Angola Economy - 2024

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.)

Unemployment rate

8.53% (2021 est.)
8.33% (2020 est.)
7.42% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 18.5% (2021 est.)

male: 18.2%

female: 18.8%

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)

Remittances

0.02% of GDP (2021 est.)
0.02% of GDP (2020 est.)
0% of GDP (2019 est.)

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 -

Exchange rates:
631.442 (2021 est.)
578.259 (2020 est.)
364.826 (2019 est.)
252.856 (2018 est.)
165.916 (2017 est.)