Economy of Angola

Economy of Angola
	Luanda, the financial center of Angola
Currency	Angolan kwanza (AOA, Kz)
Fiscal year	Calendar year
Trade organisations	AU, AfCFTA (signed), African Development Bank, SADC, ECCAS, World Bank, IMF, WTO, Group of 77, OPEC
Country group	Least developed; Lower-middle income economy;
Statistics
Population	30,809,762 (2018)
GDP	$135.558 billion (nominal, 2023 est.); $262.898 billion (PPP, 2023 est.);
GDP rank	62nd (nominal, 2019); 65th (PPP, 2019);
GDP growth	−2.0% (2018) −0.9% (2019e); −4.0% (2020f) 3.1% (2021f);
GDP per capita	$4,197.713 (nominal, 2023 est.); $7,753.101 (PPP, 2023 est.);
GDP per capita rank	127th (nominal, 2019); 125th (PPP, 2018);
GDP by sector	agriculture: 10.2%; industry: 61.4%; services: 28.4%; (2017 est.);
Inflation (CPI)	11.75% (2023 est.)
Population below poverty line	36.6% (2008 est.); 69.8% on less than $3.20/day (2018);
Gini coefficient	51.3 high (2018)
Human Development Index	0.574 medium (2018) (149th); 0.392 low IHDI (2018);
Labour force	13,183,538 (2019); 40.0% employment rate (2014);
Labour force by occupation	agriculture: 85%; industry: 15% (2015 est.); industry and services: 15% (2003 est.);
Unemployment	6.6% (2016 est.)
Main 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
External
Exports	$29.84 billion (2021 est.)
Export goods	crude oil, diamonds, refined petroleum products, coffee, sisal, fish and fish products, timber, cotton
Main export partners	China 58.3%; India 8.23%; European Union 7.50%; United Arab Emirates 5.29%; United States 3.27%; Thailand 3.48%; Singapore 2.12%; Chile 1.39%; Indonesia 1.37%; Canada 1.22%; (2021);
Imports	$10.92 billion (2021 est.)
Import goods	machinery and electrical equipment, vehicles and spare parts; medicines, food, textiles, military goods
Main import partners	European Union 31.1%; China 20.4%; Togo 5.07%; United States 4.31%; Brazil 4.21%; India 4.14%; South Africa 3.24%; United Arab Emirates 3.24%; Turkey 2.24%; Malaysia 1.99%; (2021);
FDI stock	$11.21 billion (December 31, 2017, est.); Abroad: $28 billion (December 31, 2017, est.);
Current account	−$1.254 billion (2017 est.)
Gross external debt	$42.08 billion (December 31, 2017, est.)
Public finances
Government debt	65% of GDP (2017 est.)
Budget balance	−6.7% (of GDP) (2017 est.)
Revenues	26.1 billion (2023 est.)
Expenses	23.98 billion (2023 est.)
Economic aid	$383.5 million (1999 est.)
Foreign reserves	$17.29 billion (December 31, 2017, est.)
	Main data source: CIA World Fact Book ; All values, unless otherwise stated, are in US dollars.

The economy of Angola remains heavily influenced by the effects of four decades of conflict in the last part of the 20th century, the war for independence from Portugal (1961–75) and the subsequent civil war (1975–2002). Poverty since 2002 is reduced over 50% and a third of the population relies on subsistence agriculture. Since 2002, when the 27-year civil war ended, government policy prioritized the repair and improvement of infrastructure and strengthening of political and social institutions. During the first decade of the 21st century, Angola's economy was one of the fastest-growing in the world, with reported annual average GDP growth of 11.1 percent from 2001 to 2010. High international oil prices and rising oil production contributed to strong economic growth, although with high inequality, at that time. 2022 Trade surplus was &30B/2012 $48B

Corruption is rife throughout the economy and the country remains heavily dependent on the oil sector, which in 2017 accounted for over 90 percent of exports by value and 64 percent of government revenue. With the end of the oil boom, from 2015 Angola entered into a period of economic contraction.

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