View source for Economy of Angola

{{Short description|none}}
{{Use mdy dates|date=September 2020}}
{{Infobox economy
| country = [[Angola]]
| image = File:Marginal Avenida 4 de Fevreiro Luanda March 2013 05 (cropped) (cropped).JPG
| image_size = 350px
| caption = [[Luanda]], the financial center of [[Angola]]
| currency = [[Angolan kwanza]] (AOA, Kz)
| fixed exchange = 
| year = Calendar year
| organs = [[African Union|AU]], [[African Continental Free Trade Agreement|AfCFTA]] (signed), [[African Development Bank]], [[Southern African Development Community|SADC]], [[Economic Community of Central African States|ECCAS]], [[World Bank]], [[IMF]], [[World Trade Organization|WTO]], [[Group of 77]], [[OPEC]]
| group = {{plainlist|
*[[Least developed countries|Least developed]]<ref>{{cite web |url=https://www.imf.org/external/pubs/ft/weo/2019/01/weodata/weoselco.aspx?g=2200&sg=All+countries+%2f+Emerging+market+and+developing+economies |title=World Economic Outlook Database, April 2019 |publisher=[[International Monetary Fund]] |website=IMF.org |access-date=September 29, 2019}}</ref>
*Lower-middle income economy<ref>{{cite web |url=https://datahelpdesk.worldbank.org/knowledgebase/articles/906519-world-bank-country-and-lending-groups |title=World Bank Country and Lending Groups |publisher=[[World Bank]] |website=datahelpdesk.worldbank.org |access-date=September 29, 2019}}</ref>}}
| population = {{IncreaseNeutral}} 36,749,906 (2023)<ref>{{cite web |url=https://data.worldbank.org/indicator/SP.POP.TOTL?locations=AO |title=Population, total – Angola |publisher=[[World Bank]] |website=data.worldbank.org |access-date=November 17, 2019}}</ref>
| gdp = {{plainlist|
* {{Decrease}} $115.17 billion ([[GDP (nominal)|nominal]]; {{abbr|2025|2025 forecast}})<ref name="IMF DataMapper">{{cite web |url=https://www.imf.org/external/datamapper/profile/AGO |title=IMF DataMapper: Angola |website=[[International Monetary Fund]] |date=2025 |access-date=17 November 2025}}</ref>
* {{increase}} $401.48 billion ([[Purchasing power parity|PPP]]; {{abbr|2025|2025}})<ref name="IMF DataMapper"/> 
}}
| gdp rank = {{plainlist|
* [[List of countries by GDP (nominal)|67th (nominal; 2025)]]
* [[List of countries by GDP (PPP)|58th (PPP; 2025)]]
}}
| growth = {{plainlist|   
* {{Increase}} 2.1%&nbsp;(2025)<ref name="IMF DataMapper" />
* {{Increase}} 2.1%&nbsp;(2026)<ref name="IMF DataMapper" />
* {{Increase}} 2.5%&nbsp;({{abbr|2027f|2025 forecast}})<ref name="IMF DataMapper" />
* {{Increase}} 2.9%&nbsp;({{abbr|2028f|2025 forecast}})<ref name="IMF DataMapper" />
}}
| per capita = {{plainlist|
* {{Decrease}} $2,930 (nominal; {{abbr|2025|2025 forecast}})<ref name="IMF DataMapper"/>
* {{increase}} $10,220 (PPP; {{abbr|2025|2025 forecast}})<ref name="IMF DataMapper"/> 
}}
| per capita rank = {{plainlist|
* [[List of countries by GDP per capita (nominal)|143rd (nominal; 2025)]]
* [[List of countries by GDP per capita (PPP)|128th (PPP; 2025)]]
}}
| sectors = {{plainlist|
*[[Primary sector of the economy|agriculture]]: 14.9%
*[[Secondary sector of the economy|industry]]: 45.3%
*[[Tertiary sector of the economy|services]]: 39.7% 
*(2023 est.)<ref name="CIAWFAO">{{Cite CIA World Factbook|country=Angola|access-date=June 7, 2019|year=2019}}</ref>}}
| components = 
| inflation = 28% (2024 est.)<ref name="IMFWEOAO">{{cite web |url=https://www.imf.org/en/Publications/WEO/weo-database/2022/October/weo-report?c=614,&s=NGDPD,PPPGDP,NGDPRPPPPC,NGDPDPC,PPPPC,NID_NGDP,&sy=2020&ey=2027&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1|title=World Economic Outlook Database, October 2022 |publisher=[[International Monetary Fund]] |website=IMF.org |access-date=12 October 2022}}</ref>
| poverty = {{plainlist|
*32.3% (2018 est.)<ref>{{cite web |url=https://data.worldbank.org/indicator/SI.POV.NAHC?locations=AO |title=Poverty headcount ratio at national poverty lines (% of population) |publisher=[[World Bank]] |website=data.worldbank.org |access-date=June 7, 2019}}</ref>
*53% on less than $3.65/day (2018)<ref>{{cite web |url=https://data.worldbank.org/indicator/SI.POV.LMIC?locations=AO |title=Poverty headcount ratio at $3.20 a day (2011 PPP) (% of population) – Angola |publisher=[[World Bank]] |website=data.worldbank.org |access-date=March 22, 2020}}</ref>}}
| gini = 51.3 {{color|red|high}} (2018)<ref>{{cite web |url=https://data.worldbank.org/indicator/SI.POV.GINI?locations=AO |title=GINI index (World Bank estimate) – Angola |publisher=[[World Bank]] |website=data.worldbank.org |access-date=March 22, 2020}}</ref>
| hdi = {{plainlist|
*{{decrease}} 0.591 {{color|darkorange|medium}} (2022)<ref>{{cite web |url=http://hdr.undp.org/en/indicators/137506 |title=Human Development Index (HDI) |publisher=[[Human Development Report|HDRO (Human Development Report Office)]] [[United Nations Development Programme]] |website=hdr.undp.org |access-date=December 11, 2019}}</ref> ([[List of countries by Human Development Index|149th]])
*{{increase}} 0.392 {{color|red|low}} [[List of countries by inequality-adjusted HDI|IHDI]] (2018)<ref>{{cite web |title=Inequality-adjusted HDI (IHDI) |url=http://hdr.undp.org/en/indicators/138806 |website=hdr.undp.org |publisher=[[United Nations Development Programme|UNDP]] |access-date=May 22, 2020}}</ref>}}
| labor = {{plainlist|
*{{increase}} 15,315,118 (2023)<ref>{{cite web |url=https://data.worldbank.org/indicator/SL.TLF.TOTL.IN?locations=AO |title=Labor force, total – Angola |publisher=[[World Bank]] |website=data.worldbank.org |access-date=November 17, 2019}}</ref>
*64.3% employment rate (2021)<ref>{{cite web |url=https://data.worldbank.org/indicator/SL.EMP.TOTL.SP.NE.ZS?locations=AO |title=Employment to population ratio, 15+, total (%) (national estimate) – Angola |publisher=[[World Bank]] |website=data.worldbank.org |access-date=November 17, 2019}}</ref>}}
| occupations = {{plainlist|
*agriculture: 85%
*industry: 15% (2015 est.)
*industry and [[Service (economics)|services]]: 15% (2003 est.)<ref name="CIAWFAO"/>}}
| unemployment = 14.62% (2023 est.)<ref name="CIAWFAO"/>
| average gross salary = 
| average net salary = 
| industries = petroleum; diamonds, iron ore, phosphates, feldspar, bauxite, uranium, and gold; cement; basic metal products; fish processing; food processing, brewing, tobacco products, sugar; textiles; ship repair
| exports = {{increase}} $36.961&nbsp;billion (2023 est.)<ref>{{cite web| url=https://data.worldbank.org/indicator/NE.EXP.GNFS.CD?locations=AO |title=Exports of goods and services (current US$) – Angola|publisher=[[World Bank]]|website=data.worldbank.org}}</ref>
| export-goods = crude petroleum, natural gas, diamonds, ships, refined petroleum
| export-partners = {{plainlist|
*{{flag|China}} 40.1%
*{{flag|European Union}} 21.7%
*{{flag|India}} 9.1%
*{{flag|United Arab Emirates}} 6.5%
*{{flag|United States}} 3%
*{{flag|Republic of the Congo}} 2.9%
*{{flag|Indonesia}} 2.5%
*{{flag|Thailand}} 1.9%
*(2023)<ref>{{cite web |title=Foreign export trade partners of Angola (2023)|url=https://oec.world/en/visualize/tree_map/hs92/export/ago/show/all/2023|publisher=The Observatory of Economic Complexity |access-date=4 September 2025}}</ref>}}
| imports = {{increase}} $23.676&nbsp;billion (2023 est.)<ref>{{cite web |url=https://data.worldbank.org/indicator/NE.IMP.GNFS.CD?locations=AO |title=Imports of goods and services (current US$) – Angola|publisher=[[World Bank]]|website=data.worldbank.org}}</ref>
| import-goods = refined petroleum, wheat, cars, poultry, palm oil
| import-partners = {{plainlist|
*{{flag|European Union}} 27.5%
*{{flag|China}} 19.4%
*{{flag|United Arab Emirates}} 6.5%
*{{flag|India}} 6%
*{{flag|United States}} 5.1%
*{{flag|Togo}} 5%
*{{flag|United Kingdom}} 4.3%
*{{flag|South Korea}} 3.9%
*(2023)<ref>{{cite web |title=Foreign import trade partners of Angola (2023) |url=https://oec.world/en/visualize/tree_map/hs92/import/ago/show/all/2023|publisher=The Observatory of Economic Complexity |access-date=4 September 2025}}</ref>}}
| current account = {{decrease}} $4.21&nbsp;billion (2023 est.)<ref name="CIAWFAO"/>
| FDI = {{plainlist|
*{{increase}} $11.21&nbsp;billion (December 31, 2017, est.)<ref name="CIAWFAO"/>
*{{increase}} Abroad: $28 billion (December 31, 2017, est.)<ref name="CIAWFAO"/>}}
| gross external debt = {{increaseNegative}} $46.549&nbsp;billion (2022 est.)<ref name="CIAWFAO"/>
| debt = {{decreasePositive}} 65% of GDP (2017 est.)<ref name="CIAWFAO"/>
| revenue = 26.1&nbsp;billion (2023 est.)
| expenses = 23.98&nbsp;billion (2023 est.)
| balance = −6.7% (of GDP) (2017 est.)<ref name="CIAWFAO"/>
| aid = $383.5&nbsp;million (1999 est.)
| credit = 
| reserves = {{increase}} $13.942&nbsp;billion (2023 est.)<ref name="CIAWFAO"/>
| spelling = 
}}
[[File:GDP per capita development of Angola.svg|thumb|Change in per capita GDP of Angola, 1950–2018. Figures are inflation-adjusted to 2011 International dollars.]]
Angola has a semi-planned economy, in which central planning directs the economy with the participation of private enterprises. The '''economy of Angola''' remains heavily influenced by the effects of four decades of conflict in the last part of the 20th century, the [[Angolan War of Independence|war for independence from Portugal (1961–75)]] and the subsequent [[Angolan Civil War|civil war (1975–2002)]]. Poverty since 2002 is reduced over 50% and a third of the population relies on [[subsistence agriculture]]. Since 2002, when the 27-year civil war ended, government policy prioritized the repair and improvement of infrastructure and strengthening of political and social institutions. During the first decade of the 21st century, Angola's economy was one of the fastest-growing in the world,<ref name="fastest">Birgitte Refslund Sørensen and Marc Vincent. ''Caught Between Borders: Response Strategies of the Internally Displaced'', 2001. Page 17.</ref> with reported annual average GDP growth of 11.1 percent from 2001 to 2010.<ref>
{{cite news
|author=Graphic detail Charts, maps and infographics 
|url=https://www.economist.com/blogs/dailychart/2011/01/daily_chart 
|title=Daily chart: Africa's impressive growth 
|newspaper=The Economist 
|date=January 6, 2011 |access-date=July 13, 2014
}}</ref> High international oil prices and rising oil production contributed to strong economic growth, although with high inequality, at that time. 2022 trade surplus was $30 billion, compared to $48 billion in 2012.<ref>{{Cite magazine|url=https://www.newyorker.com/magazine/2015/06/01/extreme-city-specter|title=Luxury Living in a Failed State|last=Specter|first=Michael|magazine=The New Yorker|date=May 2, 2015|access-date=October 1, 2019|language=en|issn=0028-792X}}</ref>

[[Corruption in Angola|Corruption]] is rife throughout the economy<ref>{{Cite web|url=https://www.ganintegrity.com/portal/country-profiles/angola/|title=Angola Corruption Report|website=GAN Integrity|language=en-US|access-date=October 1, 2019}}</ref><ref>[https://www.icij.org/investigations/luanda-leaks/ ''Isabel dos Santos made a fortune at the expense of the Angolan people, Luanda Leaks reveals.''] icij.org, published January 19, 2020</ref> and the country remains heavily dependent on the oil sector, which in 2017 accounted for over 90 percent of exports by value and 64 percent of government revenue.<ref>{{Cite web|url=https://www.imf.org/~/media/Files/Publications/CR/2018/cr18157.ashx|title=Angola: Selected Issues|date=April 2018|website=International Monetary Fund|page=6|access-date=October 1, 2019}}</ref> With the end of the oil boom, from 2015 Angola entered into a period of economic contraction.<ref>{{Cite news|url=https://www.washingtonpost.com/world/africa/an-oil-boom-made-it-the-most-expensive-city-in-the-world-now-its-in-crisis/2016/08/02/adf777e8-31c2-11e6-ab9d-1da2b0f24f93_story.html|title=An oil boom made it the most expensive city in the world. Now it's in crisis.|last=Sieff|first=Kevin|date=August 2, 2016|newspaper=Washington Post|access-date=October 1, 2019|language=en-US|issn=0190-8286}}</ref>

<ref>{{Cite news|url=https://www.nytimes.com/2017/06/24/world/africa/angola-luanda-jose-eduardo-dos-santos.html |archive-url=https://ghostarchive.org/archive/20220101/https://www.nytimes.com/2017/06/24/world/africa/angola-luanda-jose-eduardo-dos-santos.html |archive-date=2022-01-01 |url-access=limited|title=Angola's Corrupt Building Boom: 'Like Opening a Window and Throwing Out Money'|last=Onishi|first=Norimitsu|date=June 2, 2017|work=The New York Times|access-date=October 1, 2019|language=en-US|issn=0362-4331}}{{cbignore}}</ref>

==History==
{{See also|History of Angola}}
The Angolan economy has been dominated by the production of raw materials and the use of cheap labor since [[Colonial history of Angola|European rule began in the sixteenth century]].<ref name=":0">{{citation-attribution|1={{cite encyclopedia|title=Angola: a country study|publisher=[[Federal Research Division]], [[Library of Congress]]|location=Washington, D.C.|url=https://www.loc.gov/item/90003244/|last=Clark|first=Nancy|date=1989|editor-last=Collelo|editor-first=Thomas|pages=113–116|language=English|isbn=|oclc=44357178|entry=Background to economic development}}}}</ref> The Portuguese used Angola principally as a source for the thriving [[Slavery in Angola|slave trade]] across the Atlantic; [[Luanda]] became the greatest slaving port in Africa.<ref name=":0" /> After the Portuguese Empire abolished the slave trade in Angola in 1858, it began using [[Concession (contract)|concessional]] agreements, granting exclusive rights to a private company to exploit land, people, and all other resources within a given territory.<ref name=":0" /> In [[Mozambique]], this policy spawned a number of companies notorious for their exploitation of local labor.<ref name=":0" /> But in Angola, only [[Diamang]] showed even moderate success.<ref name=":0" /> At the same time, Portuguese began emigrating to Angola to establish farms and plantations (''[[fazendas]]'') to grow [[cash crop]]s for export.<ref name=":0" /> Although these farms were only partially successful before [[World War II]], they formed the basis for the later economic growth.<ref name=":0" />

The principal exports of the post-slave economy in the 19th century were rubber, beeswax, and ivory.<ref>{{cite EB9 |wstitle=Angola |volume=2 |page=45}}</ref> Prior to the [[First World War]], exportation of coffee, [[palm tree|palm]] kernels and [[palm oil|oil]], cattle, leather and [[Hide (skin)|hides]], and [[salt fish]] joined the principal exports, with small quantities of gold and cotton also being produced.<ref>{{cite EB1911|wstitle=Angola |volume=2 |page=39}}</ref> Grains, sugar, and rum were also produced for local consumption.{{sfn|Chisholm|1911|p=39}} The principal imports were foodstuffs, cotton goods, hardware, and British coal.{{sfn|Chisholm|1911|p=39}} Legislation against foreign traders was implemented in the 1890s. The territory's prosperity, however, continued to depend on plantations worked by labor "indentured" from the interior.{{sfn|Chisholm|1911|p=40}}

Before World War II, the Portuguese government was concerned primarily with keeping its colonies self-sufficient and therefore invested little capital in Angola's local economy.<ref name=":0" /> It built no roads until the mid-1920s, and the first railroad, the [[Benguela railway]], was not completed until 1929.<ref name=":0" /> Between 1900 and 1940, only 35,000 Portuguese emigrants settled in Angola, and most worked in commerce in the cities, facilitating trade with Portugal.<ref name=":0" /> In the rural areas, Portuguese settlers often found it difficult to make a living because of fluctuating world prices for [[sugarcane]] and [[sisal]] and the difficulties in obtaining cheap labor to farm their crops.<ref name=":0" /> As a result, they often suspended their operations until the market prices rose and instead marketed the produce of Angolan farmers.<ref name=":0" />

But in the wake of World War II, the rapid growth of industrialization worldwide and the parallel requirements for raw materials led Portugal to develop closer ties with its colonies and to begin actively developing the Angolan economy.<ref name=":0" /> In the 1930s, Portugal started to develop closer trade ties with its colonies, and by 1940 it absorbed 63 percent of Angolan exports and accounted for 47 percent of Angolan imports, up from 39 percent and 37 percent, respectively, a decade earlier.<ref name=":0" /> When the price of Angola's principal crops—coffee and sisal—jumped after the war, the Portuguese government began to reinvest some profits inside the country, initiating a series of projects to develop infrastructure.<ref name=":0" /> During the 1950s, Portugal built dams, [[Hydroelectricity|hydroelectric power stations]], and transportation systems.<ref name=":0" /> In addition, Portuguese citizens were encouraged to emigrate to Angola, where planned settlements (''colonatos'') were established for them in the rural areas.<ref name=":0" /> Finally, the Portuguese initiated [[Mining industry of Angola|mining operations]] for iron ore, [[manganese]], and copper to complement industrial activities at home, and in 1955 the first successful [[oil well]]s were drilled in Angola.<ref name=":0" /> By 1960 the Angolan economy had been completely transformed, boasting a successful commercial agricultural sector, a promising mineral and petroleum production enterprise, and an incipient manufacturing industry.<ref name=":0" />

Yet by 1976, these encouraging developments had been reversed.<ref name=":0" /> The economy was in complete disarray in the aftermath of the [[Angolan War of Independence|war of independence]] and the subsequent internal fighting of the liberation movements.<ref name=":0" /> According to the ruling [[MPLA-PT]], in August 1976 more than 80 percent of the agricultural plantations had been abandoned by their Portuguese owners; only 284 out of 692 factories continued to operate; more than 30,000 medium-level and high-level managers, technicians, and skilled workers had left the country; and 2,500 enterprises had been closed (75 percent of which had been abandoned by their owners).<ref name=":0" /> Furthermore, only 8,000 vehicles remained out of 153,000 registered, dozens of bridges had been destroyed, the trading network was disrupted, administrative services did not exist, and files and studies were missing.<ref name=":0" />

Angola's economic ills can also be traced to the legacy of Portuguese colonial development.<ref name=":0" /> Many of the white settlers had come to Angola after 1950 and were understandably quick to repatriate during the war of independence.<ref name=":0" /> During their stay, however, these settlers had appropriated Angolan lands, disrupting local peasant production of cash and subsistence crops.<ref name=":0" /> Moreover, Angola's industries depended on trade with Portugal—the colony's overwhelmingly dominant trade partner—for both markets and machinery.<ref name=":0" /> Only the petroleum and diamond industries boasted a wider clientele for investment and markets.<ref name=":0" /> Most important, the Portuguese had not trained Angolans to operate the larger industrial or agricultural enterprises, nor had they actively educated the population.<ref name=":0" /> Upon independence Angola thus found itself without markets or expertise to maintain even minimal economic growth.<ref name=":0" />

As a result, the government intervened, nationalizing most businesses and farms abandoned by the Portuguese.<ref name=":0" /> It established state farms to continue producing coffee, sugar, and sisal, and it took over the operations of all factories to maintain production.<ref name=":0" /> These attempts usually failed, primarily because of the lack of experienced managers and the continuing disruptions in rural areas caused by the [[UNITA]] insurgency.<ref name=":0" /> Only the petroleum sector continued to operate successfully, and by 1980 this sector had helped the gross domestic product reach US$3.6&nbsp;billion, its highest level up to 1988.<ref name=":0" /> In the face of serious economic problems and the continuing war throughout the countryside, in 1987 the government announced plans to liberalize economic policies and promote private investment and involvement in the economy.<ref name=":0" />

===1990s===
[[United Nations Angola Verification Mission III]] and [[MONUA]] spent US$1.5&nbsp;billion overseeing implementation of the [[Lusaka Protocol]], a 1994 peace accord that ultimately failed to end the civil war. The protocol prohibited [[UNITA]] from buying foreign arms, a provision the United Nations largely did not enforce, so both sides continued to build up their stockpile. UNITA purchased weapons in 1996 and 1997 from private sources in Albania and Bulgaria, and from Zaire, South Africa, Republic of the Congo, Zambia, Togo, and Burkina Faso. In October 1997 the UN imposed travel sanctions on UNITA leaders, but the UN waited until July 1998 to limit UNITA's exportation of diamonds and freeze UNITA bank accounts. While the U.S. government gave US$250&nbsp;million to UNITA between 1986 and 1991, UNITA made US$1.72&nbsp;billion between 1994 and 1999 exporting diamonds, primarily through Zaire to Europe. At the same time the Angolan government received large amounts of weapons from the governments of Belarus, Brazil, Bulgaria, China, and South Africa. While no arms shipment to the government violated the protocol, no country informed the U.N. Register on Conventional Weapons as required.<ref name="lusaka">Vines, Alex. ''Angola Unravels: The Rise and Fall of the Lusaka Peace Process'', 1999. Human Rights Watch.</ref>

Despite the increase in civil warfare in late 1998, the economy grew by an estimated 4% in 1999. The government introduced new currency denominations in 1999, including a 1 and 5 kwanza note.{{cite web
|url=http://infoweb.newsbank.com/resources/doc/nb/news/12E64CD19E1EC120?p=WORLDNEWS
|title= Central Bank governor explains arrangements for new currency
|publisher=BBC Selected Transcripts: Africa
|date=November 1, 1999|access-date=October 10, 2017}}

===21st century===

[[File:Isabel dos Santos (cropped).jpg|thumb|250px|The Angolan government has been trying to prosecute [[Isabel dos Santos]], a daughter of a former Angolan president, for corruption which may have led to Angola's recession]]

An economic reform effort was launched in 1998.{{CN|date=February 2023}} Angola ranked 160 of 174 nations in the [[United Nations Human Development Index]] in 2000.<ref name="fastest"/> In April 2000 Angola started an [[International Monetary Fund]] (IMF) Staff-Monitored Program (SMP). The program formally lapsed in June 2001, but the IMF remains engaged. In this context the Government of Angola has succeeded in unifying exchange rates and has raised fuel, electricity, and water rates. The Commercial Code, telecommunications law, and Foreign Investment Code are being modernized. A privatization effort, prepared with [[World Bank]] assistance, has begun with the [[Banco de Comércio e Indústria|BCI]] bank. Nevertheless, a legacy of fiscal mismanagement and corruption persists.{{Citation needed|date=July 2007}} The civil war [[Internally displaced person|internally displaced]] 3.8&nbsp;million people, 32% of the population, by 2001.<ref name="fastest"/> The security brought about by the 2002 peace settlement has led to the resettlement of 4 million displaced persons, thus resulting in large-scale increases in agriculture production.{{Citation needed|date=July 2007}}

Angola produced over {{convert|3|e6carat|kg|abbr=off}} of diamonds in 2003,<ref name="threemct">{{cite web |url=http://www.mbendi.co.za/indy/ming/dmnd/af/p0005.htm |title=Diamond Mining in Africa – Overview |publisher=Mbendi.co.za |date=March 3, 2014|access-date=July 13, 2014 |archive-url=https://web.archive.org/web/20070707125413/http://www.mbendi.co.za/indy/ming/dmnd/af/p0005.htm |archive-date=July 7, 2007 |url-status=dead }}</ref> and production was expected to grow to {{convert|10|e6carat|kg|abbr=off}} per year by 2007. In 2004, China's Eximbank approved a $2&nbsp;billion line of credit to Angola to rebuild infrastructure. The economy grew 18% in 2005 and growth was expected to reach 26% in 2006 and stay above 10% for the rest of the decade.<ref>{{Cite web|url=https://www.the-chiefexecutive.com/projects/angola-revival/index.html |title=Banco Africano de Investimentos: Increasing the Pace – Angola's Revival – Chief Executive Officer|website=www.the-chiefexecutive.com|access-date=February 14, 2020}}</ref> By 2020, Angola had a national debt of $76&nbsp;billion, of which $20&nbsp;billion is to China.<ref>{{cite web |url=https://www.fitchratings.com/research/sovereigns/fitch-downgrades-angola-to-ccc-04-09-2020 |title=Fitch downgrades Angola to CCC |date=4 September 2020 |website=www.fitchratings.com |archive-url= https://web.archive.org/web/20210210222214/https://www.fitchratings.com/research/sovereigns/fitch-downgrades-angola-to-ccc-04-09-2020 |archive-date=10 February 2021 |url-status=live}}</ref>

The construction industry is taking advantage of the growing economy, with various housing projects stimulated by the government such as the ''Angola Investe'' program and the ''[[Grupo Opaia SA#Casa Feliz|Casa Feliz]]'' or ''[[Grupo Opaia SA#Opaia Águas (Water)|Meña]]'' projects. Not all public construction projects are functional. For example, [[Kilamba Kiaxi]], where a whole new satellite town of Luanda, consisting of housing facilities for several hundreds of thousands of people, was completely uninhabited for over four years because of skyrocketing prices, but completely sold out after the government decreased the original price and created mortgage plans at around the election time and thus made it affordable for middle-class people. ChevronTexaco started pumping {{convert|50|koilbbl/d|abbr=on}} from Block 14 in January 2000, but production decreased to {{convert|57|koilbbl/d|abbr=on}} in 2007 due to poor-quality oil.<ref name="opec">{{cite web|title=Angola|url=http://www.eia.doe.gov/emeu/cabs/Angola/pdf.pdf|url-status=dead|archive-url=https://web.archive.org/web/20070926035705/http://www.eia.doe.gov/emeu/cabs/Angola/pdf.pdf|archive-date=September 26, 2007|work=Energy Information Administration|publisher=Eia.doe.gov}}</ref> Angola joined the [[Organization of the Petroleum Exporting Countries]] on January 1, 2007.<ref name="opec"/> Cabinda Gulf Oil Company found Malange-1, an oil reservoir in Block 14, on August 9, 2007.<ref name="malfound">{{cite web
|url=http://www.rigzone.com/news/article.asp?a_id=48798 
|title=Chevron Finds Success on Angolan Block 14, Again 
|publisher=Rigzone 
|date=August 9, 2007 |access-date=July 13, 2014
}}
</ref>

==Overview==
{{See also|Agriculture in Angola|Fishing in 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 {{convert|1.4|Moilbbl/d}} in late-2005 and which is expected to grow to {{convert|2|Moilbbl/d}} by 2007. Control of the oil industry is consolidated in [[Sonangol Group]], a conglomerate owned by the Angolan government. With revenues booming from oil exports, the government has started to implement ambitious development programs to build roads and other basic infrastructure for the nation.{{Citation needed|date=July 2007}}

In the last decade of the colonial period, Angola was a major African food exporter but now imports almost all its food. Severe wartime conditions, including extensive planting of landmines throughout the countryside, have brought agricultural activities 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. Expanding oil production is now almost half of GDP and 90% of exports, at {{convert|800|koilbbl/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.<ref>{{Cite CIA World Factbook|country=Angola|section=economy|access-date=2021-03-09|year=2021}}</ref>

This is a chart of trend of [[Real versus nominal value (economics)|nominal]] gross domestic product of Angola at market prices using International Monetary Fund data;<ref name="gdptrend">{{cite web|url=http://www.imf.org/external/pubs/ft/weo/2006/01/data/dbcoutm.cfm?SD=1995&ED=2005&R1=1&R2=1&CS=3&SS=2&OS=C&DD=0&OUT=1&C=614&S=NGDP-NGDPD&RequestTimeout=120&CMP=0 |title=Report for Selected Countries and Subjects |publisher=Imf.org |date=April 2, 2003|access-date=July 13, 2014}}</ref> figures are in millions of units.
{|class="wikitable"
|-
!Year || Gross Domestic Product (*$1,000,000) || US Dollar Exchange || Per Capita Income<br/> (as % of USA)
|-
|1980 || || || 6.33
|-
|1985 || || || 4.46
|-
|1990 || || || 4.42
|-
|1995 || 5,066 || 14 Angolan Kwanza || 1.58
|-
|2000 || 9,135 || 91,666 Angolan Kwanza || 1.96
|-
|2005 || 28,860 || 2,515,452 Angolan Kwanza || 4.73
|}

The following table shows the main economic indicators in 1980–2023. Inflation below 5% is in green.<ref>{{Cite web |title=Report for Selected Countries and Subjects |url=https://www.imf.org/en/Publications/WEO/weo-database/2023/October/weo-report?c=614,&s=NGDP_RPCH,NGDPD,PPPGDP,PPPPC,PCPIPCH,GGXWDG_NGDP,&sy=1980&ey=2028&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1 |access-date=2024-02-27 |website=www.imf.org |language=en-US}}</ref>
{| class="wikitable" style="text-align:center;"
!Year
!GDP<br /><small>(in bn. US$ PPP)</small>
!GDP per capita<br /><small >(in US$ PPP)</small>
!GDP
<small>(in bn. US$ nominal)</small>
!GDP growth<br /><small>(real)</small>
!Inflation rate<br /><small>(in Percent)</small>
!Government debt<br><small>(in % of GDP)</small>
|-
|1980
|10.9
|1,317
|6.6
|{{increase}}2.4%
|{{increaseNegative}}46.7%
|n/a
|-
|1981
|{{Increase}}11.4
|{{Increase}}1,341
|{{Decrease}}6.2
|{{Decrease}}−4.4%
|{{increase}}1.3%
|n/a
|-
|1982
|{{Increase}}12.1
|{{Increase}}1,388
|6.2
|{{Steady}}0.0%
|{{increase}}1.8%
|n/a
|-
|1983
|{{Increase}}13.1
|{{Increase}}1,464
|{{Increase}}6.5
|{{increase}}4.2%
|{{increase}}1.8%
|n/a
|-
|1984
|{{Increase}}14.4
|{{increase}}1,567
|{{Increase}}6.9
|{{Increase}}6.0%
|{{increase}}1.8%
|n/a
|-
|1985
|{{Increase}}15.4
|{{Decrease}}1,484
|{{Increase}}8.5
|{{Increase}}3.5%
|{{increase}}1.8%
|n/a
|-
|1986
|{{Increase}}16.1
|{{Increase}}1,515
|{{Decrease}}7.9
|{{Increase}}2.9%
|{{increase}}1.8%
|n/a
|-
|1987
|{{Increase}}17.2
|{{Increase}}1,576
|{{Increase}}9.1
|{{Increase}}4.1%
|{{increase}}1.8%
|n/a
|-
|1988
|{{Increase}}18.9
|{{increase}}1,685
|{{Increase}}9.8
|{{Increase}}6.1%
|{{increase}}1.8%
|n/a
|-
|1989
|{{Increase}}19.6
|{{Increase}}1,705
|{{Increase}}11.4
|{{Steady}}0.0%
|{{increase}}1.8%
|n/a
|-
|1990
|{{Increase}}19.7
|{{Decrease}}1,664
|{{Increase}}12.6
|{{Decrease}}−3.5%
|{{increase}}1.8%
|n/a
|-
|1991
|{{Increase}}22.8
|{{Increase}}1,865
|{{Decrease}}12.2
|{{Increase}}1.0%
|{{increaseNegative}}85.3%
|n/a
|-
|1992
|{{Increase}}26.0
|{{Increase}}2,057
|{{Decrease}}9.4
|{{Increase}}11.4%
|{{increaseNegative}}299.1%
|n/a
|-
|1993
|{{Increase}}29.6
|{{Increase}}2,067
|{{Decrease}}6.8
|{{Increase}}10.7%
|{{increaseNegative}}1,379.5%
|n/a
|-
|1994
|{{increase}}33.3
|{{increase}}2,475
|{{Decrease}}5.0
|{{Increase}}10.5%
|{{increaseNegative}}949.8%
|n/a
|-
|1995
|{{Increase}}37.5
|{{Increase}}2,698
|{{Increase}}6.2
|{{increase}}10.4%
|{{increaseNegative}}2,672.2%
|n/a
|-
|1996
|{{Increase}}42.5
|{{Increase}}2,955
|{{Increase}}8.0
|{{Increase}}11.2%
|{{increaseNegative}}4,146.0%
|n/a
|-
|1997
|{{Increase}}46.4
|{{Increase}}3,120
|{{Increase}}9.4
|{{Increase}}7.3%
|{{increaseNegative}}221.9%
|n/a
|-
|1998
|{{increase}}49.1
|{{increase}}3,196
|{{Decrease}}8.0
|{{increase}}4.7%
|{{increaseNegative}}107.4%
|n/a
|-
|1999
|{{Increase}}50.9
|{{Increase}}3,207
|{{Decrease}}7.5
|{{Increase}}2.2%
|{{increaseNegative}}248.2%
|n/a
|-
|2000
|{{Increase}}53.6
|{{Increase}}3,272
|{{Increase}}11.2
|{{Increase}}3.1%
|{{increaseNegative}}325.0%
|133.9%
|-
|2001
|{{Increase}}57.2
|{{Increase}}3,373
|{{Decrease}}10.9
|{{increase}}4.2%
|{{increaseNegative}}152.6%
|{{decreasePositive}}133.5%
|-
|2002
|{{Increase}}66.0
|{{Increase}}3,766
|{{Increase}}15.3
|{{Increase}}13.7%
|{{increaseNegative}}108.9%
|{{decreasePositive}}73.7%
|-
|2003
|{{Increase}}69.3
|{{Increase}}3,823
|{{Increase}}17.8
|{{Increase}}3.0%
|{{increaseNegative}}98.2%
|{{decreasePositive}}58.0%
|-
|2004
|{{Increase}}78.9
|{{Increase}}4,205
|{{Increase}}23.6
|{{Increase}}11.0%
|{{increaseNegative}}43.5%
|{{decreasePositive}}47.7%
|-
|2005
|{{Increase}}93.7
|{{increase}}4,815
|{{Increase}}37.0
|{{Increase}}15.0%
|{{increaseNegative}}23.0%
|{{decreasePositive}}33.5%
|-
|2006
|{{Increase}}107.7
|{{increase}}5,341
|{{Increase}}52.4
|{{Increase}}11.5%
|{{increaseNegative}}13.3%
|{{decreasePositive}}18.7%
|-
|2007
|{{Increase}}126.1
|{{Increase}}6,030
|{{Increase}}65.3
|{{Increase}}14.0%
|{{increaseNegative}}12.2%
|{{increaseNegative}}21.0%
|-
|2008
|{{Increase}}142.9
|{{Increase}}6,586
|{{Increase}}88.5
|{{Increase}}11.2%
|{{increaseNegative}}12.5%
|{{increaseNegative}}31.4%
|-
|2009
|{{increase}}145.0
|{{Decrease}}6,443
|{{Decrease}}70.3
|{{increase}}0.9%
|{{increaseNegative}}13.7%
|{{increaseNegative}}56.2%
|-
|2010
|{{Increase}}153.9
|{{Increase}}6,586
|{{Increase}}83.8
|{{Increase}}4.9%
|{{increaseNegative}}14.5%
|{{decreasePositive}}37.2%
|-
|2011
|{{Increase}}162.5
|{{Increase}}6,700
|{{Increase}}111.8
|{{Increase}}3.5%
|{{increaseNegative}}13.5%
|{{decreasePositive}}29.6%
|-
|2012
|{{Increase}}186.1
|{{increase}}7,389
|{{Increase}}128.1
|{{Increase}}8.5%
|{{increaseNegative}}10.3%
|{{decreasePositive}}26.7%
|-
|2013
|{{Increase}}199.9
|{{Increase}}7,644
|{{Increase}}136.7
|{{Increase}}5.0%
|{{increaseNegative}}8.8%
|{{increaseNegative}}33.1%
|-
|2014
|{{Increase}}220.4
|{{Increase}}8,123
|{{Increase}}145.7
|{{Increase}}4.8%
|{{increaseNegative}}7.3%
|{{increaseNegative}}39.8%
|-
|2015
|{{Decrease}}204.6
|{{Decrease}}7,274
|{{Decrease}}116.2
|{{Increase}}0.9%
|{{increaseNegative}}9.2%
|{{increaseNegative}}57.1%
|-
|2016
|{{Increase}}204.9
|{{Decrease}}7,027
|{{Decrease}}101.1
|{{Decrease}}−2.6%
|{{increaseNegative}}30.7%
|{{increaseNegative}}75.7%
|-
|2017
|{{Increase}}217.8
|{{Increase}}7,210
|{{Increase}}122.0
|{{Decrease}}−0.2%
|{{increaseNegative}}29.8%
|{{decreasePositive}}69.3%
|-
|2018
|{{Increase}}220.1
|{{Decrease}}7,038
|{{Decrease}}101.4
|{{Decrease}}−1.3%
|{{increaseNegative}}16.6%
|{{increaseNegative}}93.0%
|-
|2019
|{{Increase}}222.5
|{{Decrease}}6,877
|{{Decrease}}84.5
|{{Decrease}}−0.7%
|{{increaseNegative}}17.1%
|{{increaseNegative}}113.6%
|-
|2020
|{{Decrease}}212.7
|{{Decrease}}6,362
|{{Decrease}}57.1
|{{Decrease}}−5.6%
|{{increaseNegative}}22.3%
|{{increaseNegative}}138.9%
|-
|2021
|{{Increase}}224.9
|{{Increase}}6,518
|{{Increase}}74.9
|{{Increase}}1.2%
|{{increaseNegative}}25.8%
|{{decreasePositive}}86.8%
|-
|2022
|{{Increase}}248.1
|{{Increase}}6,944
|{{Increase}}122.8
|{{Increase}}3.0%
|{{increaseNegative}}21.4%
|{{decreasePositive}}66.7%
|-
|2023
|{{Increase}}260.3
|{{Increase}}7,077
|{{Decrease}}93.8
|{{Increase}}1.3%
|{{increaseNegative}}13.1%
|{{increaseNegative}}84.9%
|}

==Agriculture==
Angola produced, in 2018:

* 8.6&nbsp;million tons of [[cassava]] (8th largest producer in the world);
* 3.5&nbsp;million tons of banana (7th largest producer in the world, or the 10th largest, if we consider together with [[Cooking banana|plantain]]);
* 2.2&nbsp;million tons of maize;
* 1.2&nbsp;million tons of [[sweet potato]] (10th largest producer in the world);
* 806 thousand tons of potato;
* 597 thousand tons of [[pineapple]] (13th largest producer in the world);
* 572 thousand tons of [[sugarcane]];
* 355 thousand tons of [[cabbage]];
* 314 thousand tons of [[beans]];
* 280 thousand tons of [[palm oil]];
* 154 thousand tons of peanut;

In addition to smaller productions of other agricultural products, like coffee (16 thousand tons).<ref>[http://www.fao.org/faostat/en/#data/QC/ Angola production in 2018, by FAO]</ref>

==Foreign trade==
{{see also|Angola–United States relations}}

Exports in 2004 reached US$10,530,764,911. The vast majority of Angola's exports, 92% in 2004, are petroleum products. US$785&nbsp;million worth of diamonds, 7.5% of exports, were sold abroad that year.<ref name="exports">{{cite web|url=http://www.afrol.com/articles/16248 |title=afrol News – 99.4% of Angola's exports are oil, diamonds |publisher=Afrol.com |access-date=July 13, 2014}}</ref> Nearly all of Angola's oil goes to the United States, {{convert|526|koilbbl/d|abbr=on}} in 2006, making it the eighth largest supplier of oil to the United States, and to China, {{convert|477|koilbbl/d|abbr=on}} in 2006. In the first quarter of 2008, Angola became the main exporter of oil to China.<ref name="China">{{cite web|last=Zhu |first=Winnie |url=https://www.bloomberg.com/apps/news?pid=newsarchive&sid=aqJ3Wjxs.OWs |title=Angola Overtakes Saudi Arabia as Biggest Oil Supplier to China |publisher=Bloomberg |date=April 2, 2008|access-date=July 13, 2014}}</ref> The rest of its petroleum exports go to Europe and Latin America.<ref name="opec"/> U.S. companies account for more than half the investment in Angola, with Chevron-Texaco leading the way. The U.S. exports industrial goods and services, primarily oilfield equipment, mining equipment, chemicals, aircraft, and food, to Angola, while principally importing petroleum.{{Citation needed|date=July 2007}} Trade between Angola and South Africa exceeded US$300&nbsp;million in 2007.<ref name="safrica">{{cite web |title=Angola-South Africa trade worth over US$ 300 million per year |url=http://www.macauhub.com.mo/en/news.php?ID=3726 |publisher=Macau Hub |access-date=September 3, 2019 |archive-url=https://web.archive.org/web/20071228175919/http://www.macauhub.com.mo/en/news.php?ID=3726 |archive-date=December 28, 2007 |date=July 23, 2007}}</ref> From the 2000s, many Chinese have settled and started up businesses.<ref>{{cite news|last=Rowlatt |first=Justin |url=https://news.bbc.co.uk/2/hi/programmes/from_our_own_correspondent/9052011.stm |title=Chinese karaoke fans sing Angola's praises |work=BBC News |date=October 2, 2010 |access-date=July 13, 2014}}</ref>

==Resources==

===Petroleum===
[[File:Angola-offshore-oil-block-map-numbered.png|thumb|469x469px|Map of Angolan offshore oil blocks. Block 17 is towards the north.]]
Angola produces and exports more petroleum than any other nation in [[sub-Saharan Africa]], surpassing [[Nigeria]] first in the [[2000s in Angola|2000s]], then in 2022.<ref>{{Cite web |title=OPEC : Monthly Oil Market Report |url=https://www.opec.org/opec_web/en/publications/338.htm |access-date=2022-08-20 |website=www.opec.org}}</ref> In January 2007 Angola became a member of [[OPEC]], before leaving in December 2023, as they wanted to expand their oil production. Under the Lourenço administration which began in 2017, the country has made efforts to incentive investments and reverse declining production, resulting in fresh investments made by international oil companies.
[[File:Petrol price in Angola.jpg|thumb|left|Petrol price in 2019]]
[[Chevron Corporation]], [[TotalEnergies]], [[ExxonMobil]], [[Eni]], and [[BP]] all operate in the country and represent a vast majority of daily production.<ref name="oilhistory">Tvedten, Inge. ''Angola: Struggle for Peace and Reconstruction'', 1997. Page 82.</ref>

Block 17, operated by TotalEnergies, is Angola's biggest producing asset<ref>{{Cite web |title=Exploração e Receita Petrolífera corrente |url=https://www.minfin.gov.ao/PortalMinfin/#!/economia-nacional/petroleo |access-date=2022-08-20 |website=www.minfin.gov.ao}}</ref> and is known as the Golden Block. The French major is currently executing several subsea tieback projects there, including CLOV 3 and Begonia, whose final investment decisions (FIDs) were taken in 2022.<ref>{{Cite web |title=StackPath |url=https://www.offshore-mag.com/regional-reports/africa/article/14278028/anpg-totalenergies-invest-850-million-in-phase-3-of-angolan-block-17 |access-date=2022-08-20 |website=www.offshore-mag.com|date=June 13, 2022 }}</ref><ref>{{Cite web |title=Angola : TotalEnergies déploie sa stratégie multi-énergies en lançant trois projets dans le pétrole, le gaz et l'électricité solaire |url=https://totalenergies.com/fr/medias/actualite/communiques-presse/angola-totalenergies-deploie-sa-strategie-multi-energies |access-date=2022-08-20 |website=TotalEnergies.com |date=July 28, 2022 |language=fr}}</ref>

The United Nations has criticized the Angolan government for using torture, rape, [[summary execution]]s, arbitrary detention, and disappearances, actions which Angolan government has justified on the need to maintain oil output.<ref name="hroil">Omeje, Kenneth C. ''High Stakes And Stakeholders: Oil Conflict And Security in Nigeria'', 2006. Page 157.</ref>

Angola is the third-largest trading partner of the United States in Sub-Saharan Africa, largely because of its petroleum exports.<ref name="thirdlargest">United States Congress. ''Foreign Operations, Export Financing, and Related Programs Appropriations for 1998: Hearings'', 1997. Page 269.</ref> The U.S. imports 7% of its oil from Angola, about three times as much as it imported from [[Kuwait]] just prior to the [[Gulf War]] in 1991. The U.S. Government has invested US$4&nbsp;billion in Angola's petroleum sector.<ref name="kuwait">Vines, Alex. ''Angola Unravels: The Rise and Fall of the Lusaka Peace Process'', 1999. Human Rights Watch. Page 189.</ref>

Oil makes up over 90% of Angola's exports.<ref>{{cite web
|url=http://www.angola.org/index.php?page=economy
|title=Economy
|work=Embassy of Angola, Washington D.C.
|access-date=July 20, 2016
|archive-date=March 8, 2016
|archive-url=https://web.archive.org/web/20160308011152/http://www.angola.org/index.php?page=economy
|url-status=dead
}}</ref>

===Diamonds===
{{Main|Mining in Angola}}
Angola is the third largest producer of diamonds in Africa and has only explored 40% of the diamond-rich territory within the country, but has had difficulty in attracting foreign investment because of corruption, human rights violations, and diamond smuggling.<ref name="cfr">{{Cite news|url=http://allafrica.com/stories/200705071105.html|title=Angola: U.S. Must Strengthen Ties to Protect Strategic Energy and Security Interests|date=May 7, 2007|work=Council on Foreign Relations (New York)|access-date=July 31, 2017}}</ref> Production rose by 30% in 2006 and [[Endiama]], the national diamond company of Angola, expects production to increase by 8% in 2007 to 10 million carats annually. The government is trying to attract foreign companies to the [[Provinces of Angola|provinces]] of [[Bié (province)|Bié]], [[Malanje (province)|Malanje]] and [[Uíge Province|Uíge]].<ref name="diaexploration">
{{cite web
 |url         = http://africa.reuters.com/business/news/usnBAN637551.html
 |title       = Reuters.com
 |publisher   = Africa.reuters.com
 |date        = February 9, 2009
|access-date  = July 13, 2014
 |url-status     = dead
 |archive-url  = https://web.archive.org/web/20071228235821/http://africa.reuters.com/business/news/usnBAN637551.html
 |archive-date = December 28, 2007
 |df          = mdy-all
}}
</ref>

The Angolan government loses $375&nbsp;million annually from diamond smuggling. In 2003, the government began Operation Brilliant, an anti-smuggling investigation that arrested and deported 250,000 smugglers between 2003 and 2006. [[Rafael Marques (journalist)|Rafael Marques]], a journalist and human rights activist, described the diamond industry in his 2006 ''Angola's Deadly Diamonds'' report as plagued by "murders, beatings, arbitrary detentions and other human rights violations." Marques called on foreign countries to boycott Angola's "[[conflict diamonds]]".<ref name="marques">
{{cite web
|url=http://www.afrol.com/articles/15888 
|title=afrol News – Angola to double diamond production in 2006 
|publisher=Afrol.com 
|access-date=July 13, 2014}}</ref> In December 2014, the [[Bureau of International Labor Affairs]] issued a ''[[List of Goods Produced by Child Labor or Forced Labor]]''<ref>{{Cite web|url=http://www.dol.gov/ilab/reports/child-labor/list-of-goods/|archive-url=https://web.archive.org/web/20131002122745/http://www.dol.gov/ilab/reports/child-labor/list-of-goods/|url-status=dead|archive-date=October 2, 2013|title=List of Goods Produced by Child Labor or Forced Labor}}</ref> that classified Angola as one of the major diamond-producing African countries relying on both child labor and forced labor. The [[United States Department of Labor|U.S. Department of Labor]] reported that "there is little publicly available information on [Angola's] efforts to enforce child labor law".<ref>{{Cite web|url=http://www.dol.gov/ilab/reports/child-labor/angola.htm|title=2013 Findings on the Worst Forms of Child Labor – Angola -|access-date=January 9, 2015|archive-date=December 8, 2015|archive-url=https://web.archive.org/web/20151208005910/http://www.dol.gov/ilab/reports/child-labor/angola.htm|url-status=dead}}</ref> Diamonds accounted for 1.48% of Angolan exports in 2014.<ref>{{cite web
|url=http://atlas.media.mit.edu/en/profile/country/ago/
|title=Angola
|publisher=OEC
|work=Countries
|access-date=July 20, 2016
|archive-date=May 2, 2019
|archive-url=https://web.archive.org/web/20190502101351/https://atlas.media.mit.edu/en/profile/country/ago/
|url-status=dead
}}</ref>

===Iron===
{{Main|Mining in Angola}}
Under Portuguese rule, [[Angola (Portugal)|Angola]] began mining iron in 1957, producing 1.2&nbsp;million tons in 1967 and 6.2&nbsp;million tons by 1971. In the early 1970s, 70% of Portuguese Angola's iron exports went to Western Europe and Japan.<ref name="diaexploration"/> After independence in 1975, the [[Angolan Civil War]] (1975–2002) destroyed most of the territory's mining infrastructure. The redevelopment of the Angolan mining industry started in the late 2000s.

==See also==
*[[Banco Espírito Santo Angola]]
* [[United Nations Economic Commission for Africa]]

==References==
{{Reflist}}

==Further reading==
*McCormick, Shawn H. ''The Angolan Economy: Prospects for Growth in a Postwar Environment'', 1994.
*OECD, International Energy Agency. ''Angola: Towards an Energy Strategy'', 2006.
*{{cite web |url=http://www.mfw4a.org/angola/angola-financial-sector-profile.html |title=Angola Financial Sector Profile: MFW4A – Making Finance Work for Africa |publisher=MFW4A |access-date=July 13, 2014 |archive-date=June 10, 2016 |archive-url=https://web.archive.org/web/20160610082623/http://www.mfw4a.org/angola/angola-financial-sector-profile.html |url-status=dead }}

==External links==
*[https://web.archive.org/web/20000816233248/http://www.mbendi.co.za/land/af/an/p0005.htm MBendi overview of Angola]
*[http://www.trademap.org/open_access/Index.aspx?proceed=true&reporter=024 Angola latest trade data on ITC Trade Map]
*[http://www.cotecna.com/en/Tools/~/media/Documents/Datasheets%20-%20Factsheets/Angola/Angola-Cotecna-Datasheet.ashx Exports to Angola Datasheet] {{Webarchive|url=https://web.archive.org/web/20130925101155/http://www.cotecna.com/en/Tools/~/media/Documents/Datasheets%20-%20Factsheets/Angola/Angola-Cotecna-Datasheet.ashx |date=September 25, 2013 }}
*


{{Economy of Angola}}
{{OPEC}}
{{Africa in topic|Economy of}}

{{DEFAULTSORT:Economy Of Angola}}
[[Category:Economy of Angola| ]]
[[Category:African Union member economies|Angola]]
[[Category:Blood diamonds]]
[[Category:OPEC|Angola]]
[[Category:World Trade Organization member economies|Angola]]