Real Estate Investor Magazine South Africa March 2016 | Page 50

AFRICA SERIES Angola Angola’s oil revenues are enabling it to recover from decades of civil war and build the infrastructure it needs to exploit its abundant natural resources Capital: Luanda Currency: Angolan kwanza President: José Eduardo dos Santos Population: 21.47 million (2013) World Bank Official language: Portuguese Literacy: 67.4% Ethnic Groups Ovimbundu – 36% Ambundu – 25% Bakongo – 13% Other African – 22% Mestico – 2% Chinese – 1% European – 1% 48 MARCH 2016 SA Real Estate Investor Industries Petroleum, diamonds, iron ore, phosphate, feldspar, bauxite, uranium and gold, cement, basic metal products, fish, food processing, sugar, textiles, ship repair Background Angola has vast mineral and petroleum reserves, and its economy is among the fastest growing in the world, especially since the end of the civil war. In spite of this, the standard of living remains low for the majority of the population, and life expectancy and infant mortality rates in Angola are among the worst in the world. Angola’s economic growth is highly uneven, with the majority of the nation’s wealth concentrated in a disproportionately small sector of the population. Economy Angola’s high growth rate in recent years was driven by its oil sector. Oil production and it’s supporting activities contribute around 85% of GDP. A post-war reconstruction boom and resettlement of displaced persons has led to high rates of growth in construction and agriculture. Much f the countries infrastructure has remained damaged or undeveloped after the 27year long civil war and remnants of the conflict, such as widespread landmines, still mar the countryside. Subsistence agriculture provides the main livelihood for most people but half the countries food must still be imported. www.reimag.co.za