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, tomatoes, pineapples, onions, potatoes, citrus fruits (2023).
More about the economy of Angola
| Labor force | 15.961 million (2024 est.) |
|---|---|
| Industrial production growth rate | 5% (2024 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 | 10.1% (of GDP) (2019 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | kwanza (AOA) per US dollar - |
| Exchange rates 2024 | 869.846 (2024 est.) |
| 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.) |
| Debt - external | |
| Debt - external 2023 | $45.299 billion (2023 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2024 | $14.243 billion (2024 est.) |
| Reserves of foreign exchange and gold 2023 | $13.942 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $13.655 billion (2022 est.) |
| Current account balance | |
| Current account balance 2024 | $6.31 billion (2024 est.) |
| Current account balance 2023 | $4.185 billion (2023 est.) |
| Current account balance 2022 | $11.763 billion (2022 est.) |
| Public debt | |
| Public debt 2016 | 75.3% of GDP (2016 est.) |
| Budget | |
| Revenues | $18.117 billion (2019 est.) |
| Expenditures | $13.871 billion (2019 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2024 | 0% of GDP (2024 est.) |
| Remittances 2023 | 0% of GDP (2023 est.) |
| Remittances 2022 | 0% of GDP (2022 est.) |
| Household income | |
| Lowest 10% | 1.3% (2018 est.) |
| Highest 10% | 39.6% (2018 est.) |
| Average household expenditures | |
| On food | 50% of household expenditures (2023 est.) |
| On alcohol and tobacco | 1.4% of household expenditures (2023 est.) |
| Imports | |
| Imports 2024 | $22.683 billion (2024 est.) |
| Imports 2023 | $23.688 billion (2023 est.) |
| Imports 2022 | $28.564 billion (2022 est.) |
| Imports (partners) | China 19%, Portugal 10%, UAE 7%, India 6%, USA 5% (2023) |
| Comodities Imports force | refined petroleum, wheat, ships, cars, trucks (2023) |
| Exports | |
| Imports 2024 | $22.683 billion (2024 est.) |
| Imports 2023 | $23.688 billion (2023 est.) |
| Imports 2022 | $28.564 billion (2022 est.) |
| Exports (partners) | China 40%, India 9%, UAE 6%, Spain 6%, Netherlands 5% (2023) |
| Comodities Exports force | crude petroleum, diamonds, natural gas, ships, refined petroleum (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2024 | $278.239 billion (2024 est.) |
| Real GDP (purchasing power parity) 2023 | $266.452 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $263.61 billion (2022 est.) |
| GDP (official exchange rate) | $80.397 billion (2024 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2024 | $7,300 (2024 est.) |
| Real GDP per capita 2023 | $7,300 (2023 est.) |
| Real GDP per capita 2022 | $7,400 (2022 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 16.4% (2024 est.) |
| Industry | 44.2% (2024 est.) |
| Services | 39.3% (2024 est.) |
| GDP - composition, by end use | |
| Household consumption | 55.3% (2024 est.) |
| Government consumption | 6.3% (2024 est.) |
| Investment in fixed capital | 25% (2024 est.) |
| Investment in inventories | 0% (2024 est.) |
| Exports of goods and services | 37.9% (2024 est.) |
| Imports of goods and services | -24.4% (2024 est.) |
| Unemployment rate | |
| Unemployment rate 2024 | 14.5% (2024 est.) |
| Unemployment rate 2023 | 14.6% (2023 est.) |
| Unemployment rate 2022 | 14.7% (2022 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 27.9% (2024 est.) |
| Male | 30.2% (2024 est.) |
| Female | 25.7% (2024 est.) |
All Important Facts about Angola
Want to know more about Angola? Check all different factbooks for Angola below.
