Angola - Economy
How is the economy of Angola? Based on the information we have, Angola has a middle-income, oil-dependent African economy; widespread poverty; rising inflation and currency depreciation; seeking diversification through agricultural production; significant corruption in public institutions; major infrastructure investments from China and US; exited OPEC in 2023. Key agricultural products in this country include: cassava, bananas, maize, sweet potatoes, sugarcane, pineapples, tomatoes, onions, potatoes, citrus fruits (2022).
More about the economy of Angola
| Labor force | 15.223 million (2023 est.) |
|---|---|
| Industrial production growth rate | -7.18% (2023 est.) |
| 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 |
| Population below poverty line | 32.3% (2018 est.) |
| Taxes and other revenues | 10.09% (of GDP) (2019 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | kwanza (AOA) per US dollar - |
| Exchange rates 2023 | 685.02 (2023 est.) |
| Exchange rates 2022 | 460.568 (2022 est.) |
| Exchange rates 2021 | 631.442 (2021 est.) |
| Exchange rates 2020 | 578.259 (2020 est.) |
| Exchange rates 2019 | 364.826 (2019 est.) |
| Debt - external | |
| Debt - external 2022 | $46.549 billion (2022 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $13.942 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $13.655 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $14.468 billion (2021 est.) |
| Current account balance | |
| Current account balance 2023 | $4.21 billion (2023 est.) |
| Current account balance 2022 | $11.763 billion (2022 est.) |
| Current account balance 2021 | $8.399 billion (2021 est.) |
| Public debt | |
| Public debt 2017 | 65% of GDP (2017 est.) |
| Budget | |
| Revenues | $18.117 billion (2019 est.) |
| Expenditures | $13.871 billion (2019 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 0.01% of GDP (2023 est.) |
| Remittances 2022 | 0.01% of GDP (2022 est.) |
| Remittances 2021 | 0.02% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 1.3% (2018 est.) |
| Highest 10% | 39.6% (2018 est.) |
| Average household expenditures | |
| On food | 49.6% of household expenditures (2022 est.) |
| On alcohol and tobacco | 1.5% of household expenditures (2022 est.) |
| Imports | |
| Imports 2023 | $23.676 billion (2023 est.) |
| Imports 2022 | $28.564 billion (2022 est.) |
| Imports 2021 | $18.845 billion (2021 est.) |
| Imports (partners) | China 24%, Portugal 10%, Netherlands 8%, UAE 5%, India 4% (2022) |
| Comodities Imports force | refined petroleum, wheat, cars, poultry, palm oil (2022) |
| Exports | |
| Imports 2023 | $23.676 billion (2023 est.) |
| Imports 2022 | $28.564 billion (2022 est.) |
| Imports 2021 | $18.845 billion (2021 est.) |
| Exports (partners) | China 40%, India 9%, Netherlands 7%, France 7%, UAE 7% (2022) |
| Comodities Exports force | crude petroleum, natural gas, diamonds, ships, refined petroleum (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $265.868 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $263.611 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $255.821 billion (2021 est.) |
| GDP (official exchange rate) | $84.723 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $7,200 (2023 est.) |
| Real GDP per capita 2022 | $7,400 (2022 est.) |
| Real GDP per capita 2021 | $7,400 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 14.9% (2023 est.) |
| Industry | 45.3% (2023 est.) |
| Services | 39.7% (2023 est.) |
| GDP - composition, by end use | |
| Household consumption | 53.8% (2023 est.) |
| Government consumption | 6.4% (2023 est.) |
| Investment in fixed capital | 26.6% (2023 est.) |
| Exports of goods and services | 39.9% (2023 est.) |
| Imports of goods and services | -26.7% (2023 est.) |
| Unemployment rate | |
| Unemployment rate 2023 | 14.62% (2023 est.) |
| Unemployment rate 2022 | 14.69% (2022 est.) |
| Unemployment rate 2021 | 15.8% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 28.2% (2023 est.) |
| Male | 30.7% (2023 est.) |
| Female | 25.8% (2023 est.) |
All Important Facts about Angola
Want to know more about Angola? Check all different factbooks for Angola below.
