How is Angola's economy
Angola - Resource Abundance in Southwest Africa
The economic structure of Angola is characterized by a strong dependency on natural resources, especially raw material deposits - the country is the second largest oil producer on the African continent after Nigeria. Angola also has significant diamond deposits. The financial sector and state-dominated economic sectors, especially the construction industry, benefit from the wealth of resources.
Synergy effects through the infrastructure construction
The price instability of fossil fuels in global markets and the outdated production technology in many of Angola's oil fields have weakened the country's formerly rapid economic growth somewhat. Nevertheless, as a result of the numerous planned infrastructure measures, positive developments in industry, trade and agriculture are expected. The government's plans to invest in road, bridge and motorway construction and to promote housing construction also promise strong growth in the Angolan construction industry in the future.
Increased demand for machines and equipment
Public infrastructure programs and investments in the oil industry support the demand for machinery and equipment in Angola. The demand for resources and equipment in the food processing and beverage industries as well as in agriculture is also increasing. In addition to crude oil and diamonds, the country has other, as yet unused mineral deposits - gold, copper, phosphates, base metals and rare earths are to be mined more intensively in the future. In the long term, the government is striving to diversify mining in order to reduce its dependence on oil and diamonds.
As a result of the decade-long civil war, the Angolan agricultural sector has a lot of catching up to do. In particular, modern agricultural technologies and agricultural machinery are required. In the course of the reconstruction and expansion of industrial capacities, electrical and electrical engineering products are also required. Due to the lack of domestic production in this area, the energy sector has high import demand - high-quality technologies and products from Germany enjoy a good reputation and are therefore in demand.
Demanding framework conditions for foreign companies
Despite a forecast economic growth of over six percent, entering the market in Angola is usually fraught with high costs and risks - not least due to structural deficits, administrative hurdles and bureaucratic inefficiency. The framework conditions for the private sector are among the most difficult in the world: im Ease of doing business index According to the World Bank in 2016, Angola only ranks 181st out of a total of 190 countries. The business environment remains difficult and many branches of the economy will only develop slowly.
Source: GTAI, GTAI Africa in Focus, The Economist, The World Bank
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