TRALAC - Trade Law Centre

Country Info: Angola

Economic Background

Angola's high growth rate in recent years was driven by high international prices for its oil. Angola became a member of OPEC in late 2006 and its current assigned a production quota of 1.65 million barrels a day (bbl/day). Oil production and its supporting activities contribute about 85% of GDP. Diamond exports contribute an additional 5%. Increased oil production supported growth averaging more than 17% per year from 2004 to 2008.

A postwar reconstruction boom and resettlement of displaced persons has led to high rates of growth in construction and agriculture as well. Much of the country's infrastructure is still damaged or undeveloped from the 27-year-long civil war. 

Since 2005, the government has used billions of dollars in credit lines from China, Brazil, Portugal, Germany, Spain, and the EU to rebuild Angola's public infrastructure. The global recession that started in 2008 temporarily stalled economic growth. Lower prices for oil and diamonds during the global recession slowed GDP growth to 2.4% in 2009, and many construction projects stopped because Luanda accrued $9 billion in arrears to foreign construction companies when government revenue fell in 2008 and 2009. Angola abandoned its currency peg in 2009, and in November 2009 signed onto an IMF Stand-By Arrangement loan of $1.4 billion to rebuild international reserves. Consumer inflation declined from 325% in 2000 to about 10% in 2012. Higher oil prices have helped Angola turn a budget deficit of 8.6% of GDP in 2009 into an surplus of 12% of GDP in 2012. Corruption, especially in the extractive sectors, also is a major challenge.(Source: World Factbook, 2013)

Downloads

Angola - United States (TIFA) - english

Angola - United States (TIFA) - english

Trade and Investment Framework Agreement between the Government of the United States of America and the Government of the Republic of Angola concerning the development of trade and investment relations.

Author Angola - US
Organisation Angola - US
Publish Date 19 May 2009
View details D Size: 113 KB
Angola - United States (TIFA) - portuguese

Angola - United States (TIFA) - portuguese

Trade and Investment Framework Agreement between the Government of the United States of America and the Government of the Republic of Angola concerning the development of trade and investment relations.

Author US-Angola
Organisation US-Angola
Publish Date 19 May 2009
View details D Size: 16 KB

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