of the people, but half of the country's food must still be imported. In 2005, the government started using a $2 billion line of credit, since increased to $7 billion, from China to rebuild Angola's public infrastructure, and several large-scale projects were completed in 2006. Angola also has large credit lines from Brazil, Portugal, Germany, Spain, and the EU. The central bank in 2003 implemented an exchange rate stabilization program using foreign exchange reserves to buy kwanzas out of circulation. This policy became more sustainable in 2005 because of strong oil export earnings; it has significantly reduced inflation. Although consumer inflation declined from 325% in 2000 to under 13% in 2007, the stabilization policy has put pressure on international net liquidity. 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, somewhat less than the 2-2.5 million bbl Angola's government had wanted. To fully take advantage of its rich national resources - gold, diamonds, extensive forests, Atlantic fisheries, and large oil deposits - Angola will need to implement government reforms, increase transparency, and reduce corruption. The government has rejected a formal IMF monitored program, although it continues Article IV consultations and ad hoc cooperation. Corruption, especially in the extractive sectors, and the negative effects of large inflows of foreign exchange, are major challenges facing Angola. |
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Definition: Economy > Economy > Overview |
Exchange rates
kwanza per US dollar - 83.541 (2004), 74.606 (2003), 43.53 (2002), 22.058 (2001), 10.041 (2000) |
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Definition: Economy > Exchange rates |
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Exports
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$45,030,000,000.00 |
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[52nd of 189]
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Definition: Economy > Exports |
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Exports to US
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$1,018,400,000.00 |
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[37th of 224]
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Definition: Economy > Exports to US |
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GDP
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$44,033,100,000.00 |
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[57th of 203]
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Definition: Economy > GDP |
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GDP (purchasing power parity)
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$95,460,000,000.00 |
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[66th of 187]
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Definition: Economy > GDP (purchasing power parity) |
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GDP > PPP
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$32,224,000,000.00 |
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[84th of 163]
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Definition: Economy > GDP > PPP |
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GDP > Real growth rate
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16.7% |
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[4th of 198]
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Definition: Economy > GDP > Real growth rate |
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GDP growth > annual %
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20.61 annual %
|
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[2nd of 187]
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Definition: Economy > GDP growth > annual % |
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Gross National Income
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$6,707,340,000.00 |
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[91st of 172]
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Definition: Economy > Gross National Income |
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Gross national income > constant LCU
|
1144557000 |
|
|
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Definition: Economy > Gross national income > constant LCU |
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Human Development Index
|
0.445 |
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[161st of 178]
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Definition: Economy > Human Development Index |
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Income category
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Low income |
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|
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Definition: Economy > Income category |
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Inflation rate (consumer prices)
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12.2% |
|
[20th of 192]
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Definition: Economy > Inflation rate (consumer prices) |
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Population below poverty line
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70% |
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[2nd of 46]
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Definition: Economy > Population below poverty line |
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Public debt
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12 % of GDP |
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[106th of 121]
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Definition: Economy > Public debt |
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Tourist arrivals
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45,000 |
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[135th of 152]
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Definition: Economy > Tourist arrivals |
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