According to the World Bank estimates of 2005 Angola features in the list of the Low per capita income group countries. This estimation is done on the basis of Region and Income.Angola’s economy had to suffer from the blows of civil war before it could rise from the ashes. It had accepted a credit of $2 billion from China in 2004.
It had also taken tied financial aid from IMF. With this loan they are trying to reconstruct their infrastructure.
Angola Economy And Industry
The oil industry of the country contributes most to the GDP growth of Angola. It produces 2 million barrels per day. A conglomerate runs the oil industry, which is an under taking of the Angolan government.
Angola is second in petroleum production after Nigeria.It contributes 45% to GDP. Angola is the third highest producer of diamonds in Africa. But the government loses a major part of its revenue due to diamond smuggling. Angola also earns some revenue by exporting iron, which started in 1957. Diamond is exported in Western Europe and Japan.
Agriculture And Economy of Angola
Agriculture seems to be the main source of livelihood in Angola. Despite this Angola has yet not achieved self sufficiency in agriculture. Therefore exporting agricultural products is a far cry. Before the war situation Angola economy was the largest producer of agricultural goods but unfortunately the post war period noticed the decline in production. Now Angola imports food crops.
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Source: World Bank
|Last Updated on : 27th March 2015||Next Update : February 2016|