Angola: transitioning from oil-led to broad-based growth.

Angola has had a remarkable economic recovery since the end of the civil war in 2002. During the period 2003-2007, its annual GDP growth was over 15 per cent. Inflation declined from nearly 100 percent to less than 13 per cent. By 2006, the country was running large fiscal and current account surpluses, namely, 15 per cent and 23 per cent of GDP, respectively. International reserves had reached 8.6 billion
U.S. dollars while the country’s external debt had dropped from 73 per cent of GDP in 2003 to only 16 per cent in 2007.

Ricardo Gottschalk's article to be found on pp 4-5 of Development Digest no 1 (edited by Terry McKinley and Katarina Kyrili).