Angola Economy

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 Angola is an African nation located in the south-central region of the continent. It shares international border with Namibia, Democratic Republic of Congo (DRC), Republic of Congo (RoC) and Zambia. Angola is the twenty-third largest country in the world in terms of land area. The country’s geography consists of coastal plains in the western region along Atlantic coast. Towards east, the terrain rises to form mid-size plateaus. As per 2009 estimates, Angola has a population of above 18.5 million. Angola economy is considered one of the fastest growing economies of the world (as per 2009 statistics). 

Angola Economy: GDP

Angola economy was severely hampered by the civil war, which began after independence in 1975 and lasted for almost 27 years. It claimed millions of lives and forced more than half of the country to seek refuge. Although the civil war folded up in 2002, the country is still reeling under severe humanitarian crisis as an aftermath of the prolonged conflict.

 

As per 2009 IMF estimates, Angola enjoys 62nd rank in terms of GDP based on purchasing power parity (US $113.9 billion). Since 2005, the country is experiencing phenomenal GDP growth, above 10% consistently (see graph).

 

Angola Real GDP growth Rate - 2003 to 2009

 

 

Angola Economy: Currency

Kwanza is the official currency of Angola economy. It is denoted by ‘AOA’. Due to high GDP rates, the value of Kwanza has surged in the international market. In 2005, one US Dollar was equivalent to 88.6 AOA. However, as per 2009 figures, one US Dollar balances 77.17 AOA.

 

Angola Economy: Infrastructure

Angola has massively developed its infrastructure post the civil war. In 2009, the country ranked 32nd in the world, in terms of number of airports (192). It has a strong transportation network with railways and roadways covering more than 51,000 kilometers. By 2008, the country had almost 0.5 million web users. It ranks 74 in the world in terms of mobile phone usage.

 

Angola economy has witnessed tremendous growth due to the rise in petrochemical prices. However, further economic growth of the country is hampered by public sector mismanagement and internal conflicts.