Angola
After independence in 1975, the country’s infrastructure was ravaged by a 30-year civil war. The economy remains overly reliant on petroleum exports, which accounts for about 95% of goods exports and 60% of tax revenues. Efforts to clamp down on corruption and to privatise inefficient parastatals have intensified since President Lourenço took charge in 2018.
We revised our economic growth forecast higher to -4.8% in 2020 from our previous forecast of -9.3%. This reflects an improved oil price and production outlook (compared to our previous forecast) as well as resilience in the non-oil economy and better-than-expected budget support and debt relief. Nevertheless, the economy is still well on its way to its sharpest economic contraction since 1993. Meanwhile, President João Lourenço’s continued consolidation of power bodes well for political stability and reforms. However, lower oil prices and a prolonged Covid-19 pandemic threaten to derail economic and political progress. (Source: Angola Quarterly Update, published October 2020)
Macroeconomic Data
(2019)
Fiscal Balance (as a % of GDP)
Consumer Price Index (% change y-o-y, avg)
Current Account Balance (as a % of GDP)
Real GDP (annual % change)
GDP per Capita, US$
Import Cover (months)
Population, million
Total External Debt (as a % of GDP)
0.6
17.1
5.4
-0.9
2,971.3
8.7
31.8
69.6