Wednesday, September 11, 2013

Over View on Economy Of 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 (220×103 m3/d) in late-2005 and which is expected to grow to 2 million barrels per day (320×103 m3/d) by 2007. Control of the oil industry is consolidated in Sonangol Group, a conglomerate which is owned by the Angolan government. With revenues booming from oil exports, the government has started to implement ambitious development programs in building 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. Because of severe wartime conditions, including extensive planting of landmines throughout the countryside, agricultural activities have been brought 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. In sharp contrast to a bleak picture of devastation and bare subsistence is expanding oil production, now almost half of GDP and 90% of exports, at 800 thousand barrels per day (130×103 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.[citation needed] This is a chart of trend of nominal gross domestic product of Angola at market prices using International Monetary Fund data;figures are in millions of units.

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