Near 20-year high interest rates take a toll on GDP growth: As projected by our Consensus, sequential GDP growth lost...
Economic Growth in Angola
Angola's economy recorded an average growth rate of 1.0% in the decade to 2024, compared to the 3.7% average for Sub-Saharan Africa. In 2024, real GDP growth was 4.4%. For more GDP information, visit our dedicated page.
Angola GDP Chart
Note: This chart displays Economic Growth (GDP, annual variation in %) for Angola from 2014 to 2023.
Source: Macrobond.
Angola GDP Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, ann. var. %) | -4.0 | 2.1 | 4.2 | 1.3 | 4.4 |
| GDP (USD bn) | 55.0 | 71.4 | 113.3 | 89.9 | 93.2 |
| GDP (AOA bn) | 31,701 | 44,536 | 52,184 | 62,030 | 81,123 |
| Economic Growth (Nominal GDP, ann. var. %) | 4.5 | 40.5 | 17.2 | 18.9 | 30.8 |
| Economic Growth (GDP non-Oil, ann. var. %) | -3.1 | 6.6 | 4.0 | 2.3 | 4.8 |
| Economic Growth (Real GDP Oil, ann. var. %) | -6.7 | -11.5 | 5.0 | -2.4 | 2.8 |
Economy loses steam in the second quarter
GDP growth slows to a one-a-half year low: Annual GDP growth moderated to 1.1% in the second quarter from 3.5% in the first quarter, marking the slowest expansion since Q4 2023. On a seasonally adjusted quarter-on-quarter basis, GDP flatlined in Q2 after 2.3% growth in Q1.
Oil sector drags the economy down in Q2: The slowdown in annual GDP growth was driven by the hydrocarbons sector, which shrank 8.7% year on year—nearly twice Q1’s 4.4% drop and the steepest decline since Q3 2021—subtracting 1.9 percentage points from GDP growth. Crude extraction fell at a sharper rate than in Q1, as the country struggled with deteriorating infrastructure, maturing oil fields and production stoppages. Adding to the headwinds, the non-oil sector cooled to a 3.6% expansion in Q2 (Q1: +5.7% yoy), as the mining and quarrying sector recorded its weakest growth since Q1 2024 due to a high base effect. Moreover, the agricultural and services sectors lost momentum, while construction activity shrank. Still, the county’s strong diversification efforts yielded results in the manufacturing sector, which registered record growth, owing mainly to food processing.
Economy to move into steadier waters: Our Consensus is for GDP growth to accelerate in Q3, as oil production should pick up after the earlier-than-expected launch in late-July of two offshore rigs with a joint output capacity of 60,000 barrels per day.
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Angolan GDP projections for the next ten years from a panel of 16 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. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Angolan GDP.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Angolan GDP projections.
Want to get access to the full dataset of Angolan GDP forecasts? Send an email to info@focus-economics.com.
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