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Angola Economy

Angola's economy in numbers:

Nominal GDP of USD 115.9 billion in 2022.

GDP per capita of USD 3,246 compared to the global average of USD 10,589.

Average real GDP growth of 1.2% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

In 2021, services accounted for 48% of overall GDP, manufacturing 6%, other industrial activity 37%, and agriculture 9%. Looking at GDP by expenditure, private consumption accounted for 50% of GDP in 2021, government consumption 7%, fixed investment 20%, and net exports 23%.

GDP by economic sector
GDP by type of expenditure

International trade:

In 2019, manufactured products made up 1% of total merchandise exports, mineral fuels 95%, food 0%, ores and metals 4% and agricultural raw materials 0%, with other categories accounting for 0% of the total. In the same period, manufactured products made up 65% of total merchandise imports, mineral fuels 14%, food 19%, ores and metals 1% and agricultural raw materials 1%, with other goods accounting for 0% of the total. Total exports were worth USD 50 billion in 2022, while total imports were USD 17 billion.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The economy recorded average annual growth of 1.2% in the decade to 2022. To read more about GDP growth in Angola, go to our dedicated page.

Fiscal policy:

Angola's fiscal deficit averaged 0.9% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment:

The unemployment rate averaged 9.6% in the decade to 2022. For more information on Angola's unemployment click here.

Inflation:

Inflation averaged 18.0% in the decade to 2022. Go to our Angola inflation page for extra insight.

Monetary Policy:

Angola's monetary policy rate ended 2022 at 19.50%, up from 10.25% a decade earlier. See our Angola monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the kwanza weakened by 81.1% vs the U.S. dollar. For more info on the kwanza, click here.
After falling to roughly a third of 2022’s rate in 2023—weighed on by a contracting industrial sector—the economy likely continued to grow in Q1 2024. Oil production expanded at the fastest annual pace in over six years, boding well for exports and public revenues. That said, inflation accelerated in January–March from Q4 2023, which, coupled with a tight monetary policy backdrop, likely dented private spending and fixed investment. In other news, the government signed various cooperation agreements with South Korea on 30 April, which will promote trade and investment ahead. Additionally, on 7 May, Angola signed a USD 1.3 billion agreement with the U.S. to fund solar energy projects and an upgrade of the Lobito Atlantic Rail Line, which transports critical minerals from central Africa to the EU and U.S. The deal bodes well for construction, employment, regional integration and trade.
Projections out to 2033.

45 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 19 expert analysts.

Want to get insight on the economic outlook for Angola in the coming years? FocusEconomics collects projections out to 2033 on 45 economic indicators for Angola from a panel of 19 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Angola economy. To download a sample report on the Angola's economy, click here . To get in touch with our team for more information, fill in the form at the bottom of this page .

Angola Economic Data

2018 2019 2020 2021 2022
Population (million) 31.3 32.4 33.4 34.5 35.7
GDP (USD bn) 102.0 82.8 55.0 71.4 115.9
GDP per capita (USD) 3,263 2,560 1,644 2,069 3,246
GDP (AOA bn) 25,628 30,330 31,701 44,536 53,375
Economic Growth (Nominal GDP, ann. var. %) 26.5 18.3 4.5 40.5 19.8
Economic Growth (GDP, ann. var. %) -1.3 -0.7 -5.6 1.2 3.0
Economic Growth (GDP non-Oil, ann. var. %) 3.2 2.2 -5.1 6.8 4.0
Economic Growth (GDP Oil, ann. var. %) -9.3 -6.5 -6.7 -11.5 0.5
Private Consumption (ann. var. %) -0.7 -1.0 -9.3 4.8 7.0
Government Consumption (ann. var. %) -1.7 5.1 -14.0 -6.4 3.6
Fixed Investment (ann. var. %) -5.3 -2.1 -2.0 5.4 8.5
Exports (G&S, ann. var. %) -10.7 -5.9 -7.3 -8.6 3.3
Imports (G&S, ann. var. %) -19.7 -8.1 -21.7 -3.8 26.1
Oil Production (mn barrels per day, aop) 1.57 1.42 1.24 1.11 1.15
Unemployment (% of active population, aop) 16.6 16.5 16.7 15.8 14.5
Fiscal Balance (% of GDP) 2.3 0.8 -1.9 3.8 0.7
Public Debt (% of GDP) 93.0 113.6 138.7 83.7 64.8
Money (ann. var. of M2 %) 20.4 30.0 24.5 -9.3 -1.4
Inflation (CPI, ann. var. %, eop) 18.6 16.9 25.1 27.0 13.9
Inflation (CPI, ann. var. %, aop) 19.6 17.1 22.3 25.8 21.4
BNA Basic Reference Rate (%, eop) 16.50 15.50 15.50 20.00 19.50
Exchange Rate (AOA per USD, eop) 308 482 650 555 504
Exchange Rate (AOA per USD, aop) 251 366 577 624 460
Current Account Balance (USD bn) 7.4 5.1 0.9 8.4 11.8
Current Account Balance (% of GDP) 7.3 6.2 1.6 11.8 10.1
Merchandise Trade Balance (USD bn) 25.0 20.6 11.4 21.8 32.8
Merchandise Exports (USD bn) 40.8 34.7 20.9 33.6 50.0
Merchandise Imports (USD bn) 15.8 14.1 9.5 11.8 17.3
Merchandise Exports (ann. var. %) 17.8 -14.8 -39.7 60.4 49.0
Merchandise Imports (ann. var. %) 15.8 14.1 9.5 11.8 17.3
Brent Oil Price (USD per barrel, aop) 71.6 64.1 43.3 70.9 98.8
Foreign Direct Investment (USD bn) -5.7 -4.1 -1.9 -4.4 -6.1
International Reserves (USD bn) 16.2 17.2 14.9 15.5 14.7
International Reserves (months of imports) 12.3 14.6 18.7 15.8 10.2
External Debt (USD bn) 61.8 62.3 65.4 66.1 60.1
External Debt (% of GDP) 60.6 75.2 119.0 92.6 51.9

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