Angola
The economy remains overly reliant on petroleum exports, which accounts for about 95% of goods exports and more than 50% of tax revenues. Efforts to clamp down on corruption, to diversify the economy away from oil, and to privatise inefficient parastatals have intensified since President Lourenço took charge in 2018.
We forecast economic growth will accelerate from 0.3% in 2021 to 2.8% in 2022, which will be supported by the ramp-up in production from oil project start-ups and increased investment in the energy sector. Crude oil production continues to miss Opec+ targets amid operational difficulties, but we believe the addition of new producing oil projects will help turn things around this year. The general elections later this year are expected to be more closely contested than any since 1992, the year of Unita’s best performance. (Source: Angola Annual Country Profile, published February 2022)
Macroeconomic Data
(2021)
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)
2.7
25.8
11.5
0.3
2,166.3
8.46
34.0
90.2