Economy of Angola

angola economy growth

Angola’s impressive economic growth rate is being driven by its oil sector. Oil production and its supporting activities contribute about 45 per cent of the nation’s gross domestic product and over 95 per cent of exports.

Economy Domestic Product 2012

GDP (purchasing power parity): $537.8 billion (2012 est.)

GDP real growth rate: 2%

GDP per capita (PPP): $6,600

GDP composition by sector

Agriculture: 14.7%

Industry: 37.4%

Services: 47.9%

Inflation: 10.28% in July of 2013

Currency: Angolan Kwanza

Business Languages

The commercial languages include the following

Portuguese

English

Umbundu

Transport

Angola has approximately 2,761 kilometres of railroads, 76,626 kilometers of highway of which 19,156 kilometers is paved and also 1,295 kilometers navigable inland waterways as well as eight major airports.

Energy in Angola

The major sources of energy in Angola include; coal, oil, natural gas and hydro power. Angola is Sub-Saharan Africa’s second largest oil producer after Nigeria, producing approximately 1.7 million barrels per day (bpd) in 2011.

Challenges in Angola

• Angola’s level of public investment is very low in comparison to other countries in the region

• Weak institutional framework

• Low human development conditions

• Poverty

• Corruption

About The Author

John Muhaise-Bikalemesa (JMB), is the founder of Muhaise.com blog and bigdrumassociates.com company. Learn more about him here and connect with him on his social medias below

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