The ending of the 27 year civil war in 2002 has brought renewed hope and optimism for Angola although the war displaced millions and killed upwards of 1.5 million citizens, current population is 12.1 million. In 2003, upwards of 70 percent of Angolan citizens live in poverty. Angola is rich in natural resources including both minerals (diamond exports) and oil/energy. The Angolan oil sector is booming which represents 50 percent of GDP and 90 percent of exports.
GDP as measured by purchasing power parity stands at $46 billion USD (2005) with corresponding GDP/Capita at $3,200 (2005). Total GDP at market prices is measured at $22.8 billion USD (2005). GDP growth is forecasted at 26 percent for 2006, 20.2 percent for 2007. GDP growth for 2005 at 19.1 percent, 2004 at 12 percent. Inflation is estimated at 13 percent for 2006, 8.3 percent for 2007. Other inflation quotes include year 2005 at 18 percent, 2004 at 30 percent, 2002-03 at 115 percent, year 2000 at 325 percent, 1990’s experiencing hyperinflation up to 3000 percent. The current account is in surplus at $4.5 billion USD (2005), large trade surplus. External debt stood at $9.9 billion USD (2005). Year 2005 fiscal surplus came in at 7 percent of GDP. Unemployment is high at upwards of 50 percent with underemployment. Foreign exchange reserves stand at $2.42 billion USD. Oil production at 1.6 million bpd, domestic consumption at 46,000 bpd (2003), proven oil reserves at 25 billion barrels.
CURRENCY: ISO Symbol for ‘AOA’, Angolan new kwanza. At time of review on April 20, 2006, the Angolan kwanza had an exchange value of 80.385 AOA to the US-dollar (USD) and/or 98.926 AOA to the Euroland euro ‘EUR’. Exchange rate stabilization program in 2003 conducted by the central bank helped to bring stability and a lowering of inflation. Currency regime: managed float.
CURRENCY HISTORY: the kwanza crashed in value by 50 percent during year 2001-02. Since 1977, there have been four currency re-sets for the kwanza. From 1977 - 1990, the kwanza circulated replacing the escudo at par. During 1990-95, the novo kwanza replaced the kwanza at 1000 to 1. Then from 1995-99, the novo kwanza was then replaced by the kwanza reajustado at 1000 to 1. In 1999, the latest kwanza (AOA) replaced the kwanza reajustado at 1 million to 1. The various kwanza’s became a victim of civil war and hyperinflation. Historical exchange quotes include year 2005 at 88.6 AOA to the USD, 2004 at 83.5, 2003 at 74.6, 2002 at 43.53, 2001 at 22.06, 2000 at 16.3, year 1999 the kwanza reajustado (AOR) hit a low of 5.4 million AOR to the USD, 1997 at 253,000 AOR, 1995 at 13,000 and 1995 at 2.1 million AON.
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