Wikipedia

Economy of Angola

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]

Economy of Angola
Luanda, the financial center of Angola
CurrencyAngolan 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
PopulationNeutral increase 36,749,906 (2023)[3]
GDP
  • Increase $113.286 billion (nominal, 2024 est.)[4]
  • Increase $374.940 billion (PPP, 2024 est.)[4]
GDP rank
GDP growth
  • 4.2% (2022) 1% (2023)
  • 2.4% (2024e) 2.8% (2025f)[5]
GDP per capita
  • Decrease $2,961 (nominal, 2024 est.)[4]
  • Increase $9,800 (PPP, 2024 est.)[4]
GDP per capita rank
GDP by sector
28% (2024 est.)[4]
Population below poverty line
  • 32.3% (2018 est.)[7]
  • 53% on less than $3.65/day (2018)[8]
51.3 high (2018)[9]
Labour force
  • Increase 15,315,118 (2023)[12]
  • 64.3% employment rate (2021)[13]
Labour force by occupation
  • agriculture: 85%
  • industry: 15% (2015 est.)
  • industry and services: 15% (2003 est.)[6]
Unemployment14.62% (2023 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
ExportsIncrease $36.961 billion (2023 est.)[14]
Export goods
crude petroleum, natural gas, diamonds, ships, refined petroleum
Main export partners
ImportsIncrease $23.676 billion (2023 est.)[16]
Import goods
refined petroleum, wheat, cars, poultry, palm oil
Main import partners
FDI stock
  • Increase $11.21 billion (December 31, 2017, est.)[6]
  • Increase Abroad: $28 billion (December 31, 2017, est.)[6]
Decrease $4.21 billion (2023 est.)[6]
Negative increase $46.549 billion (2022 est.)[6]
Public finances
Positive decrease 65% of GDP (2017 est.)[6]
−6.7% (of GDP) (2017 est.)[6]
Revenues26.1 billion (2023 est.)
Expenses23.98 billion (2023 est.)
Economic aid$383.5 million (1999 est.)
Increase $13.942 billion (2023 est.)[6]
All values, unless otherwise stated, are in US dollars.
Change in per capita GDP of Angola, 1950–2018. Figures are inflation-adjusted to 2011 International dollars.

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]

History

edit
See also: History of Angola

The Angolan economy has been dominated by the production of raw materials and the use of cheap labor since European rule began in the sixteenth century.[26] The Portuguese used Angola principally as a source for the thriving slave trade across the Atlantic; Luanda became the greatest slaving port in Africa.[26] After the Portuguese Empire abolished the slave trade in Angola in 1858, it began using concessional agreements, granting exclusive rights to a private company to exploit land, people, and all other resources within a given territory.[26] In Mozambique, this policy spawned a number of companies notorious for their exploitation of local labor.[26] But in Angola, only Diamang showed even moderate success.[26] At the same time, Portuguese began emigrating to Angola to establish farms and plantations (fazendas) to grow cash crops for export.[26] Although these farms were only partially successful before World War II, they formed the basis for the later economic growth.[26]

The principal exports of the post-slave economy in the 19th century were rubber, beeswax, and ivory.[27] Prior to the First World War, exportation of coffee, palm kernels and oil, cattle, leather and hides, and salt fish joined the principal exports, with small quantities of gold and cotton also being produced.[28] Grains, sugar, and rum were also produced for local consumption.[29] The principal imports were foodstuffs, cotton goods, hardware, and British coal.[29] Legislation against foreign traders was implemented in the 1890s. The territory's prosperity, however, continued to depend on plantations worked by labor "indentured" from the interior.[30]

Before World War II, the Portuguese government was concerned primarily with keeping its colonies self-sufficient and therefore invested little capital in Angola's local economy.[26] It built no roads until the mid-1920s, and the first railroad, the Benguela railway, was not completed until 1929.[26] Between 1900 and 1940, only 35,000 Portuguese emigrants settled in Angola, and most worked in commerce in the cities, facilitating trade with Portugal.[26] In the rural areas, Portuguese settlers often found it difficult to make a living because of fluctuating world prices for sugarcane and sisal and the difficulties in obtaining cheap labor to farm their crops.[26] As a result, they often suspended their operations until the market prices rose and instead marketed the produce of Angolan farmers.[26]

But in the wake of World War II, the rapid growth of industrialization worldwide and the parallel requirements for raw materials led Portugal to develop closer ties with its colonies and to begin actively developing the Angolan economy.[26] In the 1930s, Portugal started to develop closer trade ties with its colonies, and by 1940 it absorbed 63 percent of Angolan exports and accounted for 47 percent of Angolan imports, up from 39 percent and 37 percent, respectively, a decade earlier.[26] When the price of Angola's principal crops—coffee and sisal—jumped after the war, the Portuguese government began to reinvest some profits inside the country, initiating a series of projects to develop infrastructure.[26] During the 1950s, Portugal built dams, hydroelectric power stations, and transportation systems.[26] In addition, Portuguese citizens were encouraged to emigrate to Angola, where planned settlements (colonatos) were established for them in the rural areas.[26] Finally, the Portuguese initiated mining operations for iron ore, manganese, and copper to complement industrial activities at home, and in 1955 the first successful oil wells were drilled in Angola.[26] By 1960 the Angolan economy had been completely transformed, boasting a successful commercial agricultural sector, a promising mineral and petroleum production enterprise, and an incipient manufacturing industry.[26]

Yet by 1976, these encouraging developments had been reversed.[26] The economy was in complete disarray in the aftermath of the war of independence and the subsequent internal fighting of the liberation movements.[26] According to the ruling MPLA-PT, in August 1976 more than 80 percent of the agricultural plantations had been abandoned by their Portuguese owners; only 284 out of 692 factories continued to operate; more than 30,000 medium-level and high-level managers, technicians, and skilled workers had left the country; and 2,500 enterprises had been closed (75 percent of which had been abandoned by their owners).[26] Furthermore, only 8,000 vehicles remained out of 153,000 registered, dozens of bridges had been destroyed, the trading network was disrupted, administrative services did not exist, and files and studies were missing.[26]

Angola's economic ills can also be traced to the legacy of Portuguese colonial development.[26] Many of the white settlers had come to Angola after 1950 and were understandably quick to repatriate during the war of independence.[26] During their stay, however, these settlers had appropriated Angolan lands, disrupting local peasant production of cash and subsistence crops.[26] Moreover, Angola's industries depended on trade with Portugal—the colony's overwhelmingly dominant trade partner—for both markets and machinery.[26] Only the petroleum and diamond industries boasted a wider clientele for investment and markets.[26] Most important, the Portuguese had not trained Angolans to operate the larger industrial or agricultural enterprises, nor had they actively educated the population.[26] Upon independence Angola thus found itself without markets or expertise to maintain even minimal economic growth.[26]

As a result, the government intervened, nationalizing most businesses and farms abandoned by the Portuguese.[26] It established state farms to continue producing coffee, sugar, and sisal, and it took over the operations of all factories to maintain production.[26] These attempts usually failed, primarily because of the lack of experienced managers and the continuing disruptions in rural areas caused by the UNITA insurgency.[26] Only the petroleum sector continued to operate successfully, and by 1980 this sector had helped the gross domestic product reach US$3.6 billion, its highest level up to 1988.[26] In the face of serious economic problems and the continuing war throughout the countryside, in 1987 the government announced plans to liberalize economic policies and promote private investment and involvement in the economy.[26]

1990s

edit

United Nations Angola Verification Mission III and MONUA spent US$1.5 billion overseeing implementation of the Lusaka Protocol, a 1994 peace accord that ultimately failed to end the civil war. The protocol prohibited UNITA from buying foreign arms, a provision the United Nations largely did not enforce, so both sides continued to build up their stockpile. UNITA purchased weapons in 1996 and 1997 from private sources in Albania and Bulgaria, and from Zaire, South Africa, Republic of the Congo, Zambia, Togo, and Burkina Faso. In October 1997 the UN imposed travel sanctions on UNITA leaders, but the UN waited until July 1998 to limit UNITA's exportation of diamonds and freeze UNITA bank accounts. While the U.S. government gave US$250 million to UNITA between 1986 and 1991, UNITA made US$1.72 billion between 1994 and 1999 exporting diamonds, primarily through Zaire to Europe. At the same time the Angolan government received large amounts of weapons from the governments of Belarus, Brazil, Bulgaria, China, and South Africa. While no arms shipment to the government violated the protocol, no country informed the U.N. Register on Conventional Weapons as required.[31]

Despite the increase in civil warfare in late 1998, the economy grew by an estimated 4% in 1999. The government introduced new currency denominations in 1999, including a 1 and 5 kwanza note."Central Bank governor explains arrangements for new currency". BBC Selected Transcripts: Africa. November 1, 1999. Retrieved October 10, 2017.

2000s

edit

An economic reform effort was launched in 1998.[citation needed] Angola ranked 160 of 174 nations in the United Nations Human Development Index in 2000.[18] In April 2000 Angola started an International Monetary Fund (IMF) Staff-Monitored Program (SMP). The program formally lapsed in June 2001, but the IMF remains engaged. In this context the Government of Angola has succeeded in unifying exchange rates and has raised fuel, electricity, and water rates. The Commercial Code, telecommunications law, and Foreign Investment Code are being modernized. A privatization effort, prepared with World Bank assistance, has begun with the BCI bank. Nevertheless, a legacy of fiscal mismanagement and corruption persists.[citation needed] The civil war internally displaced 3.8 million people, 32% of the population, by 2001.[18] The security brought about by the 2002 peace settlement has led to the resettlement of 4 million displaced persons, thus resulting in large-scale increases in agriculture production.[citation needed]

Angola produced over 3 million carats (600 kilograms) of diamonds in 2003,[32] and production was expected to grow to 10 million carats (2,000 kilograms) per year by 2007. In 2004, China's Eximbank approved a $2 billion line of credit to Angola to rebuild infrastructure. The economy grew 18% in 2005 and growth was expected to reach 26% in 2006 and stay above 10% for the rest of the decade.[33] By 2020, Angola had a national debt of $76 billion, of which $20 billion is to China.[34]

The construction industry is taking advantage of the growing economy, with various housing projects stimulated by the government such as the Angola Investe program and the Casa Feliz or Meña projects. Not all public construction projects are functional. For example, Kilamba Kiaxi, where a whole new satellite town of Luanda, consisting of housing facilities for several hundreds of thousands of people, was completely uninhabited for over four years because of skyrocketing prices, but completely sold out after the government decreased the original price and created mortgage plans at around the election time and thus made it affordable for middle-class people. ChevronTexaco started pumping 50 kbbl/d (7.9×10^3 m3/d) from Block 14 in January 2000, but production decreased to 57 kbbl/d (9.1×10^3 m3/d) in 2007 due to poor-quality oil.[35] Angola joined the Organization of the Petroleum Exporting Countries on January 1, 2007.[35] Cabinda Gulf Oil Company found Malange-1, an oil reservoir in Block 14, on August 9, 2007.[36]

Overview

edit
See also: Agriculture in Angola and Fishing in Angola

Despite its abundant natural resources, output per capita is among the world's lowest. 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 90% of exports. Growth is almost entirely driven by rising oil production which surpassed 1.4 million barrels per day (220×10^3 m3/d) in late-2005 and which is expected to grow to 2 million barrels per day (320×10^3 m3/d) by 2007. Control of the oil industry is consolidated in Sonangol Group, a conglomerate owned by the Angolan government. With revenues booming from oil exports, the government has started to implement ambitious development programs to build roads and other basic infrastructure for the nation.[citation needed]

In the last decade of the colonial period, Angola was a major African food exporter but now imports almost all its food. Severe wartime conditions, including extensive planting of landmines throughout the countryside, have brought agricultural activities to a near-standstill. Some efforts to recover have gone forward, however, notably in fisheries. Coffee production, though a fraction of its pre-1975 level, is sufficient for domestic needs and some exports. Expanding oil production is now almost half of GDP and 90% of exports, at 800 thousand barrels per day (130×10^3 m3/d). Diamonds provided much of the revenue for Jonas Savimbi's UNITA rebellion through illicit trade. Other rich resources await development: gold, forest products, fisheries, iron ore, coffee, and fruits.[37]

This is a chart of trend of nominal gross domestic product of Angola at market prices using International Monetary Fund data;[38] figures are in millions of units.

Year Gross Domestic Product (*$1,000,000) US Dollar Exchange Per Capita Income
(as % of USA)
1980 6.33
1985 4.46
1990 4.42
1995 5,066 14 Angolan Kwanza 1.58
2000 9,135 91,666 Angolan Kwanza 1.96
2005 28,860 2,515,452 Angolan Kwanza 4.73

The following table shows the main economic indicators in 1980–2023. Inflation below 5% is in green.[39]

Year GDP
(in bn. US$ PPP) 		GDP per capita
(in US$ PPP) 		GDP

(in bn. US$ nominal)

GDP growth
(real) 		Inflation rate
(in Percent) 		Government debt
(in % of GDP)
1980 10.9 1,317 6.6  2.4%  46.7% n/a
1981  11.4  1,341  6.2  −4.4%  1.3% n/a
1982  12.1  1,388 6.2  0.0%  1.8% n/a
1983  13.1  1,464  6.5  4.2%  1.8% n/a
1984  14.4  1,567  6.9  6.0%  1.8% n/a
1985  15.4  1,484  8.5  3.5%  1.8% n/a
1986  16.1  1,515  7.9  2.9%  1.8% n/a
1987  17.2  1,576  9.1  4.1%  1.8% n/a
1988  18.9  1,685  9.8  6.1%  1.8% n/a
1989  19.6  1,705  11.4  0.0%  1.8% n/a
1990  19.7  1,664  12.6  −3.5%  1.8% n/a
1991  22.8  1,865  12.2  1.0%  85.3% n/a
1992  26.0  2,057  9.4  11.4%  299.1% n/a
1993  29.6  2,067  6.8  10.7%  1,379.5% n/a
1994  33.3  2,475  5.0  10.5%  949.8% n/a
1995  37.5  2,698  6.2  10.4%  2,672.2% n/a
1996  42.5  2,955  8.0  11.2%  4,146.0% n/a
1997  46.4  3,120  9.4  7.3%  221.9% n/a
1998  49.1  3,196  8.0  4.7%  107.4% n/a
1999  50.9  3,207  7.5  2.2%  248.2% n/a
2000  53.6  3,272  11.2  3.1%  325.0% 133.9%
2001  57.2  3,373  10.9  4.2%  152.6%  133.5%
2002  66.0  3,766  15.3  13.7%  108.9%  73.7%
2003  69.3  3,823  17.8  3.0%  98.2%  58.0%
2004  78.9  4,205  23.6  11.0%  43.5%  47.7%
2005  93.7  4,815  37.0  15.0%  23.0%  33.5%
2006  107.7  5,341  52.4  11.5%  13.3%  18.7%
2007  126.1  6,030  65.3  14.0%  12.2%  21.0%
2008  142.9  6,586  88.5  11.2%  12.5%  31.4%
2009  145.0  6,443  70.3  0.9%  13.7%  56.2%
2010  153.9  6,586  83.8  4.9%  14.5%  37.2%
2011  162.5  6,700  111.8  3.5%  13.5%  29.6%
2012  186.1  7,389  128.1  8.5%  10.3%  26.7%
2013  199.9  7,644  136.7  5.0%  8.8%  33.1%
2014  220.4  8,123  145.7  4.8%  7.3%  39.8%
2015  204.6  7,274  116.2  0.9%  9.2%  57.1%
2016  204.9  7,027  101.1  −2.6%  30.7%  75.7%
2017  217.8  7,210  122.0  −0.2%  29.8%  69.3%
2018  220.1  7,038  101.4  −1.3%  16.6%  93.0%
2019  222.5  6,877  84.5  −0.7%  17.1%  113.6%
2020  212.7  6,362  57.1  −5.6%  22.3%  138.9%
2021  224.9  6,518  74.9  1.2%  25.8%  86.8%
2022  248.1  6,944  122.8  3.0%  21.4%  66.7%
2023  260.3  7,077  93.8  1.3%  13.1%  84.9%

Agriculture

edit

Angola produced, in 2018:

  • 8.6 million tons of cassava (8th largest producer in the world);
  • 3.5 million tons of banana (7th largest producer in the world, or the 10th largest, if we consider together with plantain);
  • 2.2 million tons of maize;
  • 1.2 million tons of sweet potato (10th largest producer in the world);
  • 806 thousand tons of potato;
  • 597 thousand tons of pineapple (13th largest producer in the world);
  • 572 thousand tons of sugarcane;
  • 355 thousand tons of cabbage;
  • 314 thousand tons of beans;
  • 280 thousand tons of palm oil;
  • 154 thousand tons of peanut;

In addition to smaller productions of other agricultural products, like coffee (16 thousand tons).[40]

Foreign trade

edit
See also: Angola–United States relations

Exports in 2004 reached US$10,530,764,911. The vast majority of Angola's exports, 92% in 2004, are petroleum products. US$785 million worth of diamonds, 7.5% of exports, were sold abroad that year.[41] Nearly all of Angola's oil goes to the United States, 526 kbbl/d (83.6×10^3 m3/d) in 2006, making it the eighth largest supplier of oil to the United States, and to China, 477 kbbl/d (75.8×10^3 m3/d) in 2006. In the first quarter of 2008, Angola became the main exporter of oil to China.[42] The rest of its petroleum exports go to Europe and Latin America.[35] U.S. companies account for more than half the investment in Angola, with Chevron-Texaco leading the way. The U.S. exports industrial goods and services, primarily oilfield equipment, mining equipment, chemicals, aircraft, and food, to Angola, while principally importing petroleum.[citation needed] Trade between Angola and South Africa exceeded US$300 million in 2007.[43] From the 2000s, many Chinese have settled and started up businesses.[44]

Resources

edit

Petroleum

edit

Angola produces and exports more petroleum than any other nation in sub-Saharan Africa, surpassing Nigeria first in the 2000s, then in 2022.[45] In January 2007 Angola became a member of OPEC, before leaving in December 2023, as they wanted to expand their oil production. Under the Lourenço since 2017, the country has made efforts to incentive investments and reverse declining production, resulting in fresh investments made by international oil companies.

 
Petrol price in 2019

Chevron Corporation, TotalEnergies., ExxonMobil, Eni, and BP all operate in the country and represent a vast majority of daily production.[46]

Block 17, operated by TotalEnergies, is Angola's biggest producing asset[47] and is known as the Golden Block. The French major is currently executing several subsea tieback projects there, including CLOV 3 and Begonia, whose final investment decisions (FIDs) were taken in 2022.[48][49]

The United Nations has criticized the Angolan government for using torture, rape, summary executions, arbitrary detention, and disappearances, actions which Angolan government has justified on the need to maintain oil output.[50]

Angola is the third-largest trading partner of the United States in Sub-Saharan Africa, largely because of its petroleum exports.[51] The U.S. imports 7% of its oil from Angola, about three times as much as it imported from Kuwait just prior to the Gulf War in 1991. The U.S. Government has invested US$4 billion in Angola's petroleum sector.[52]

Oil makes up over 90% of Angola's exports.[53]

Diamonds

edit
Main article: Mining in Angola

Angola is the third largest producer of diamonds in Africa and has only explored 40% of the diamond-rich territory within the country, but has had difficulty in attracting foreign investment because of corruption, human rights violations, and diamond smuggling.[54] Production rose by 30% in 2006 and Endiama, the national diamond company of Angola, expects production to increase by 8% in 2007 to 10 million carats annually. The government is trying to attract foreign companies to the provinces of Bié, Malanje and Uíge.[55]

The Angolan government loses $375 million annually from diamond smuggling. In 2003, the government began Operation Brilliant, an anti-smuggling investigation that arrested and deported 250,000 smugglers between 2003 and 2006. Rafael Marques, a journalist and human rights activist, described the diamond industry in his 2006 Angola's Deadly Diamonds report as plagued by "murders, beatings, arbitrary detentions and other human rights violations." Marques called on foreign countries to boycott Angola's "conflict diamonds".[56] In December 2014, the Bureau of International Labor Affairs issued a List of Goods Produced by Child Labor or Forced Labor[57] that classified Angola as one of the major diamond-producing African countries relying on both child labor and forced labor. The U.S. Department of Labor reported that "there is little publicly available information on [Angola's] efforts to enforce child labor law".[58] Diamonds accounted for 1.48% of Angolan exports in 2014.[59]

Iron

edit
Main article: Mining in Angola

Under Portuguese rule, Angola began mining iron in 1957, producing 1.2 million tons in 1967 and 6.2 million tons by 1971. In the early 1970s, 70% of Portuguese Angola's iron exports went to Western Europe and Japan.[55] After independence in 1975, the Angolan Civil War (1975–2002) destroyed most of the territory's mining infrastructure. The redevelopment of the Angolan mining industry started in the late 2000s.

See also

edit

References

edit
  1. ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved September 29, 2019.
  2. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved September 29, 2019.
  3. ^ "Population, total – Angola". data.worldbank.org. World Bank. Retrieved November 17, 2019.
  4. ^ a b c d e "World Economic Outlook Database, October 2022". IMF.org. International Monetary Fund. Retrieved October 12, 2022.
  5. ^ "Global Economic Prospects, June 2020". openknowledge.worldbank.org. World Bank. June 8, 2020. p. 105. doi:10.1596/978-1-4648-1553-9. ISBN 978-1-4648-1553-9. Retrieved September 29, 2020.
  6. ^ a b c d e f g h i j "Angola". The World Factbook (2024 ed.). Central Intelligence Agency. Retrieved June 7, 2019. (Archived 2019 edition.)
  7. ^ "Poverty headcount ratio at national poverty lines (% of population)". data.worldbank.org. World Bank. Retrieved June 7, 2019.
  8. ^ "Poverty headcount ratio at $3.20 a day (2011 PPP) (% of population) – Angola". data.worldbank.org. World Bank. Retrieved March 22, 2020.
  9. ^ "GINI index (World Bank estimate) – Angola". data.worldbank.org. World Bank. Retrieved March 22, 2020.
  10. ^ "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved December 11, 2019.
  11. ^ "Inequality-adjusted HDI (IHDI)". hdr.undp.org. UNDP. Retrieved May 22, 2020.
  12. ^ "Labor force, total – Angola". data.worldbank.org. World Bank. Retrieved November 17, 2019.
  13. ^ "Employment to population ratio, 15+, total (%) (national estimate) – Angola". data.worldbank.org. World Bank. Retrieved November 17, 2019.
  14. ^ "Exports of goods and services (current US$) – Angola". data.worldbank.org. World Bank.
  15. ^ "Foreign export trade partners of Angola (2021)". The Observatory of Economic Complexity. Retrieved December 29, 2023.
  16. ^ "Imports of goods and services (current US$) – Angola". data.worldbank.org. World Bank.
  17. ^ "Foreign import trade partners of Angola (2021)". The Observatory of Economic Complexity. Retrieved December 29, 2023.
  18. ^ a b c Birgitte Refslund Sørensen and Marc Vincent. Caught Between Borders: Response Strategies of the Internally Displaced, 2001. Page 17.
  19. ^ Graphic detail Charts, maps and infographics (January 6, 2011). "Daily chart: Africa's impressive growth". The Economist. Retrieved July 13, 2014.
  20. ^ Specter, Michael (May 2, 2015). "Luxury Living in a Failed State". The New Yorker. ISSN 0028-792X. Retrieved October 1, 2019.
  21. ^ "Angola Corruption Report". GAN Integrity. Retrieved October 1, 2019.
  22. ^ Isabel dos Santos made a fortune at the expense of the Angolan people, Luanda Leaks reveals. icij.org, published January 19, 2020
  23. ^ "Angola: Selected Issues". International Monetary Fund. April 2018. p. 6. Retrieved October 1, 2019.
  24. ^ Sieff, Kevin (August 2, 2016). "An oil boom made it the most expensive city in the world. Now it's in crisis". Washington Post. ISSN 0190-8286. Retrieved October 1, 2019.
  25. ^ Onishi, Norimitsu (June 2, 2017). "Angola's Corrupt Building Boom: 'Like Opening a Window and Throwing Out Money'". The New York Times. ISSN 0362-4331. Archived from the original on January 1, 2022. Retrieved October 1, 2019.
  26. ^ a b c d e f g h i j k l m n o p q r s t u v w x y z aa ab ac ad ae af ag ah ai   This article incorporates text from this source, which is in the public domain: Clark, Nancy (1989). "Background to economic development". In Collelo, Thomas (ed.). Angola: a country study. Washington, D.C.: Federal Research Division, Library of Congress. pp. 113–116. OCLC 44357178.
  27. ^ Baynes, T. S., ed. (1878). "Angola" . Encyclopædia Britannica. Vol. 2 (9th ed.). New York: Charles Scribner's Sons. p. 45.
  28. ^ Chisholm, Hugh, ed. (1911). "Angola" . Encyclopædia Britannica. Vol. 2 (11th ed.). Cambridge University Press. p. 39.
  29. ^ a b Chisholm 1911, p. 39.
  30. ^ Chisholm 1911, p. 40.
  31. ^ Vines, Alex. Angola Unravels: The Rise and Fall of the Lusaka Peace Process, 1999. Human Rights Watch.
  32. ^ "Diamond Mining in Africa – Overview". Mbendi.co.za. March 3, 2014. Archived from the original on July 7, 2007. Retrieved July 13, 2014.
  33. ^ "Banco Africano de Investimentos: Increasing the Pace – Angola's Revival – Chief Executive Officer". www.the-chiefexecutive.com. Retrieved February 14, 2020.
  34. ^ "Fitch downgrades Angola to CCC". www.fitchratings.com. September 4, 2020. Archived from the original on February 10, 2021.
  35. ^ a b c "Angola" (PDF). Energy Information Administration. Eia.doe.gov. Archived from the original (PDF) on September 26, 2007.
  36. ^ "Chevron Finds Success on Angolan Block 14, Again". Rigzone. August 9, 2007. Retrieved July 13, 2014.
  37. ^ "Angola § economy". The World Factbook (2024 ed.). Central Intelligence Agency. Retrieved March 9, 2021. (Archived 2021 edition.)
  38. ^ "Report for Selected Countries and Subjects". Imf.org. April 2, 2003. Retrieved July 13, 2014.
  39. ^ "Report for Selected Countries and Subjects". www.imf.org. Retrieved February 27, 2024.
  40. ^ Angola production in 2018, by FAO
  41. ^ "afrol News – 99.4% of Angola's exports are oil, diamonds". Afrol.com. Retrieved July 13, 2014.
  42. ^ Zhu, Winnie (April 2, 2008). "Angola Overtakes Saudi Arabia as Biggest Oil Supplier to China". Bloomberg. Retrieved July 13, 2014.
  43. ^ "Angola-South Africa trade worth over US$ 300 million per year". Macau Hub. July 23, 2007. Archived from the original on December 28, 2007. Retrieved September 3, 2019.
  44. ^ Rowlatt, Justin (October 2, 2010). "Chinese karaoke fans sing Angola's praises". BBC News. Retrieved July 13, 2014.
  45. ^ "OPEC : Monthly Oil Market Report". www.opec.org. Retrieved August 20, 2022.
  46. ^ Tvedten, Inge. Angola: Struggle for Peace and Reconstruction, 1997. Page 82.
  47. ^ "Exploração e Receita Petrolífera corrente". www.minfin.gov.ao. Retrieved August 20, 2022.
  48. ^ "StackPath". www.offshore-mag.com. June 13, 2022. Retrieved August 20, 2022.
  49. ^ "Angola : TotalEnergies déploie sa stratégie multi-énergies en lançant trois projets dans le pétrole, le gaz et l'électricité solaire". TotalEnergies.com (in French). July 28, 2022. Retrieved August 20, 2022.
  50. ^ Omeje, Kenneth C. High Stakes And Stakeholders: Oil Conflict And Security in Nigeria, 2006. Page 157.
  51. ^ United States Congress. Foreign Operations, Export Financing, and Related Programs Appropriations for 1998: Hearings, 1997. Page 269.
  52. ^ Vines, Alex. Angola Unravels: The Rise and Fall of the Lusaka Peace Process, 1999. Human Rights Watch. Page 189.
  53. ^ "Economy". Embassy of Angola, Washington D.C. Archived from the original on March 8, 2016. Retrieved July 20, 2016.
  54. ^ "Angola: U.S. Must Strengthen Ties to Protect Strategic Energy and Security Interests". Council on Foreign Relations (New York). May 7, 2007. Retrieved July 31, 2017.
  55. ^ a b "Reuters.com". Africa.reuters.com. February 9, 2009. Archived from the original on December 28, 2007. Retrieved July 13, 2014.
  56. ^ "afrol News – Angola to double diamond production in 2006". Afrol.com. Retrieved July 13, 2014.
  57. ^ "List of Goods Produced by Child Labor or Forced Labor".
  58. ^ "2013 Findings on the Worst Forms of Child Labor – Angola -". Archived from the original on December 8, 2015. Retrieved January 9, 2015.
  59. ^ "Angola". Countries. OEC. Archived from the original on May 2, 2019. Retrieved July 20, 2016.

Further reading

edit
edit
Retrieved from "https://en.wikipedia.org/w/index.php?title=Economy_of_Angola&oldid=1263713154"