Angola: Economic Outline

Economic Indicators

With the pre-crisis average economic growth at 20%, Angola was one of the fastest growing economies of the world. Due to the global recession, the fall of oil prices and the reduction of the production quota of the OPEC (Organization of the Petroleum Exporting Countries) the growth came to a abrupt halt in 2009, falling to 0.7%. Estimated at 5.9% in 2010, growth should again become stronger in 2011. After 27 years of civil war, the country is now undergoing reconstruction, which is largely financed by country's oil wealth.

Becuase the crisis has greatly worsened the macroeconomic situation of the country, in 2009 Angola appealed for help to the IMF and signed a stand-by accord. The country should deal with the challenge of increasing spending on basic infrastructures, while also constituting a foreign currency reserve and paying its arrears. The 2011 reforms program emphasizes strenghtening of the economic institutions and a reform of the fiscal system. Reforms aiming to improve the business environment are also planned.

Even though the income per capita is increasing, particularly in the metropolitan regions, life is still difficult for the majority of the Angolans affected by poverty and unemployment. According to the UNDP, 35% of Angolans suffer from malnutrition. Although political stability has improved, a widespread corruption still remains.

Main Indicators	2009	2010	2011	2012 (e)	2013 (e)
GDP (billions USD)	75.49e	82.47	99.33e	108.96	117.28
GDP (Constant Prices, Annual % Change)	2.4	3.4e	3.7e	10.8	6.7
GDP per Capita (USD)	4,081e	4,329	5,061e	5,391	5,633
General Government Gross Debt (in % of GDP)	36.3	35.0e	29.9e	24.7	19.9
Inflation Rate (%)	13.7	14.5	15.0e	13.9	8.9
Current Account (billions USD)	-7.57e	7.30e	11.94e	7.94	6.70
Current Account (in % of GDP)	-10.0	8.9	12.0	5.7	-

Source: IMF - World Economic Outlook Database - Last Available Data.

Note: (e) Estimated Data

Monetary Indicators	2008	2009	2010
Foreign Debt (million USD)	15,132	16,715	-
Angolean New Kwanza (AON) - Average Annual Exchange Rate For 1 USD	75.03	79.33	91.91

Source: World Bank - Last Available Data.

Find out all the exchange rates daily on our service Currency converter.

Main Sectors of Industry

Breakdown of Economic Activity By Sector	Agriculture	Industry	Services
Employment By Sector (in % of Total Employment)	-	-	-
Value Added (in % of GDP)	10.0	62.9	27.1
Value Added (Annual % Change)	12.0	5.6	-10.0