Angola Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

African oil leader and OPEC member; fairly stable currency; widespread poverty; emerging African finance and investment capital; systemic public corruption and lack of oversight; massive foreign direct investment recipient

Real GDP (purchasing power parity)

$203.868 billion (2021 est.)

$201.65 billion (2020 est.)

$213.612 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

1.1% (2021 est.)

-5.6% (2020 est.)

-0.7% (2019 est.)

Real GDP per capita

$5,900 (2021 est.)

$6,000 (2020 est.)

$6,600 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$97.261 billion (2019 est.)

Inflation rate (consumer prices)

25.75% (2021 est.)

22.27% (2020 est.)

17.08% (2019 est.)

Credit ratings

Fitch rating: CCC (2020)

Moody's rating: Caa1 (2020)

Standard & Poors rating: CCC+ (2020)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 10.2% (2011 est.)

industry: 61.4% (2011 est.)

services: 28.4% (2011 est.)

GDP - composition, by end use

household consumption: 80.6% (2017 est.)

government consumption: 15.6% (2017 est.)

investment in fixed capital: 10.3% (2017 est.)

investment in inventories: -1.2% (2017 est.)

exports of goods and services: 25.4% (2017 est.)

imports of goods and services: -30.7% (2017 est.)

Agricultural products

cassava, bananas, maize, sweet potatoes, pineapples, sugar cane, potatoes, citrus fruit, vegetables, cabbage

Industries

petroleum; diamonds, iron ore, phosphates, feldspar, bauxite, uranium, and gold; cement; basic metal products; fish processing; food processing, brewing, tobacco products, sugar; textiles; ship repair

Industrial production growth rate

-8.34% (2021 est.)

Labor force

14.462 million (2021 est.)

Labor force - by occupation

agriculture: 85%

industry: 15% (2015 est.)

industry and services: 15% (2003 est.)

Unemployment rate

8.53% (2021 est.)

8.33% (2020 est.)

7.42% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 18.5%

male: 18.2%

female: 18.8% (2021 est.)

Population below poverty line

32.3% (2018 est.)

Gini Index coefficient - distribution of family income

51.3 (2018 est.)

Average household expenditures

on food: 48.6% of household expenditures (2018 est.)

on alcohol and tobacco: 1.5% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 0.6%

highest 10%: 44.7% (2000)

Budget

revenues: $17.899 billion (2019 est.)

expenditures: $17.244 billion (2019 est.)

Budget surplus (+) or deficit (-)

-6.7% (of GDP) (2017 est.)

Public debt

65% of GDP (2017 est.)

75.3% of GDP (2016 est.)

Taxes and other revenues

10.09% (of GDP) (2019 est.)

Fiscal year

calendar year

Current account balance

$8.399 billion (2021 est.)

$871.918 million (2020 est.)

$5.137 billion (2019 est.)

Exports

$33.675 billion (2021 est.)

$21.004 billion (2020 est.)

$35.18 billion (2019 est.)

note: Data are in current year dollars and do not include illicit exports or re-exports.

Exports - partners

China 62%, India 10%, United Arab Emirates 4%, Portugal 3%, Spain 3% (2019)

Exports - commodities

crude petroleum, natural gas, diamonds, refined petroleum, asphalt mixtures (2021)

Imports

$18.845 billion (2021 est.) note: data are in current year dollars

$15.146 billion (2020 est.) note: data are in current year dollars

$22.299 billion (2019 est.) note: data are in current year dollars

Imports - partners

China 22%, Portugal 15%, Nigeria 6%, Belgium 6%, United States 5%, South Africa 5%, Brazil 5% (2019)

Imports - commodities

refined petroleum, scrap vessels, meat, rice, palm oil (2019)

Reserves of foreign exchange and gold

$14.468 billion (31 December 2021 est.)

$13.782 billion (31 December 2020 est.)

$16.335 billion (31 December 2019 est.)

Debt - external

$42.08 billion (31 December 2017 est.)

$27.14 billion (31 December 2016 est.)

Exchange rates

kwanza (AOA) per US dollar -

631.442 (2021 est.)

578.259 (2020 est.)

364.826 (2019 est.)

252.856 (2018 est.)

165.916 (2017 est.)

NOTE: The information regarding Angola on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Angola 2023 information contained here. All suggestions for corrections of any errors about Angola 2023 should be addressed to the CIA or the source cited on each page.