Try our corporate solution for free!
(212) 419-8294
vianny.gutierrez-cruz@statista.com

Key economic indicators of Angola - statistics & facts

Angola ranked as the 10th largest economy in Africa as of 2020, despite the effects of the coronavirus (COVID-19) pandemic. That year, the country’s GDP totaled 62.7 billion U.S. dollars, registering a contraction of nearly four percent. Besides the COVID-19 outbreak, Angola’s economy, which is strongly dependent on the oil sector, suffered from a sharp fall in oil prices. In 2021, the African nation is expected to recover from these shocks, with GDP growth estimated at 0.37 percent, the first positive growth in recent years.

Oil-dependent economy

Being the second largest oil producer in Africa, Angola relies heavily on the sector. Oil accounts for over one-third of the country’s GDP and around 90 percent of exports. However, in recent years decreasing oil production has been taking place in a recurrent economic recession. Angola’s government has recently implemented reforms in order to promote economic diversification, including privatization and improvement in market competition. The country still lacks a favorable business environment. In 2020, Angola ranked among the lowest on the Ease of Doing Business Ranking.

Elevated inflation

The list of challenges for the Angolan economy also includes the accelerated devaluation of the national currency and the consequently high inflation. In 2020, on average one U.S. dollar was worth 553.2 Angolan Kwanzas. For comparison, in 2018, when the country adopted a floating exchange rate, one U.S. dollar was equivalent to 252.8 Angolan Kwanzas. The devaluation of the local currency reflects on the prices of products available to the population. Angola relies on imported items, and food articles are the second main import. In turn, food is the main component of the country’s inflation, estimated at 22.3 percent in 2021.

Large external debt

Furthermore, the depreciation of Angola’s currency contributes to increases in foreign debt. As of 2020, the country owned 68.7 billion U.S. dollars to foreign creditors, one of the highest stocks of external debt in Sub-Saharan Africa. That same year, the public debt to GDP ratio was estimated at 127 percent. Among creditor countries, China holds the largest share of Angola’s public debt by far. In almost two decades, Angola borrowed around 43.2 billion U.S. dollars from China.

Key figures

The most important key figures provide you with a compact summary of the topic of "Key economic indicators of Angola" and take you straight to the corresponding statistics.

Inflation

Trade

Employment

Interesting statistics

In the following 5 chapters, you will quickly find the 31 most important statistics relating to "Key economic indicators of Angola".

Key economic indicators of Angola

Dossier on the topic

All important statistics are prepared by our experts – available for direct download as PPT & PDF!
TOP SELLER

Key economic indicators of Angola - statistics & facts

Angola ranked as the 10th largest economy in Africa as of 2020, despite the effects of the coronavirus (COVID-19) pandemic. That year, the country’s GDP totaled 62.7 billion U.S. dollars, registering a contraction of nearly four percent. Besides the COVID-19 outbreak, Angola’s economy, which is strongly dependent on the oil sector, suffered from a sharp fall in oil prices. In 2021, the African nation is expected to recover from these shocks, with GDP growth estimated at 0.37 percent, the first positive growth in recent years.

Oil-dependent economy

Being the second largest oil producer in Africa, Angola relies heavily on the sector. Oil accounts for over one-third of the country’s GDP and around 90 percent of exports. However, in recent years decreasing oil production has been taking place in a recurrent economic recession. Angola’s government has recently implemented reforms in order to promote economic diversification, including privatization and improvement in market competition. The country still lacks a favorable business environment. In 2020, Angola ranked among the lowest on the Ease of Doing Business Ranking.

Elevated inflation

The list of challenges for the Angolan economy also includes the accelerated devaluation of the national currency and the consequently high inflation. In 2020, on average one U.S. dollar was worth 553.2 Angolan Kwanzas. For comparison, in 2018, when the country adopted a floating exchange rate, one U.S. dollar was equivalent to 252.8 Angolan Kwanzas. The devaluation of the local currency reflects on the prices of products available to the population. Angola relies on imported items, and food articles are the second main import. In turn, food is the main component of the country’s inflation, estimated at 22.3 percent in 2021.

Large external debt

Furthermore, the depreciation of Angola’s currency contributes to increases in foreign debt. As of 2020, the country owned 68.7 billion U.S. dollars to foreign creditors, one of the highest stocks of external debt in Sub-Saharan Africa. That same year, the public debt to GDP ratio was estimated at 127 percent. Among creditor countries, China holds the largest share of Angola’s public debt by far. In almost two decades, Angola borrowed around 43.2 billion U.S. dollars from China.

Interesting statistics

In the following 5 chapters, you will quickly find the 31 most important statistics relating to "Key economic indicators of Angola".

Contact

Get in touch with us. We are happy to help.
Statista Locations
Contact Vianny Gutierrez-Cruz
Vianny Gutierrez-Cruz
Sales Manager– Contact (United States)

Mon - Fri, 9am - 6pm (EST)

Contact Ziyan Zhang
Ziyan Zhang
Customer Relations– Contact (Asia)

Mon - Fri, 11:30am - 10pm (IST)

Contact Kisara Mizuno
Kisara Mizuno
Customer Success Manager– Contact (Asia)

Mon - Fri, 9:30am - 5:30pm (JST)

Contact Lodovica Biagi
Lodovica Biagi
Director of Operations– Contact (Europe)

Mon - Fri, 9:30am - 5pm (GMT)

Contact Catalina Rodriguez
Catalina Rodriguez
Key Account Manager - LAC– Contact (Latin America)

Mon - Fri, 9am - 6pm (EST)