Angola Economic Forecast

The oil and gas sector is the primary driving force behind Angola’s substantial growth rate, in part from benefits associated with the high cost of oil and gas internationally. Thanks to a boom in building and reconstruction after the war, as well as displaced people settling in, other sectors to include building, construction, farming, fishery, and agricultural have also seen significant growth. However, because of the 27-year civil war, a large portion of Angola’s facilities and infrastructure remain damaged or undeveloped.

The oil and gas sector is the primary driving force behind Angola’s substantial growth rate, in part from benefits associated with the high cost of oil and gas internationally. Thanks to a boom in building and reconstruction after the war, as well as displaced people settling in, other sectors to include building, construction, farming, fishery, and agricultural have also seen significant growth. However, because of the 27-year civil war, a large portion of Angola’s facilities and infrastructure remain damaged or undeveloped. Today, the primary sources of income include farming, fisheries, and subsistence agriculture although approximately 50% of the country’s food stuff is still imported. Then, a $2 billion (US dollars) line of credit has helped the country, which was increased to $7 billion from China, assisting the country in rebuilding many of the public facilities and infrastructures. In addition, with a number of large projects being completed in the past four years, and using credit from the European Union, Spain, Brazil, Germany, and Portugal, Angola is on the road to economic recovery.

Angola GDP Forecast

Several activities, as well as production of oil and gas have contributed to Angola’s approximate 85% Gross Domestic Product or GDP. Additionally, growth that now averages 15% per year of the growth experienced during 2004 to 2007 was due to a larger production of oil and gas. In fact, a quota of 1.9 million barrels of oil a day was assigned when this country became a member of the Oil and Petroleum Exporting Countries. Even with improvement, the country still needs reform to the state as a means of increasing an open market and reducing the amount of corruption. Angola GDP (Gross Domestic Product, Current Prices, US Dollar) in year 2009 is US$ 68.755 Billion. This makes Angola No. 61 in world rankings according to GDP (Current Prices, US Dollars) in year 2009. The world’s average GDP (Current Prices, US Dollars) value is US$ Billion; Angola is US$ 68.76 more than the average.GDP (Current Prices, US Dollars) for Angola in year 2015 is US$ 149.724 Billion. This makes Angola No. 59 in world rankings according to GDP (Current Prices, US Dollars) in year 2015.

Angola Unemployment

In 2009 the Angola population was 17 million but approximately 50% of the country’s population is unemployed or underemployed. Inflation was at a whopping 325% in 2000, it dropped dramatically to 13% in 2008 due to a more stabilized economy. In 2009, it was estimated that Angola was ranked at number 58 specific to the employed labor force. Although significant improvement has been seen with Angola unemployment rate the Angola government realizes that more needs to be done.

Angola Inflation Rate Forecast

The Angola inflation rate (End of Year Change %) in year 2009 is 14 % This makes Angola No. 7 in world rankings according to Inflation (End of Year Change %) in year 2009. The world’s average Inflation (End of Year Change %) value is %; Angola is 14.00 more than the average. For 2009, average consumer prices for inflation were at 3,012.83 but experts suggest by 2015, these numbers will reach 5,016.02, which uses an index based on 2000=100. Then for inflation for the end of year, in 2009 the numbers ended up at 1,972.44 with forecasters pushing the numbers around 4,168.88 for the year 2015.

Angola Current Account Balance Forecast

For the year 2009, the Angola Current Account Balance for this country was a negative $2.235 billion in US dollars. With this, Angola was reported at number 146 regarding world rankings. Because of this report, it means that Angola is $2.24 billion less than the average. These numbers for 2008 at $6.41 billion in US dollars show that the country was 134.88% less that it was. However, forecasters believe for the year 2015, numbers would end up at $4.215 billion in US dollars.