Economy - overview:
Angola has been an economy in disarray because of a quarter century
of nearly continuous warfare. An apparently durable peace was
established after the death of rebel leader Jonas SAVIMBI on
February 22, 2002, but consequences from the conflict continue
including the impact of wide-spread 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. While
Angola made progress in bringing inflation down further, 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 should
bring about 6% GDP growth in 2003.
GDP:
purchasing power parity - $18.36 billion (2002 est.)
GDP - real growth rate:
9.4% (2002 est.)
GDP - per capita:
purchasing power parity - $1,700 (2002 est.)
GDP - composition by sector:
agriculture: 8%
industry: 67%
services: 25% (2001 est.)
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices):
106% (2002 est.)
Labor force:
5 million (1997 est.)
Labor force - by occupation:
agriculture 85%, industry and services 15% (1997 est.)