Economy

Estimates of proven resources of crude oil in Angola vary between 12 to 15 billion barrels. The natural gas reserves are estimated at 2 trillion cubic feet. Crude Oil is the main stay of the Angolan economy, followed by diamonds and other minerals. With a production of close to 2 million barrels per day during 2008, Angola was the second largest oil producing country (after Nigeria) in sub-Saharan Africa. The Economic Intelligence Unit (EIU) estimates that GDP grew by 20.6% in 2005, 19.6% in 2006, 16.7% in 2007 and 13.2% in 2008. It also envisages a contraction of the Angolan economy in 2008 by 2.3% and then a recovery to achieve a growth of 6.2% in 2010 on the assumption that oil prices will average at USD 35 per barrel in 2009 and USD 50 in 2010. In January 2007 Angola became a full-fledged member of OPEC (Organization of Petroleum Exporting Countries) and a limit of 1.9 million bbls of oil has been set up for daily production for Angola.

Angola is globally the 4th largest producer of diamonds. It also has iron ore, bauxite, phosphates, feldspar, uranium and gold. Agricultural products produced include bananas, sugarcane, coffee, sisal, corn, cotton, manioc (tapioca), tobacco, vegetables, plantains; livestock and forest products

 

Amounts in Mil USD

2003

2004

2005

2006

2007

2008

Exports of goods                  

9508.4

13475

24109

31862

45026

67100

Imports of goods

5480

5832

8353

8778

12289

15300

.

Main destinations of exports

United States, China, France, Chile Japan

Main destinations of imports

South Korea, USA, Portugal, China, South Africa,