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Angola Economy 2020

SOURCE: 2020 CIA WORLD FACTBOOK AND OTHER SOURCES











Angola Economy 2020
SOURCE: 2020 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 27, 2020

Economy - overview:
Angola's economy is overwhelmingly driven by its oil sector. Oil production and its supporting activities contribute about 50% of GDP, more than 70% of government revenue, and more than 90% of the country's exports; Angola is an OPEC member and subject to its direction regarding oil production levels. Diamonds contribute an additional 5% to exports. Subsistence agriculture provides the main livelihood for most of the people, but half of the country's food is still imported.

Increased oil production supported growth averaging more than 17% per year from 2004 to 2008. A postwar reconstruction boom and resettlement of displaced persons led to high rates of growth in construction and agriculture as well. Some of the country's infrastructure is still damaged or undeveloped from the 27-year-long civil war (1975-2002). However, the government since 2005 has used billions of dollars in credit from China, Brazil, Portugal, Germany, Spain, and the EU to help rebuild Angola's public infrastructure. Land mines left from the war still mar the countryside, and as a result, the national military, international partners, and private Angolan firms all continue to remove them.

The global recession that started in 2008 stalled Angola’s economic growth and many construction projects stopped because Luanda accrued billions in arrears to foreign construction companies when government revenue fell. Lower prices for oil and diamonds also resulted in GDP falling 0.7% in 2016. Angola formally abandoned its currency peg in 2009 but reinstituted it in April 2016 and maintains an overvalued exchange rate. In late 2016, Angola lost the last of its correspondent relationships with foreign banks, further exacerbating hard currency problems. Since 2013 the central bank has consistently spent down reserves to defend the kwanza, gradually allowing a 40% depreciation since late 2014. Consumer inflation declined from 325% in 2000 to less than 9% in 2014, before rising again to above 30% from 2015-2017.

Continued low oil prices, the depreciation of the kwanza, and slower than expected growth in non-oil GDP have reduced growth prospects, although several major international oil companies remain in Angola. Corruption, especially in the extractive sectors, is a major long-term challenge that poses an additional threat to the economy.

GDP (purchasing power parity):
$193.6 billion (2017 est.)
$198.6 billion (2016 est.)
$203.9 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 65
[see also: GDP country ranks ]
[see also: GDP country ranks ]

GDP (official exchange rate):
$126.5 billion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
-2.5% (2017 est.)
-2.6% (2016 est.)
0.9% (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 209
[see also: GDP - real growth rate country ranks ]
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$6,800 (2017 est.)
$7,200 (2016 est.)
$7,600 (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 160
[see also: GDP - per capita country ranks ]
[see also: GDP - per capita country ranks ]

Gross national saving:
28.6% of GDP (2017 est.)
24.5% of GDP (2016 est.)
28.5% of GDP (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 37
[see also: Gross national saving country ranks ]
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 80.6% (2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 15.6% (2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 10.3% (2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: -1.2% (2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 25.4% (2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -30.7% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 10.2% (2011 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 61.4% (2011 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 28.4% (2011 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
bananas, sugarcane, coffee, sisal, corn, cotton, cassava (manioc, tapioca), tobacco, vegetables, plantains; livestock; forest products; fish

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:
2.5% (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 115
[see also: Industrial production growth rate country ranks ]
[see also: Industrial production growth rate country ranks ]

Labor force:
12.51 million (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 46
[see also: Labor force country ranks ]
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 85%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 15% (2015 est.)
[see also: Labor force - by occupation - industry country ranks ]
industry and services: 15% (2003 est.)

Unemployment rate:
6.6% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 97
[see also: Unemployment rate country ranks ]
[see also: Unemployment rate country ranks ]

Population below poverty line:
36.6% (2008 est.)
[see also: Population below poverty line country ranks ]
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 0.6%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 44.7% (2000)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
42.7 (2008 est.)
country comparison to the world (CIA rank, may be based on non-current data): 50
[see also: Distribution of family income - Gini index country ranks ]
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: 37.02 billion (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 45.44 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
29.3% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 83
[see also: Taxes and other revenues country ranks ]
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-6.7% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 189
[see also: Budget surplus (+) or deficit (-) country ranks ]
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
65% of GDP (2017 est.)
75.3% of GDP (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 59
[see also: Public debt country ranks ]
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
29.8% (2017 est.)
30.7% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 222
[see also: Inflation rate (consumer prices) country ranks ]
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
9% (31 December 2014)
25% (31 December 2010)
country comparison to the world (CIA rank, may be based on non-current data): 30
[see also: Central bank discount rate country ranks ]
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
15.82% (31 December 2017 est.)
15.78% (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 32
[see also: Commercial bank prime lending rate country ranks ]
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$32.39 billion (31 December 2017 est.)
$23.17 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 62
[see also: Stock of narrow money country ranks ]
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$32.39 billion (31 December 2017 est.)
$23.17 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 62
[see also: Stock of broad money country ranks ]
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$16.02 billion (31 December 2017 est.)
$14.25 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 97
[see also: Stock of domestic credit country ranks ]
[see also: Stock of domestic credit country ranks ]

Current account balance:
-$1.254 billion (2017 est.)
-$4.834 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 150
[see also: Current account balance country ranks ]
[see also: Current account balance country ranks ]

Exports:
$33.07 billion (2017 est.)
$31.03 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 59
[see also: Exports country ranks ]
[see also: Exports country ranks ]

Exports - partners:
China 61.2%, India 13%, US 4.2% (2017)

Exports - commodities:
crude oil, diamonds, refined petroleum products, coffee, sisal, fish and fish products, timber, cotton

Imports:
$19.5 billion (2017 est.)
$13.04 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 77
[see also: Imports country ranks ]
[see also: Imports country ranks ]

Imports - commodities:
machinery and electrical equipment, vehicles and spare parts; medicines, food, textiles, military goods

Imports - partners:
Portugal 17.8%, China 13.5%, US 7.4%, South Africa 6.2%, Brazil 6.1%, UK 4% (2017)

Reserves of foreign exchange and gold:
$17.29 billion (31 December 2017 est.)
$23.74 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 63
[see also: Reserves of foreign exchange and gold country ranks ]
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$42.08 billion (31 December 2017 est.)
$27.14 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 71
[see also: Debt - external country ranks ]
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$11.21 billion (31 December 2017 est.)
$9.16 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 94
[see also: Stock of direct foreign investment - at home country ranks ]
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$28 billion (31 December 2017 est.)
$23.02 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 50
[see also: Stock of direct foreign investment - abroad country ranks ]
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
kwanza (AOA) per US dollar -
172.6 (2017 est.)
163.656 (2016 est.)
163.656 (2015 est.)
120.061 (2014 est.)
98.303 (2013 est.)


NOTE: 1) The information regarding Angola on this page is re-published from the 2020 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Angola Economy 2020 information contained here. All suggestions for corrections of any errors about Angola Economy 2020 should be addressed to the CIA or the source cited on each page.
2) The rank that you see is the CIA reported rank, which may have the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assigns counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order.






This page was last modified 27-Jan-20
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