Currency | Angolan kwanza (AOA, Kz) |
---|---|
Calendar year | |
Trade organisations | AU, AfCFTA (signed), African Development Bank, SADC, ECCAS, World Bank, IMF, WTO, Group of 77, OPEC |
Country group |
|
Statistics | |
Population | ![]() |
GDP | |
GDP rank | |
GDP growth |
|
GDP per capita | |
GDP per capita rank | |
GDP by sector |
|
11.75% (2023 est.)[4] | |
Population below poverty line | |
51.3 high (2018)[9] | |
Labour force | |
Labour force by occupation | |
Unemployment | 6.6% (2016 est.)[6] |
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 |
External | |
Exports | ![]() |
Export goods | crude oil, diamonds, refined petroleum products, coffee, sisal, fish and fish products, timber, cotton |
Main export partners |
|
Imports | ![]() |
Import goods | machinery and electrical equipment, vehicles and spare parts; medicines, food, textiles, military goods |
Main import partners |
|
FDI stock | |
![]() | |
Gross external debt | ![]() |
Public finances | |
![]() | |
−6.7% (of GDP) (2017 est.)[6] | |
Revenues | 26.1 billion (2023 est.) |
Expenses | 23.98 billion (2023 est.) |
Economic aid | $383.5 million (1999 est.) |
![]() | |
All values, unless otherwise stated, are in US dollars. |
The economy of Angola remains heavily influenced by the effects of four decades of conflict in the last part of the 20th century, the war for independence from Portugal (1961–75) and the subsequent civil war (1975–2002). Poverty since 2002 is reduced over 50% and a third of the population relies on subsistence agriculture. Since 2002, when the 27-year civil war ended, government policy prioritized the repair and improvement of infrastructure and strengthening of political and social institutions. During the first decade of the 21st century, Angola's economy was one of the fastest-growing in the world,[18] with reported annual average GDP growth of 11.1 percent from 2001 to 2010.[19] High international oil prices and rising oil production contributed to strong economic growth, although with high inequality, at that time. 2022 trade surplus was $30 billion, compared to $48 billion in 2012.[20]
Corruption is rife throughout the economy[21][22] and the country remains heavily dependent on the oil sector, which in 2017 accounted for over 90 percent of exports by value and 64 percent of government revenue.[23] With the end of the oil boom, from 2015 Angola entered into a period of economic contraction.[24][25]
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