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| Embassies Chinese Embassy in Angola Ambassador: Mr. Zhang Bolun Address: Rua Presidente Houari Boumedienne No.196-200, Miramar Luanda, Angola Mailing Address: Caixa Postal 52, Luanda, Angola Tel: +244-222-441683, 444658 Fax: +244-222-444185 Email: chinaemb_ao@mfa.gov.cn Economic and Commercial Counselor's Office Address: No.28 Rua Fernao Mendes Pinto, Alvalade, Luanda Tel: +244-222-320367 Fax: +244-222-324049 Email: ao@mofcom.gov.cn Website: http://ao.mofcom.gov.cn/ Embassy of Angola in Beijing, China 1-8-1, Ta Yuan Diplomatic Office Building Beijing 100600 China Phone: +86-10-6532-6968 +86-10-6532-6839 Fax: +86-10-6532-6992 +86-10-6532-6970 |
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| Economy Angola's high growth rate is driven by its oil sector, which has taken advantage of high international oil prices. Oil production and its supporting activities contribute about 85% of GDP. Increased oil production supported growth averaging more than 15% per year from 2004 to 2007. A postwar reconstruction boom and resettlement of displaced persons has led to high rates of growth in construction and agriculture as well. Much of the country's infrastructure is still damaged or undeveloped from the 27-year-long civil war. Remnants of the conflict such as widespread land mines still mar the countryside even though an apparently durable peace was established after the death of rebel leader Jonas SAVIMBI in February 2002. Subsistence agriculture provides the main livelihood for most of the people, but half of the country's food must still be imported. In 2005, the government started using a $2 billion line of credit, since increased to $7 billion, from China to rebuild Angola's public infrastructure, and several large-scale projects were completed in 2006. Angola also has large credit lines from Brazil, Portugal, Germany, Spain, and the EU. The central bank in 2003 implemented an exchange rate stabilization program using foreign exchange reserves to buy kwanzas out of circulation. This policy became more sustainable in 2005 because of strong oil export earnings; it has significantly reduced inflation. Although consumer inflation declined from 325% in 2000 to under 13% in 2008, the stabilization policy has put pressure on international net liquidity. Angola became a member of OPEC in late 2006 and in late 2007 was assigned a production quota of 1.9 million barrels a day, somewhat less than the 2-2.5 million bbl Angola's government had wanted |
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