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Angola GDP

Angola GDP

Economic Growth in Angola

The economy of Angola recorded an average growth rate of 0.5% in the decade to 2022, below the 3.0% average for Sub-Saharan Africa. In 2022, real GDP growth was 3.0%. For more GDP information, visit our dedicated page.

Angola GDP Chart

Note: This chart displays Economic Growth (GDP, annual variation in %) for Angola from 2013 to 2022.
Source: National Statistical Institute Angola.

Angola GDP Data

2018 2019 2020 2021 2022
Economic Growth (GDP, ann. var. %) -1.3 -0.7 -5.6 1.2 3.0
GDP (USD bn) 102.0 82.8 55.0 71.4 115.9
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 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

Economy rebounds with multi-quarter-high growth rate in Q3

GDP returned to growth in the third quarter, expanding 1.4% year on year after flatlining in Q2. Q3's reading marked the best result since Q4 2022. On a seasonally adjusted quarter-on-quarter basis, economic growth accelerated to a five-year high of 1.9% in Q3 from the previous quarter's 0.2% expansion.

The annual improvement reflected growth in the non-oil sector roughly doubling to 2.3% year on year in Q3 (Q2: 1.2% yoy). The acceleration was spearheaded by stronger growth in the agricultural and mining sectors. On the flip side, the communication, financial and transportation sectors swung into contractions in Q3. Meanwhile, the oil sector contracted at the slowest pace since Q4 2022 in Q3, falling 0.8% year on year (Q2: -2.9% yoy). Oil output declined in the period on the back of shutdowns stemming from malfunctions in the Mafumeira Sul platforms. Our panelists expect the economy to have gained further steam at the tail-end of 2023, owing to a robust oil sector. That said, a pickup in average inflation—stemming from a weaker kwanza—and rising concerns over global oil demand pose downside risks to the projection. The consequences of Angola’s exit from OPEC, effective from 1 January 2024, will be key this year.

EIU analysts commented on the implications of Angola’s exit from OPEC: “Leaving OPEC will allow Angola to ramp up oil production. Angola's resistance to the OPEC quota cut stems from the need to shore up declining oil production by attracting new investments, without being constrained by OPEC limits.”

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 17 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.

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