IMF Staff Country Reports

Angola: Recent Economic Developments

Publication Date:

December 19, 1995

Summary:

This paper describes economic developments in Angola during the 1990s. A major decline in economic conditions occurred in 1993, in the wake of the resumption of the civil war. In 1993, inflation reached unprecedented levels, overall GDP declined by an estimated 24 percent in real terms, and oil production experienced a downturn for the first time, in part as a result of the destruction of a major onshore oil facility. Export earnings from crude oil were also hit by the decline in world oil prices. Nevertheless, the economy became increasingly dependent on oil.

Series:

Country Report No. 1995/122

Subject:

Commercial banks Commodities Financial institutions Foreign exchange Imports International trade Oil Oil, gas and mining taxes Taxes

Notes:

This report on recent economic developments in Angola was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with this member country. As such, the views expressed in this document are those of the staff team and do not necessarily reflect the views of the Government of Angola, or the Executive Board of the IMF.