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Us</span></a></li> </ul> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </header><div class="uabb-js-breakpoint" style="display: none;"></div> <div id="fl-main-content" class="fl-page-content" itemprop="mainContentOfPage" role="main"> <div class="fl-content-full container"> <div class="row"> <div class="fl-content col-md-12"> <article class="fl-post post-42 page type-page status-publish hentry" id="fl-post-42" itemscope="itemscope" itemtype="https://schema.org/CreativeWork"> <div class="fl-post-content clearfix" itemprop="text"> <div class="fl-builder-content fl-builder-content-42 fl-builder-content-primary fl-builder-global-templates-locked" data-post-id="42"><div class="fl-row fl-row-full-width fl-row-bg-none fl-node-5c1b20d9bb8de" data-node="5c1b20d9bb8de"> <div class="fl-row-content-wrap"> <div class="uabb-row-separator uabb-top-row-separator"> </div> <div class="fl-row-content fl-row-fixed-width fl-node-content"> <div class="fl-col-group fl-node-5c1b20d9c0c99" data-node="5c1b20d9c0c99"> <div class="fl-col fl-node-5c1b20d9c0e07" data-node="5c1b20d9c0e07"> <div class="fl-col-content fl-node-content"> <div class="fl-module fl-module-pp-heading fl-node-5c1b20d9bb0df custom-heading" data-node="5c1b20d9bb0df"> <div class="fl-module-content fl-node-content"> <div class="pp-heading-content"> <div class="pp-heading pp-left"> <h2 class="heading-title"> <span class="title-text pp-primary-title">Angolan Economy</span> </h2> </div> <div class="pp-sub-heading"> <p>Oil represents about 1/3 of its GDP and over 95% of its exports, and the sharp and prolonged decline in its price since mid-2014 has had a significant impact on Angola's economy. ... Despite this, government revenue increased in 2017 due to higher oil prices.</p><p>Reduced revenues have caused GDP growth to decelerate from an annual average of 10.3% (from 2004 to 2014), to only 1.5% (since 2015); this has negatively affected non-oil revenues as well. The government has reacted by cutting expenditure and increasing non-oil revenue, as well as by devaluing the kwanza.</p><p>It has also adopted an expansionary fiscal policy to boost economic activity, pegged its currency, increased forex sales, and tightened liquidity to contain inflation. This contained a downward spiral in the short-term but failed to rein in macro imbalances. These include high inflation (27% in August 2017), current account and fiscal deficits, soaring public debt, and real, negative interest rates. Public debt, estimated at 59.2% of GDP by the end of 2016, is expected to increase in 2017.</p><p>Oil production also fell by 5.5% in the first half of 2017, due to the challenging operating environment of Sonangol, the state-owned oil company. Average production stood at 1,640 tbbl/day, 8.2% lower than its peak in 2010. Despite this, government revenue increased in 2017 due to higher oil prices.</p><p>Angola has external imbalances, including forex shortages, which have hurt the private sector, and rapidly declining reserves. Net international reserves have decreased by 20.4% since the beginning of the year, reaching $15.6 billion in August 2017, its lowest level since early 2011. This was mainly the result of the National Bank of Angola's (BNA) strategy to defend the currency and combat inflation by repegging it at 165.9 kwanzas per US dollar.</p><p>The difference between the official and parallel exchange rates has since eased due to increased foreign exchange sales and monetary contraction, which reached 128% in September 2017.</p><p>The BNA's monetary policy was successful at substantially decreasing money supply, which pushed interbank and open market rates higher, even though the benchmark rate has held steady since April 2016 at 16.0%, and widened the interest rate policy corridor. BNA's deflationary policy mix helped decrease the annual inflation rate from 41.9% in December 2016. But all interest rates have remained negative in real terms.</p><p>Angola's current economic crisis underscores its need to聽<strong>diversify its economy聽</strong>and聽<strong>reduce its dependency on oil revenues.</strong>聽Despite enormous potential to increase the amount of area under cultivation and crop yields, and to increase the amount of area under cultivation and crop yields, and diverse agri-climate regions in the country, the agriculture sector only represents about 11% of GDP.</p><p>As independence was proclaimed in 1975, Angola ranked third on the list of Africa鈥檚 most important oil producing countries after Nigeria and Gabon. Angola is currently the second oil producer with 1 million b/d output, and it is expected that by next year it will overtake Nigeria, with a current output of 2.3 million b/d. Second to oil, diamonds are Angola鈥檚 main export product. Major diamond reserves are located in northeastern Angola, a region endowed with the finest and top quality stones. In fact, 70% of diamonds discovered are of great quality, listing the country among the main diamond producers.</p> </div> </div> </div> </div> <div class="fl-module fl-module-pp-heading fl-node-5c1b20f9e0d48 custom-heading" data-node="5c1b20f9e0d48"> <div class="fl-module-content fl-node-content"> <div class="pp-heading-content"> <div class="pp-heading pp-left"> <h3 class="heading-title"> <span class="title-text pp-primary-title">Other Mineral Resources</span> </h3> </div> <div class="pp-sub-heading"> <p>Angola鈥檚 underground is also abundant with other minerals. From 1950s through 1975, iron ores were explored in provinces such as Malange, Bi茅, Huambo, and Hu铆la, and average output reached 5.7 million tons per year between 1970 and 1974. The most explored minerals were exported to Japan, Germany, and the United Kingdom, earning Angola $ 50 million a year.</p><p>In addition to iron ores, Angola has phosphate deposits estimated at 150 million tons, located in the provinces of Cabinda and Z谩ire. These resources have so far been unexplored. In Southeastern Angola in the provinces of Namibe and Hu铆la, marble, granite, and quartz reserves abound. Marble is especially consumed at the local market, while black granite is on demand and exported to United States and Japanese markets.</p><p>Angola also enjoys a considerable agricultural potential having a climate, soil, and topography appropriate for modern and large scale agricultural production of a wide range of crops. Thus, the country鈥檚 underground is immensely rich with minerals including oil, diamonds, gold, and iron ores. Furthermore, the country has an important hydropower, forest, and fishery potential.</p> </div> </div> </div> </div> <div class="fl-module fl-module-pp-heading fl-node-5c1b21202c836 custom-heading" data-node="5c1b21202c836"> <div class="fl-module-content fl-node-content"> <div class="pp-heading-content"> <div class="pp-heading pp-left"> <h3 class="heading-title"> <span class="title-text pp-primary-title">Development Challenges</span> </h3> </div> <div class="pp-sub-heading"> <p>Angola has made substantial economic and political progress since the end of the war in 2002. However, the country continues to face massive development challenges, which include reducing its dependency on oil and diversifying the economy; rebuilding its infrastructure; and improving institutional capacity, governance, public financial management systems, human development indicators, and the living conditions of the population.</p> </div> </div> </div> </div> <div class="fl-module fl-module-pp-heading fl-node-5c1b21374c446 custom-heading" data-node="5c1b21374c446"> <div class="fl-module-content fl-node-content"> <div class="pp-heading-content"> <div class="pp-heading pp-left"> <h3 class="heading-title"> <span class="title-text pp-primary-title">Acual Political Context</span> </h3> </div> <div class="pp-sub-heading"> <p>Elections in August 2017 brought President Jo茫o Gon莽alves Louren莽o into office, Angola's first change of president in 38 years. He took over from Jos茅 Eduardo dos Santos, who had been in office since 1979 but decided not to run again. President Louren莽o had previously been Angola's Minister of Defense. Vice President Bornito de Sousa is also new to office.</p><p>President-elect Jo茫o Gon莽alves Louren莽o says he wants to develop industries other than oil,聽increase activity in agriculture, tourism, industry, and other areas of the economy.</p><p><strong>"Our country is in a difficult economic and financial situation due to the drop in oil prices on the international market and the consequent decline in foreign currency liquidity."</strong></p><p>Angola's new president unveiled a programme of corporate tax sweeteners intended to boost foreign investment and ease the oil-rich country's dependence on the lacklustre price of crude.聽<strong>"We expect to adopt tax incentives for businesses that invest in the country,"聽</strong>President Joao Lourenco said in his first address to Parliament since taking office following the August 23 vote.</p> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div><div class="uabb-js-breakpoint" style="display: none;"></div> </div> 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