Economy

Estimates of proven resources of crude oil in Angola vary between 12 to 15 billion barrels. The natural gas reserves are estimated at 2 trillion cubic feet. Crude Oil is the main stay of the Angolan economy, followed by diamonds and other minerals. With a production of close to 2 million barrels per day during 2008, Angola was the second largest oil producing country (after Nigeria) in sub-Saharan Africa. The Angolan GDP grew by 0.9% in 2015, -2.6% in 2016, and -2.5% in 2017. In January 2007 Angola became a full-fledged member of OPEC (Organization of Petroleum Exporting Countries) and a limit of 1.5 million bbls of oil has been set up for daily production for Angola w.e.f. January 1, 2019.

Angola is globally the 4th largest producer of diamonds. It also has iron ore, bauxite, phosphates, feldspar, uranium and gold. Agricultural products produced include bananas, sugarcane, coffee, sisal, corn, cotton, manioc (tapioca), tobacco, vegetables, plantains; livestock and forest products

Amounts in Billion USD

2012

2013

2014

2015

2016

2017

Exports of goods

71.093

68.24

59.17

35.54

31.03

33.07

Imports of goods

23.717

26.34

28.58

21.15

13.04

19.5

.

Main destinations of exports

China, India, United States, France, Chile Japan

Main destinations of imports

Portugal, China, US, South Africa, Brazil,UK