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12
General Information
Introduction
Despite the global financial crisis that affected the
economy in 2008-2009, Angola is expected to rank
15th among the world’s fastest growing economies
in 2011 with an estimated GDP growth of 7,8% ac-
cording to the latest IMF forecasts.
In 2010, growth was boosted by the dynamics of
Agriculture and Livestock, Construction and Trading
sectors combined with the growth of oil prices in the
second quarter of 2009.
Due to the high price of crude oil, the country regis-
tered an annual average GDP growth of 11% over
the last ten years. Oil production account for approxi-
mately 75 % of the GDP and over 95% of the export
revenues. More recent discoveries offshore forecast
the nation to gain the same influence equivalent to
that of the United Arab Emirates on the world oil mar-
ket. Besides oil, the country is blessed with exten-
sive fertile lands, natural gas, diamonds and other
mineral commodities.
Government revenues are likely to continue to be led
by the diamond and oil sectors. Due to the fragility of
national wealth related to the high dependence on
oil, Angola needs to diversify its economy to reach a
long term sustainable growth. Massive investments
have to be generated in self-sustaining revenue gen-
erating industries to reduce this dependence.
Today, after almost a decade of stability, Angola is
still in a transition phase with numerous challenges
to face. Whatever your activity is, there is an oppor-
tunity to grab in Angola.
Source: The Economist and IMF
Angola
China
Myanmar
Nigeria
Ethiopia
Kazakhstan
Chad
Mozambique
Cambodia
Rwanda
China
India
Ethiopia
Mozambique
Tanzania
Vietnam
Congo
Ghana
Zambia
Nigeria
11,1
10,5
10,3
8,9
8,4
8,2
7,9
7,9
7,7
7,6
9,5
8,2
8,1
7,7
7,2
7,2
7,0
7,0
6,9
6,8
World’s 10 fastest-growing economies
2001 - 2010
2011 - 2015
Annual average GDP growth (in %)
The authorities have identified key priority sec-
tors to align domestic and foreign investment with
the national strategic plan of the Government. Arti-
cle 4 of the Law on Taxes and Customs Incentives
for Private Investment 57 cites them as follows:
agri-livestock production, manufacturing industries,
fishing industry and by-products, civil construction,
health and education, roadway, railway, seaport and
airport infrastructure, telecommunications, energy
and water.
As a rising regional power, Angola looks towards the
future with ambition and hope. The country aims to
gain influence on the international scene and in the
sub-region. In 2007, Angola became a member of
the Organization of Petroleum Exporting countries
(OPEC) Luanda hosted the 155th OPEC Confer-
ence which resulted in increasing global recognition
and firm commitments to comply with the production
quota set by the OPEC.
Furthermore, in January 2011, Angola has assumed
again the rotary presidency of the Southern African
Development Community (SADC). The incorpora-
tion to this community grants Angola with greater
responsibilities in the economic integration, peace,
security and stability of the region. In his closing cer-
emony speech, President José Eduardo dos Santos
stated that the works were conducted in a climate of
harmony and great understanding. The summit end-
ed with the signature of co-operation agreements
in the domains of finance, infrastructure and fight
against money laundering. More importantly, the offi-
cial signing of the Okavango/Zambeze Treaty- which
involves Angola, Bostwana, Namibia, Zambia and
Zimbabwe- which objective is to preserve biodiver-
sity and the sharing of the benefits that come from
natural resources, sustainable development of local
communities and ecological tourism.
Angola also had the privilege to host the 27th Africa
Cup of Nations (CAN) in 2010, being the first Por-
tuguese-speaking nation to welcome the champion-
ship also known as Orange African Cup of Nations.
The event had a positive impact on the economy
since it forced the country to invest heavily in its
infrastructure (roads, power generation) but also in
services (accommodation, restaurants, basic servic-
es). Four stadiums were built in the cities of Luanda,
Cabinda, Benguela and Lubango and airports were
upgraded.
Angola is growing, backed up with a strong political
will along with large capital and knowledge support
from investors who should bear in mind that the
country will build it future with the Angolan people.