Angola Economy
In recent years the Angola economy started to stabilise with investors rushing in. Oil is the backbone of the economy.
The oil sector makes up over 90% of the Angola’s export commodities. After independence in 1975, Angola was number three on the list of Africa’s oil producing countries, after Nigeria and Gabon.
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Second to the Angola oil production is the diamond industry. Major diamond reserves in Angola are located in north-eastern part of the country, a region endowed with the finest and top quality gem stones.
Potentially one of Africa’s richest sub-Saharan countries, Angola offers great opportunities for investment in various sectors.
Angola has substantial deposits of diamonds, iron ore, gold, phosphates, manganese, copper, lead, zinc, tin, tungsten, marble and granite.
Any increase in the economy production depends on the recovery of the main mining areas in the Cuango River Valley. To date various foreign companies have shown interest in this sector.
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Angola also boasts substantial energy resources, abundant hydroelectric potential and natural gas reserves.
In 1998, the construction sector accounted for 4.8% of the GDP, with several foreign companies operating this market.
There is also an urgent need for the rehabilitation of highways, bridges, railways, dams, schools, housing and hospital complexes.
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