Economy

Angola's economy has undergone a period of transformation in recent years, moving from the disarray caused by 27 years of war to being the fastest growing economy in Africa and one of the fastest in the world. In 2004, China's Eximbank approved a $2 billion line of credit to Angola, which is being used to rebuild Angola's infrastructure, though it has also limited the influence of the International Monetary Fund in the country.

Growth is almost entirely driven by rising oil production which surpassed 1.4 million barrels per day in late-2005 and which is expected to grow to 2 million barrels per day by 2007. Control of the oil industry is consolidated in Sonangol Group, a conglomerate which is owned by the Angolan government. In December 2006, Angola was admitted as a member of OPEC.

The economy grew 18% in 2005; approximately 26% in 2006 and is expected to stay above 10% for the rest of the decade. The security brought about by the 2002 peace settlement has led to the resettlement of 4 million displaced persons, thus resulting in large-scale increases in agriculture production.