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AfricaApril 27 2012

Oil wealth moves Angolan economy to a new stage

Angola’s vast oil reserves have helped it rebuild its shattered infrastructure and become one of the world’s fastest growing countries. But the country needs to develop the rest of its economy quickly to reduce its vulnerability to a fall in oil prices and tackle its high levels of poverty.
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Oil wealth moves Angolan economy to a new stage

Angola has come a long way since 2002. Then, having just come out of a 27-year civil war that ground industrial output to a halt, ruined its infrastructure and rendered its health and education systems all but non-existent, it was an economic basket case.

Today, Angola’s economy of $95bn is the third largest in sub-Saharan Africa, behind only South Africa and Nigeria. Its gross domestic product (GDP) per capita, having risen seven-fold since 2000, is about $5000, which is far higher than in most of its neighbours.

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