THE ANGOLAN ECONOMY
Given its geographical position, favourable climate, the suitability of soils and the richness of the fish resources, agriculture, forestry, livestock and fisheries should be strategic sectors; and, taking into account the corresponding input-output ratios, agro-industries, building materials and trade in general will tend to grow rapidly, reducing the current excessive dependence on imports.
The country has abundant natural resources, especially oil, but also diamonds, iron ore, phosphates, copper, gold, and uranium.
The Angolan economy is in a transitional stage of development, from being factor-driven, highly dependent on crude oil exports, to being efficiency-driven, oriented towards the growth and diversification of domestic production sectors not related to the oil industry.
The exploitation of natural resources, especially oil and, more recently, natural gas and other mineral reserves yet to be exploited, will continue to be the main driver of Angola’s economic development in the medium term.
The sectors that are expected to contribute more actively to economic diversification in the medium term are agriculture and agro-industry, beverages, livestock and fisheries, light industry related to construction and to the oil industry, and tourism.
On the other hand, with its extensive coastline, the country has a sustainable capacity of 450 thousand tons of fish per year, but only about half of this amount is actually caught.
In the mining sector, the situation is also of under-utilization of resources – Angola is the seventh largest diamond-producing country in the world, but this sector accounts for only 0.8% of GDP. There are also extensive gold, copper, marble, granite and cobalt deposits.
INTERNATIONAL AND REGIONAL RELATIONS
The Republic of Angola is a member of the following organizations, among others:
• African Development Bank (AfDB);
• Organization of Petroleum Exporting Countries (OPEC);
• United Nations (UN);
• United Nations Conference on trade and development (UNCTAD);
• International Monetary Fund (IMF);
• World Health Organization (WHO);
• World Trade Organization (WTO).
At regional level, Angola is part of:
• the Southern African Development Community (SADC);
• the African Union (AU);
• the Community of Portuguese-Speaking Countries (CPLP).
With regard to trade, a Free Trade Zone has been set up and the implementation of a Customs Union, a Common Market, a Monetary Union and a Single Currency is being prepared.