Angola

Angola's economy is overwhelmingly driven by its oil sector.

Angola is bordered by the Atlantic Ocean in west, Namibia in south, the Democratic Republic of the Congo (former Zaire) in north, and Zambia in the east.

Oil production and its supporting activities contribute about 50% of GDP, more than 70% of government revenue, and more than 90% of the country's exports. Diamonds contribute an additional 5% to exports. Subsistence agriculture provides the main livelihood for most of the people, but half of the country's food is still imported.

Falling oil prices, the depreciation of the kwanza, and slower than expected growth in non-oil GDP have reduced growth prospects.

Corruption, especially in the extractive sectors, is a major long-term challenge that poses an additional threat to the economy. Government spending in the run-up to the 2017 elections is likely to strain Luanda’s budget.

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