Luanda - Economy

Economy

See also: Economy of Angola

Around one-third of Angolans live in Luanda, 53% of whom live in poverty. Living conditions in Luanda are poor for most of the people, with essential services such as safe drinking water and electricity still in short supply, and severe shortcomings in traffic conditions. On the other hand, luxury constructions for the benefit of the wealthy minority are booming. Luanda is one of the world's most expensive cities for resident foreigners. Manufacturing includes processed foods, beverages, textiles, cement and other building materials, plastic products, metalware, cigarettes, and shoes/clothes. Petroleum (found in nearby off-shore deposits) is refined in the city, although this facility was repeatedly damaged during the Angolan Civil War (1975–2002). Luanda has an excellent natural harbour; the chief exports are coffee, cotton, sugar, diamonds, iron, and salt. The city also has a thriving building industry, an effect of the nationwide economic boom experienced since 2002, when political stability returned with the end of the civil war. Economic growth is largely supported by oil extraction activities, although massive diversification is taking place. Large investment (domestic and international), along with strong economic growth, has dramatically increased construction of all economic sectors in the city of Luanda.

Famous quotes containing the word economy:

“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)

“The basis of political economy is non-interference. The only safe rule is found in the self-adjusting meter of demand and supply. Do not legislate. Meddle, and you snap the sinews with your sumptuary laws.”
—Ralph Waldo Emerson (1803–1882)

“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)